Timothy David Burns, an investment professional in Conshohocken, Pennsylvania, was sanctioned by the Pennsylvania Department of Banking and Securities.
Burns, owner and manager of ESG Wealth Management and ESG Family Services, consented to the sanctions levied by the Department of Banking and Securities arising out of charges of wire fraud relating to the purchase of Facebook shares on behalf of affiliates ESG Capital Partners I and ESG Capital Partner II.
ESG Capital Partners I and II were entities that were established and operated for the stated purpose of purchasing shares of Facebook before its initial public offering, according to the order issued by state regulators and reviewed by securities attorneys Jason Kane and Joe Peiffer of the Peiffer Wolf law firm.
ESG Capital Partners I and II were offering for sale limited partnership interests and Burns sought out investors for these interests, according to the regulators.
Burns committed interstate wire fraud with respect to the purchase of pre-IPO Facebook shares on behalf of ESG Capital Partners I and II, according to charges brought against him by the U.S. Attorney’s Office. Burns allegedly used his clients’ and investors’ money to buy a new home and to make a down payment on a new office building
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting investors with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.