SEC pulls license from New York broker-dealer Portfolio Advisors Alliance

The Securities and Exchange Commission (SEC) has revoked the broker-dealer registration of Portfolio Advisors Alliance, a New York brokerage firm specializing in buying/selling securities. 

According to the authorities, the firm and its president, Howard J. Allen, deliberately sold private placements for over a year using fraudulent documentation.

Portfolio Advisors Alliance Uses Fraudulent Documentation

In 2016, the SEC filed a civil injunctive action against the firm — alleging that from March 2011 to December 2013 the brokerage firm sold securities using documents that dishonestly claimed that audits the American Growth
Funding II (AGF II) had been completed.

Back in 2019, a jury in the SEC’s civil case against AGF II found Portfolio Advisors Alliance accountable for violating securities laws.

Speak with a Securities Lawyer

Dimond Kaplan & Rothstein, P.A. has vast experience with cases related to securities fraud and brokerage firm misconduct. Our firm has successfully represented numerous victims who have lost money as a result of broker or
brokerage firm wrongdoing. We will aggressively pursue claims to recover your securities losses.

Contact Dimond Kaplan & Rothstein Today

Contact Dimond Kaplan & Rothstein, P.A. to schedule an appointment for a FREE case evaluation with a leading securities fraud attorney who will help you evaluate your case and your options.

With offices in MiamiLos AngelesWest Palm BeachNew York, and Naples, DKR represents investors nationwide and throughout Latin America in brokerage firm misconduct and stockbroker negligence cases.

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