The Levin Papantonio Rafferty law firm currently represents customers in claims to recover their investment losses in CION Investment Corp. On Tuesday, October 5, the shares of CION Investment Corp. began trading on the New York Stock Exchange under the ticker “CION.” Unfortunately for investors, shares closed trading on October 5 at $11.85 – representing a loss of over 40% of the principal for investors who purchased shares of CION at $10/share (shares underwent a reverse share split in September, resulting in an approximate halving of investors shares). Since CION was created in 2011, the markets have performed exceptionally well – with the S&P 500 up over 250%, the Dow Jones up over 200%, The Dow Jones REIT Index up over 200%.
Brokers and advisors who recommended CION should have understood the substantial risks and conflicts of interest inherent in CION before recommending it to their clients. A bare-bones due diligence review by a broker would have revealed that investments in CION “May be considered speculative and involves a high degree of risk, including the risk of a substantial loss of investment.” One significant issue was the high fees and commissions charged when investors purchased CION. IN fact, only approximately 88.5% of the investors’ capital actually went toward making investments – approximately 10% of the investor’s capital went toward paying broker’s selling commissions and dealer manager fees. CION was a newly formed company with no operating history, and when it was started in 2011 it had not even identified any specific investments it would make with the proceeds it raised. CION also disclosed substantial conflicts of interest issues. CION should not have been sold to conservative investors or retirees or other individuals who were not willing to take on a speculative and high degree of risk.
If you were an investor who was sold CION Investment Corp., you may have a legal right to recover your losses. However, to recover you would need to file a claim. Our firm currently represents investors in claims to recover their losses in CION. Our investigation has uncovered that many brokers also sold their clients other similar non-traded or high-risk products. We provide free and confidential evaluations, and we represent clients on a contingency fee basis meaning there are no fees or costs unless we first make a recovery for you.
What Our Clients Say
Below are some of the emails and letters that our clients have sent us.
At a time in our life when we were most vulnerable we lost control of our finances. We fell victim to a broker that took huge commissions and did not disclose that we were not able to access our money. Peter Mougey and his wonderful staff worked with us to make us whole again and got our money released. I cannot say enough about their work ethic, professionalism, and kindness during this stressful time for us. We had a 100% positive conclusion to our case and we strongly recommend Peter and the firm. We can now sleep at night! Fred & Pat H.
My husband and I were very pleased with the work that Peter and his team provided. He was very knowledgeable of the circumstances of our case and kept us informed throughout the process. He is extremely qualified and worked diligently on our behalf. We are positive that this case would not have been resolved in our favor had it not been for Peter's expertise and his passion. He definitely cares about his clients and we sincerely appreciate his efforts. Rachel C.
FRS is a governmental body. FRS retained the services of Peter Mougey of the LP law firm in a multimillion-dollar lawsuit involving extremely complex issues. Mr. Mougey quickly mastered the issues and gave advice that was vital in bringing about a successful resolution. Two of the most important features of Mr. Mougey’s representation was his understanding of government and his ability to communicate complicated legal concepts to a 10-member board of trustees in language that was easily understood by all. I did not know Mr. Mougey before FRS retained him and, fortunately, have not experienced circumstances where the system would need his services again. However, if needed, I would have no hesitation in retaining his services again. Please let me know if you need any additional information or assistance. Steven S.
Edison's famous adage can't ever be ignored of course: 1 part inspiration and 99 parts perspiration. However the two attitudes must be present indissolubly--both are essential--if results are to be obtained. Peter Mougey’s group is aware of such a requirement, they work very hard at the latter, and the former comes easily to them, a rare combination anywhere to be found indeed. Raphael B.
I would like to express my sincere gratitude to Peter Mougey and your entire team on behalf of my family for the amazing job done during your representation. From day one I received kindness, rapid responses to all of my questions, with polite and patient encounters with all of your staff assistants. You are the best- and I will be eternally grateful to you and your entire team. Michelle E.