Trust, in this day and age, has become a major issue. People have stopped relying on others. And the reason is pretty much valid – existence of companies like Cold Spring Advisory using aggressive sales tactics to lure clients in, charging them up front fees, and then — at times — costing them more money when their case is lost.
What does the company claim?
Cold Spring Advisory Group says it is the largest stock loss recovery firm in the nation. However, the only one that says so is them, on their website, in sponsored content and press releases. They use very aggressive sales tactics, which is a red flag FINRA lists in their fraud alert notice. Another tip of less that reputable firms is when they call you — where did they get your number? How do they know you’re an investor, and how do they know that you’ve lost investments?
According to a lawsuit filed by National Securities, they alleged that Cold Spring Advisory Group pays under the table to acquire client lists from other firms, like national Securities.
Moreover, when you search the Internet you come across a lot of negative information. For instance, there are complaint boards railing against Cold Spring Advisory, as well as Louis Ottimo and Michelle Ottimo.
Who is Louis Ottimo and Michelle Ottimo? According to a series of articles by Brie Austin, Louis Ottimo is the wizard behind the curtain, the guy actually running Cold Spring Advisory Group, while his wife Michelle, is the president of record — someone who has no investment experience, nor does she handle any of Cold Spring Advisory Group’s operations.
The concerns go deeper. Louis Ottimo was a former broker that was barred from the securities industry for fraud. He was involved, owned and/or ran a series of investment securities companies that were either barred, sanctioned, and/or filed for bankruptcy. They were sanctioned for misleading investors, outright theft and a host of other charges.
So now we have this former investment broker who stole millions of dollars from unsuspecting investors, now running a stock loss investment recovery firm? The guy who stole my money is the guy I should now pay up front so he can retrieve my losses from someone just like he used to be? And by the way, update, he has recently filed for personal bankruptcy.
Infamous past spills the beans
They say a leopard can’t change it spots. Louis Ottimo and other members of Cold Spring Advisory have a checked history. Even one of the lawyers they’ve used regularly is now being sued.