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due to mismanagement and not even know it.

Out of state law firm attempting to 're-victimize' investors

 

It is one thing to be victimized by a fraudulent investor, but it is particularly egregious when an entity posing as a law firm does the same thing. While it may seem hard to believe, this is what apparently has happened to scores of Northern California investors.

According to a San Francisco Chronicle report, a law firm from New York is accused of contacting securities fraud victims; claiming that it can recover stolen funds for a fee. The firm, Fletcher & Associates, reportedly held itself out to be a firm retained by the state of California to distribute court ordered restitution payments. For investors who had been awarded funds as part of investor fraud cases, this appeared to be a welcome respite. 

However, the firm, which on its website had lawyers who were not licensed to practice in the states they were listed in, had not been retained to distribute any funds. Moreover, it was discovered that the firm actually plagiarized the website of another law firm and were not involved in any of the cases they claimed to have represented clients in.

Several investors who had lost money became suspicious when they were contacted by the firm and were told that they could receive a large percentage of what they lost if they paid a retainer fee and court costs, and signed away any liability through the retainer agreement.

The California Department of Business Oversight sent the law firm a letter warning it to stop contacting investors. Since it did not specifically deal with securities fraud, the matter has been referred to the California Attorney General’s Office.

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