Did you lose money investing with Kalos Capital, Inc. broker David Mirolli (CRD# 5116067), who is alleged to recommend syndicated conservation easements? Mirolli has been registered with Kalos Capital, Inc. in Suwanee, Georgia since 2015 and with Catalyst Wealth Management in Atlanta, Georgia since 2018.
Syndicated conservation easements are a type of private placement that promises a tax deduction worth 2.5- to 5-times a person’s investment. Brokers and investment advisors such as Mirolli are alleged to target high net worth individuals, such as doctors, entrepreneurs and other rich individuals to buy into partnerships that seek to exploit tax benefits from land conservation.
Mirolli has been the subject of three customer complaints in 2020, according to his CRD report:
- October 2020. “Claiming failure to conduct reasonable due diligence and examine the private placement company’s representations and disclosures prior to recommending the investments to Claimants.” The customer is seeking $1.2 million in damages and the case is currently pending. The complaint is regarding direct investments and took place while Mirolli was registered with Kalos Capital, Inc. and Triad Advisors Group.
- August 2020. “Did not conduct reasonable due diligence and recommended an unsuitable and high-risk investment.” The customer is seeking $360,570 in damages and the case is currently pending. The complaint was regarding conservative easement and took place while Mirolli was registered with Kalos Capital, Inc.
- February 2020. “Failed to conduct reasonable due diligence and recommended an investment strategy comprised of speculative and unsuitable securities pursuant to material misrepresentations and omissions offered by GPB Capital Holdings.” The customer sought $155,000 in damages and the case was settled for $55,000. The complaint was regarding direct investments.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Kalos Capital, Inc. may be liable for investment or other losses suffered by Mirolli’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.