Articles Tagged with David A. Noyes

shutterstock_94632238-300x214The securities lawyers of Gana LLP are investigating investor losses in Behavioral Recognition Systems (BRS) – now known as Giant Grey.  Investors have contacted our firm concerning Scott Reed a former executive at brokerage firm David A. Noyes & Company (David Noyes) who recommended stock in BRS to dozens of clients raising millions of dollars for the company.  David Noyes also sold other private placements including Power Energy Systems, Farris Floral, Evotem, and Digonex Technologies to investors.

BRS marketed itself to investors as a company that makes artificial intelligence technology that analyzes video information. Ray Davis (Davis) founded Behavioral Recognition Systems in 2005 and ran the company until 2015.  Davis raised $47 million for BRS and in 2010 hired his son, Charles, to be an executive vice president.

According to a lawsuit BRS (Giant Gray) accused Davis of defrauding the company out of $15 million by setting up a series of companies to disguise transactions as legitimate services. Instead, the company claims that Davis invoiced millions of dollars for non-existent services and used the money to support his lavish lifestyle.

After the lawsuit Pepperwood purchased Davis’ stock and created Omni AI, a new entity that has taken control of Giant Gray’s intellectual property and assets which have been valued at less than $5 million. Investors in Giant Gray have not been offered Omni AI shares and instead are offered a 10 percent royalty as well as prospective proceeds from the pending lawsuit.  In all likelihood investors have suffered a complete loss.

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shutterstock_120556300-300x300According to BrokerCheck records financial advisor James Allen (Allen), now associated with David A. Noyes & Company (David Noyes), has been subject to seven customer complaints and one employment termination for cause.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Allen has been accused by customers of unsuitable investment advice, breach of fiduciary duty, fraud, and negligence among other claims.  The most recent complaint filed in April 2017.

In addition, Citigroup Global Markets Inc. (Citigroup) allowed Allen to resign in April 2017 after the firm made allegations that Allen was investigated for violations of the firm’s policies on communications with clients, and three inaccurate client profiles.

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On September 29, 2014, Jesse White, the Secretary of State for Illinois recently announced it set a hearing for November 6, 2014 to determine whether James B. Markoski should be banned from offering or selling securities in the State of Illinois.
According to the action, Mr. Markoski “has a storied history of securities fraud, having victimized at least eight customers during his employment at Merrill Lynch which resulted in millions in losses to his victims and for which Merrill Lynch paid restitution.” According to FINRA’s BrokerCheck, Mr. Markoski was registered with Merrill Lynch from 1971 – 1991 and at least 6 customer complaints were lodged against Mr. Markoski during that time.

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