FINRA named Robert Russel "Rusty" Tweed of Glendale, California in a complaint alleging that Tweed obtained over $1.6 million from investors through a false and misleading private placement memorandum (PPM) used to offer and sell interests in a pooled investment fund that Tweed created and controlled.
OHO Disciplinary Proceeding #2015046631101
The complaint states that Tweed (CRD #2339324) used a false and misleading PPM to sell interests in Athenian Fund LP, a pooled investment fund under Tweed's control. Tweed allegedly misrepresented and failed to disclose material information to investors, resulting in 23 customers investing more than $1.6 million in the fund without completely knowing about Tweed's association with the fund, the total potential fees and costs associated with the fund, and entities/individuals who would have immediate control over the money invested.
FINRA also wrote that due to Tweed's misleading information, investors were prevented from vetting a fund associate who was engaging bank fraud and fraudulent trading in another pooled investment program at the same time that Tweed had brought him on board to manage the Athenian Fund's assets.
Investigators wrote that two months after the Athenian Fund offering ended, this associate transferred $650,000 out of the Fund to a third party to purportedly finance the production and sale of Ghanaian gold dust in the United States. The report indicates that the $650,000 has never been repaid nor recovered by the Fund's investors.
Tweed previously was associated with CapWest Securities, Inc (a firm in San Marino since expelled by FINRA), MAM Securities LLC (Sherman Oaks, CA), and Concorde Investment Services, LLC (San Marino, CA). Tweed is presently associated with Cabot Lodge Securities in San Marino.
His BrokerCheck report indicates a laundry list of settled and pending customer complaints, including several allegations of fraud, unsuitable investments, breach of contract and fiduciary duty, negligent sales, negligent omissions and misrepresentation of material facts, misappropriation of funds, and unauthorized trading.
Tweed's BrokerCheck report also indicates several other business activities, including full ownership of Tweed Financial Services, and involvement with San Diego's The Exeter Group LLC.
If you have invested with Robert Rusty Tweed in the greater Los Angeles area or with any broker or financial adviser whose solicitation for investment in a fund relied on false or misleading documents such as a deficient private placement memorandum, and the corresponding misrepresentation and omission of material facts has proven harmful to your investments or interests—for instance, by shielding information about key fees and costs, or a miscreant associate that might be involved with the product—please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.