Fitapelli Kurta recently filed a complaint against Global Arena Capital Corp. and Mark Lisser on behalf of an elderly and terminally ill Delaware pastor and his wife, who teaches bible classes at the local church. The claims stem from the misconduct of Mark Lisser, a Global Arena Capital Corp. stockbroker who worked at several different firms and has a securities license that is filled with other customer complaints.
The complaint alleges that Mark Lisser deceived the claimants by investing a large portion of their assets in bonds, which are typically known as conservative investments. However, instead of holding these positions and generating income, Mark Lisser rapidly purchased and sold the bonds in order to generate substantial fees for himself and his employing firm Global Arena Capital Corp. Executing trades for the sole benefit of generating commissions is known in the securities industry as “churning”, which is a violation of both the Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) rules.
Moreover, the Claimants allege that Mark Lisser leveraged their accounts heavily on margin in order to continue trading and generate additional commissions and other fees for himself and his firm. A margin account is an account that allows customers to borrow money in order to purchase securities. Purchases on margin are extremely risky because margin amplifies losses in securities accounts. As such, margin should only be used by and is only suitable for sophisticated investors, which the Claimants were not.
If you or someone you know has invested with Mark Lisser or Global Arena Capital Corp. and has lost all or a portion of their investment, please contact the investment fraud attorneys at Fitapelli Kurta today. We will evaluate your complaint against Mark Lisser. We exclusively represent customers who have lost money in the stock market because of improper conduct of their brokers or brokerage firm. We work on contingency and do not charge for consultations. Contact us today.