Powell's Missing Millions Sparks Investment Fraud Investigation
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 activities. 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.