Vincent Thomas Hoban III of Portfolio Advisors Alliance LLC is referenced in a customer initiated investment related arbitration claim which was resolved for $85,000.00 in damages supported by accusations including (1) breach of contract (2) fraud (3) violation of federal securities law (3) breach of fiduciary duty and (5) suitability in reference to the customer’s private placement transactions. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-02541 (Jan. 25, 2018).
FINRA Public Disclosure additionally confirms that Hoban has been has been fined $10,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that Hoban distributed investment related information to customers that was misleading, unwarranted and exaggerated in reference to investments. Letter of Acceptance Waiver and Consent No. 2011025962401 (Nov. 27, 2012).
According to the AWC, Hoban e-mailed customers in reference to CMS FA LLC and CMS FB LLC – two special purpose investment vehicles that were created to buy Fisker Automotive and Facebook pre-IPO shares. FINRA found that Hoban had no adequate basis for making projections regarding the companies. Moreover, the AWC revealed that Hoban misrepresented the valuations of Fisker and Facebook. FINRA found that Hoban’s conduct was violative of FINRA Rule 2010 and NASD Rule 2210.
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