Were You a Victim of Former Comprehensive Asset Management and Servicing, Inc. Financial Advisor Tamara Steele?
Posted on Thursday, March 1st, 2018 at 8:10 am
Erez Law is interested in speaking with investors who may have suffered losses due to investments with former Comprehensive Asset Management and Servicing, Inc. financial advisor Tamara Steele (CRD# 3227494) regarding losses sustained from investments in Behavioral Recognition Systems. Steele was registered with Comprehensive Asset Management and Servicing, Inc. in Pendleton, Indiana from 2009 until July 2017, when she was terminated regarding, “Through a telephone call to CAMAS by her attorney, Ms. Steele self-reported having participated in private securities transactions for multiple clients without prior notice and approval from CAMAS. Our internal review confirmed the facts of Ms. Steele’s self-report.” She is currently not registered with any brokerage firm.
It is reported that a former customer recently filed a FINRA complaint regarding Steele’s recommendation to invest in Behavioral Recognition Systems (BRS), a Houston, Texas-based software development company that has created the world’s first Behavioral Analytics technology that analyzes video content by imitating learning and memory processes of the human brain. In early 2016, BRS stopped interest payments to investors, and in March of that year, BRS sent a letter to investors stating their intention to pay interest payments due in April. However, BRS underwent restructuring in March 2016 and rebranded itself as Giant Gray and the company never made interest payments to investors. The clients invested in BRS through Steele’s advisory firm, Steele Financial Inc. It is alleged that Steele solicited her clients to invest millions of dollars in BRS, touting potential earnings between 8-12%.
In December 2017, the Securities and Exchange Commission (SEC) charged BRS and its CEO Ray Davis with fraudulently raising approximately $28 million from investors and then diverting more than $7.8 million of those proceeds for the former CEO’s personal use. According to the SEC complaint, BRS and Davis solicited investors through lies, such as that investor funds would only be used for working capital and BRS only paid Davis a nominal salary. BRS and Davis allegedly covered their tracks using fake invoices in the names of two shell companies Davis controlled, the Blackstone Group, Inc. and Afcon Communications, Inc. Davis also allegedly invented a fake company and used fictitious invoices in that company’s name to cause BRS to send payments to an antiques broker for Davis’s personal purchases.
Steele has been the subject of two customer complaints in 2017, according to her CRD report:
July 2017. “Outside Business Activities, Selling Away and Private Securities Transactions, Unsuitable Investments, Negligent Account Management, Violations of the Indiana Securities Act, Violation of Registered Investment Advisor Section of Indiana Securities Act, Sale of Unregistered and Non-Exempt Securities, Breach of Fiduciary Duty, Violations of FINRA Conduct Rules and NYSE Board Rules – Spring and Summer of 2014.” The customer is seeking $240,000 in damages and the case is currently pending.
July 2017. “Outside Business Activities, Selling Away and Private Securities Transactions, Unsuitable Investments, Negligent Account Management, Violations of the Indiana Securities Act, Violation of Registered Investment Advisor Section of Indiana Securities Act, Sale of Unregistered and Non-Exempt Securities, Breach of Fiduciary Duty, Violations of FINRA Conduct Rules and NYSE Board Rules – February 2014, February 2015, June 2015.” The customer is seeking $280,026.03 in damages and the case is currently pending.
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, Comprehensive Asset Management and Servicing, Inc. may be liable for investment or other losses suffered by Steele’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.