Potential claims are currently being investigated by securities fraud attorneys on behalf of Benjamin Daniel DeHaan customers. The Securities and Exchange Commission filed a civil action on June 9, 2012, against Lighthouse Financial Partners LLC and Benjamin Daniel DeHaan in the United States District Court for the Northern District of Georgia. Lighthouse has been owned and operated by DeHaan since 2007.
According to the SEC’s complaint, from January 2011 until early May 2012, DeHaan allegedly moved about $1.2 million of investor funds to a bank account under his control, in Lighthouse’s name. By moving the funds to this account from the client accounts that were held at a custodial broker-dealer, DeHaan was able to gain control and custody of the client assets. Allegedly, the customers were told that new accounts at another broker-dealer would be opened through the use of these funds. However, once the funds were in the Lighthouse account, at least some of them were moved to DeHaan’s personal account and other accounts used for Lighthouse business expenses.
Client funds totaling at least $600,000 are still unaccounted for. Furthermore, DeHaan allegedly provided false documents to the SEC’s staff and the State of Georgia’s examiner.
Investment fraud lawyers say Lighthouse and DeHaan have not admitted or denied the allegations, but they have offered to consent to interim relief allowing for expedited discovery and freezing their assets in order to prevent the destruction or concealment of documents. Additional relief may be sought by the SEC including disgorgement with prejudgment interests, permanent injunction, and civil penalties. However, securities fraud attorneys recommend victims of DeHaan investigate all available actions to recover losses.
If you suffered losses as a result of your investment with Lighthouse Financial Partners LLC and Benjamin Daniel DeHaan, you may be able to recover losses with a FINRA arbitration claim. To find out more about your legal rights and options, contact an investment fraud lawyer at The Law Office of Christopher J. Gray at (866) 966-9598 for a no-cost, confidential consultation.