Suit Filed in West Palm Beach Vs. Next Financial Group & Heidi Wivolin to Recover Investment Losses
February 22, 2014 (PRLEAP.COM) Business NewsWest Palm Beach, FL-February 22, 2014 - Two Palm Beach County Florida law firms , Mrachek, Fitzgerald, Rose, Konopka Thomas & Weiss of West Palm Beach, FL, and Dickenson Murphy Rex & Sloan of Boca Raton, FL, announce the filing of a complaint against FINRA registered broker-dealer NEXT Financial Services and local resident Heidi Wivolin, who is a registered broker with NEXT.
The case Pasi Martin, et al vs NEXT Financial Group, Inc., and Heidi Wivolin, seeks damages in excess of $15,000 on behalf of Pasi Martin, a Finnish citizen, another Finnish citizen and several other Finnish and Florida entities. The complaint alleges that since 2009, Martin and his co-plaintiffs entrusted millions of dollars to NEXT Financial, through their broker/agent Wivolin, which operated an office in Manalapan, FL. The Plaintiffs were told the funds were invested in municipal bonds.
Recently Wivolin and Shawn O'Sullivan, who operated FirsTrust Investments from the same location as the NEXT Financial office, admitted to Martin that the purported municipal bond portfolio was actually a fiction and that all the monies had been lost in a number of unauthorized investments.
The complaint further alleges that Wivolin, who is fluent in Finnish and a well known member of the Lake Worth Finnish community, capitalized on that fact to mislead Mr. Martin, who does not speak English.
It is anticipated that other defendants may be named in the near future.
The case, PASI MARTIN; CITY-RAKENNUS MARTIN OY, a foreign entity; CITY-AIR OY, a foreign entity; GPW INTERNATIONAL, INC. , a foreign entity; JALKARNNAN KAUPPAKESKUS OY, a foreign entity; and OCTOPUS GROUP INTERNATIONAL, INC. , a Florida corporation vs. NEXT FINANCIAL GROUP, INC. , a Texas corporation, and HEIDI WIVOLIN, Case # 2014a002961XXXXMBAD, is filed in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida. A link to the complaint may be accessed below.
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