Meyer Wilson is currently investigating potential financial losses resulting
from private loan transactions conducted by the late S. Mark Powell, a
private wealth manager associated with the Invesco Ltd. company Atlantic Trust.
Powell ran the Atlantic Trust Austin office and played a vital role in
establishing the investment company's presence in Austin, Texas. Investors
have come forward after his May 16 death
stating they had loaned Powell millions of dollars, some of which has allegedly gone missing. Several investors are pursing
legal action to regain their investment losses and there could be many more.
Various wealthy Texas investors have told the Wall Street Journal that
they and dozens more in Texas cities such as Austin, Houston and Dallas
loaned large amounts of money for Powell to invest in private ventures.
Powell allegedly told these investors that
returns were guaranteed and that investment returns would be large.
Just prior to his death, Invesco announced that it would be selling Atlantic
Trust Private Wealth Management to Canadian Imperial Bank of Commerce
for $210 million. Invesco issued a statement following the private wealth
manager's death stating that the company had recently become aware
of unusual transactions conducted by Powell outside his sanctioned duties
for Atlantic Trust though it believed client accounts are unaffected.
Atlantic Trust Private Wealth manages about $22 billion in assets for clients
in 12 cities throughout the United States, a small fraction of Invesco's
$729 billion in total managed assets.
What You Can Do
Private ventures and other types of similar investments are heavily regulated
and transactions are often limited by the financial industry. There are
legal options for people who invested with S. Mark Powell since his brokerage,
Atlantic Trust Private Wealth Management (a part of Invesco LTD), may
have had a legal duty to supervise his activities during his loan solicitation
Failure to supervise an investment representative can cause the firm to be liable if there
were indications of potential misconduct. Registered investment advisors
(RIAs), stockbrokers and financial advisors (FAs) are not usually permitted
to borrow from clients.
If you suffered financial losses resulting from S. Mark Powell's actions
or other similar investments where you were promised or guaranteed unusually
high returns, contact the
Meyer Wilson investment fraud lawyers via the online form or by calling
888-390-6491 for a confidential, no-cost consultation.