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Lars Kristian Soreide
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Lars Soreide’s Answers

35 total

  • I need to learn how investment funds determine the value of an investment in a start-up.

    I am looking to launch two funds, an entertainment based fund and a technology fund.

    Lars’s Answer

    Can you provide more detail of what you are trying to accomplish? Based on what I think you are asking valuations are more likely than not determined by the underlying assets of the funds.

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  • Can an investor demand a return of their investment if the believe fiduciary responsibility has been breached?

    The investor also states that I was deceptive for some reason unclear to me

    Lars’s Answer

    A fiduciary is one with heightened responsibility and this standard is universally applied with the account is a discretionary account where the financial advisor makes the investment decisions for you. If you have a relationship with a stock broker that is non-discretionary the standard is suitability, meaning they only have to recommend appropriate investments in line with your goals and risk tolerance. You can initiate a dispute through the Financial Industry Regulatory Authority. I provided a link to http://www.securitieslawyer.com/securities-lawyer-faq/ my frequently asked questions page if you go to number 8 there is a video you can watch on what FINRA is and how this may be the path you want to take in pursuing your claim. Certainly before FINRA you can demand a return of your investment regardless of the standard that applies. Thanks, Lars Soreide

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  • What are some ways to protect a smaller depreciating asset such as a fully paid off car, business equipment, or antique?

    I hear about many ways to protect real estate and similar appreciating property from debt collection/creditors, but what are some ways to protect smaller assets in the $10,000-20,000 range that depreciate over time? I've heard of methods such as e...

    Lars’s Answer

    Title in spouses name or relatives name, multi member LLC, LLC, or family limited partnerships are all things you want to explore with a lawyer.

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  • Hello, this a business entity & structure question

    Hello, I have an llc that I use for insurance business with an insurance agency license in FL, just me and my wife, thinking about opening a tax prep office and wonder if I should register a different llc or just dba under my current llc which is ...

    Lars’s Answer

    Keep them separate with separate accounts to protect the assets of the other company in the event you get sued.

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  • My question is, I entrusted my entire savings to a paralegal with the intent of investing my 401(k) into small stocks and bonds.

    He invested somewhere else without consulting me, the interest came in for a few months then it stopped and I keep hearing about putting interest funds into my account but he never does. I have filed a police report and need to know what else to d...

    Lars’s Answer

    File a claim for "civil theft" most states (Florida for sure) will allow for treble damages and attorney's fees if you can prove that they misappropriated the money.

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  • A financial advisor recommended real estate. The individual recommended ran off with all investors money.

    Financial Advisor (FA) recommends real estate investments with a Real Estate contact/builder (RE). The RE sent contracts, paperwork for buying new built homes in the Texas oil fields. investment money to put towards down payments was withdrawn by ...

    Lars’s Answer

    The financial advisor and the broker dealer he worked for may be liable since they are responsible for supervising all securities related investment activity. If this was an actual purchase of real estate it would be less likely to succeed, but if it was a promissory notes or he was selling you shares in the real estate company that would be more likely to fall under the umbrella of supervision of the firm. This is characterized as a "selling away" case where the FA sold an investment "away" from the firm. Doesn't mean thought that the securities firm won't be on the hook for it. I tried and won a case against an FA'S brokerage firm that was selling notes to raise money for his real estate business even though the investor didn't have an account at the firm because the FINRA panel found that the selling of notes was an activity that fell under their umbrella of supervision. So a short answer is YES!

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  • Will I be held responsible for the debt on my limited liability corporation's credit card?

    I am the sole member listed on my limited liability corporations's corporate filing. If the corporation closes or is terminated, will I be held responsible for the debt?

    Lars’s Answer

    Setting aside the legal argument of how liability may be limited to the assets of the LLC, there is no credit card company that allows an account to be open with out a personal guarantor. Whomever that member of the LLC was will get sued.

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  • Can I charge someone for embezzling if he did not use my investment as agreed upon in a written contract.

    I invested in a business & the individual did not provide invoices of any purchases & he took the money to use for himself. We had a written agreement & it was notarized. He has not payed me back the full amount that was invested as agreed upon ...

    Lars’s Answer

    You can't charge anyone with anything unfortunately that is left up to the state attorney's office. You can however purse a claim for civil theft which usually has a multiplier for damages. In Florida civil theft entitles you to treble damages and attorneys fees. SUE under a civil theft statute you will do better with that than if the state gets involved because at best you get your money back.

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  • What is a typical penalty for committing investor fraud, under the Investment Advisers Act of 1940?

    This deals with a member of the GP using LP funds for personal use

    Lars’s Answer

    Penalties for an advisors misconduct are not just limited to the penalties outlined in the investment advisors act. If you are in the civil world and we aren't talking about a crime you can also bring claims under the common law (negligence, breach of fiduciary duty, ect) in addition to any state specific securities act.

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  • Who do I see for mismanagement of investment securities. Not sure which specific lawyer to see.

    Loss of half principal over inception.

    Lars’s Answer

    If you're account with with a FINRA - Financial Industry Regulatory Authority- registered broker you can hire anyone in the country. http://www.Piaba.org is a great resource. Http://www.FINRA.org is also another resource you can use. I would recommend visiting http://www.SecuritiesLawyer.com and click on arbitration process and the left hand navigation to read about all the steps. If it is an registered investment advisor that lost half your money you are more likely than not to end up in court in your local jurisdiction.

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