Cleveland attorney Alan Rosca is investigating the “jobs-for-investments” program promoted by Maumee Authority Stamping, a now-defunct auto part – stamping plant in Maumee. The investigation concerns whether the Maumee investment program was conducted in accordance with the securities laws, and whether the Maumee investors became the victims of sales practices that violated the securities regulations.
Investigation by securities attorney Alan Rosca established that, during 2008, Maumee Authority Stamping, through its principals and outside financial professionals, organized and promoted an investment program that offered job applicants the opportunity to secure a job with Maumee in exchange for, typically, a $16,000 investment.
Attorney Rosca has determined that the Maumee investment program was not registered with the federal securities regulators. ”Securities offerings must be registered or otherwise qualify for an exemption,” said attorney Rosca. ”It appears a number of investment professionals have assisted in the promotion of the Maumee program, despite its lack of registration,” said attorney Rosca.
In the end, many Maumee investor-employees lost both their jobs and their investments.
Attorney Rosca is preparing to take action on behalf of Maumee investors against financial industry members that assisted in the promotion and sale of the Maumee program in violation of their duties. Investors who lost money in the Maumee program may contact attorney Rosca for a free consultation at 216-570-0097.
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Maumee Authority Stamping Jobs-for-Investments Program