ATLANTA--(BUSINESS WIRE)--A class action lawsuit was filed yesterday by the Doss Law Firm and Gaslowitz Frankel LLC on behalf of an estimated 100 victims of Chris Burns, a local financial planner who disappeared after millions in losses were uncovered. The complaint alleges Burns and his entities ran a Ponzi scheme involving the sale of illegal promissory notes. Matson Money, Inc., to whom Burns referred all of his clients, is an Ohio-based investment advisory firm, and is also named as a Defendant for its role as a financial co-advisor with Burns.
The lawsuit, filed in the United States District Court for the Northern District of Georgia, Atlanta Division, is available at https://bit.ly/3oErU5o.
Attorney Jason Doss said: “Burns appeared to be a charismatic, competent, and trustworthy family man, which is why the Atlanta community was shocked to learn that he was reported missing the day before he was supposed to provide the Securities and Exchange Commission with documents related to his business, Investus Advisers. We now know that Burns was at the center of a Ponzi scheme and Burns’ co-advisor, Matson Money, aided and abetted the Ponzi scheme.”
The lawsuit reads in part as follows: “… As reported in the news, Burns was a well-known financial advisor and entrepreneur based in Atlanta that claimed to be an investment guru and even had his own radio program on 95.5 WSB called The Chris Burns Show. Burns also regularly appeared on television providing investment advice. … Since his disappearance, Burns has been charged with the federal crime of mail fraud and there is a warrant for his arrest. In addition, on October 20, 2020, the Georgia Commissioner of Securities issued an Emergency Order to Cease and Desist against the Investus Defendants for violating the Georgia Uniform Securities Act of 2008 by engaging in a fraudulent scheme and selling unregistered securities, i.e. promissory notes.”
Attorney Robert Port, co-counsel on the case added: “Given the recent revelations, we expect more victims of Chris Burns and Matson Money to come forward. We’re committed to helping these unsuspecting investors, who trusted Burns as the ‘investment guru’ he claimed to be, to seek justice.”
Chris Burns, who hosted a local radio show about investing, disappeared on Sept. 24, a day before a deadline to respond to an investigation by from the Securities and Exchange Commission (SEC). Christopher Burns used his radio show and his perceived expertise in investing to gain the trust of investors. On September 21, 2020, just three days before Burns went missing, he convinced Plaintiff Zimmerman to invest an additional $50,000 in a new peer to peer investment opportunity and then vanished.
Defendant Matson Money, based in Mason, Ohio, provides advisory services to individuals, trusts, corporations, non-profit organizations, retirement plans and foundations, with over $15 billion in assets under management. As of December 2018, Matson Money had 35,000 clients.
ABOUT THE DOSS LAW FIRM AND GASLOWITZ FRANKEL:
The Doss Firm, LLC, is an Atlanta-based law firm devoted to representing consumers across the country in a variety of matters, including financial fraud litigation, securities arbitration and class action litigation. https://www.dossfirm.com/
Gaslowitz Frankel LLC is an Atlanta-based law firm that specializes in all aspects of complex fiduciary litigation, arbitration, and disputes involving wills, estates, trusts, businesses, and securities and investment fraud and misconduct. https://www.gaslowitzfrankel.com