Navigate / search

Example

Alan Rosca is a securities lawyer who also teaches securities regulation. Alan primarily represents individual and institutional investors who suffered losses as a result ...Read More

Joe Peiffer has represented hundreds of individual retirees against their investment advisors in FINRA arbitration, including a group of Exxon retirees in a FINRA arbitration...Read More

Important Case Updates

Energae Receivership and Accounting Hearing on November 18, 2013 IS CANCELLED

The Energae receivership and accounting hearing scheduled on November 18 in Cerro Gordo County Court has been canceled.  We will post further updates on the accounting and receivership matter soon.

Again, there will be no hearing in Cerro Gordo County Court on the Energae receivership and accounting petition.

Attorneys Bart Goplerud, Alan Rosca, and Joe Peiffer, who represent Energae and i-Lenders investors, are in process of adding more investors to the FINRA arbitration case they have filed on behalf of Darrell Smith investors against Multi-Financial, also known as Cetera, a securities broker-dealer firm that employed Darrell Smith and had a duty to supervise and approve his investment-related activities.

Energae investors may contact attorneys Bart Goplerud, Alan Rosca, or Joe Peiffer for more information, at 888-998-0520.

Energae Files Its Answer in the Receivership and Accounting Lawsuit; Claims Its Assets Worth Over $15 million, Plans to Go Public

Yesterday, Energae filed its Answer and Counterclaim in the Petition for Receivership and Accounting case in Cerro Gordo County Court.  The Answer is available here.  The Petition we had filed is available here.

While we disagree with the claims in the Answer, we think it is important for the Energae investors to see all the pleadings in the case and form their own opinion.  The Energae investors have been kept in the dark for too long.  Conspiracy theories and misinformation from various sources abound right now, and we think the best antidote to such misinformation is to point the investors to the actual records so they can read them and decide for themselves.

It would be improper for us to comment on various statements made in the Answer – though there is much we would like to say – since a case is currently pending in court.  We plan to prove our case in court and we invite all Energae investors to attend; the proceedings are open to the public.

We will continue to keep the investors updated.

Important: if investors or other individuals with knowledge have any comments or clarifications, or have specific information about any of the factual allegations in the Answer, we would appreciate your call or email as we continue to assemble evidence to prove the investors’ case.  We will handle such communications in confidence.  We can be reached at 888-998-0520.

We are continuing to work at our other case, filed against Darrell Smith’s former employer, Multi-Financial / Cetera in FINRA arbitration, and will update our clients about the progress.  We are also evaluating additional proceedings.

Energae Receivership and Accounting Hearing Postponed to November 18, 2013

The Energae receivership and accounting hearing has been postponed to November 18, 2013 at 1:30pm.   There will be no proceedings tomorrow, November 5.  The hearing will take place in the same court – Cerro Gordo County Court, in Mason City.

The Cerro Gordo County Court postponed the Energae hearing partly due to a conflicting trial that had been scheduled for this week in Des Moines, to which Darrell Smith and several other current or former officers of Energae must participate.  In that case, Energae, Smith, and several former or current Energae officers have been sued for an unrelated, contractual dispute.

More Energae and i-Lenders investors are joining the legal proceedings started by Des Moines attorney Bart Goplerud along with his colleagues, attorneys Joe Peiffer and Alan Rosca.  The three attorneys are working to determine how much money the Energae investors have lost and to seek compensation on their clients’ behalf from financial service companies responsible for investor losses.

There is much – and largely uninformed – speculation about the current value of the Energae investors’ investments.  Despite such speculation, it is largely unknown at this point how much was invested and how much the current value of Energae‘s assets is.  With Energae‘s accounting in disarray according to Energae insiders, attorneys Peiffer, Rosca and Goplerud estimate it will take many months to understand how much money Energae owes to investors and how many assets it still has.  The company is currently closed, following the raid of the federal agents in September.

Any individual who has knowledge or evidence that could help identify Energae’s assets or liabilities is encouraged to contact attorneys Goplerud, Peiffer, or Rosca.

Energae investors may continue to contact attorneys Bart Goplerud, Joe Peiffer, or Alan Rosca for updates on the proceedings they have initiated on behalf of other Energae investors, and for a free, no-obligation evaluation of their recovery options, toll free at 888-998-0520.

Letter from Iowa Division of Securities to Darrell Smith Investors

Darrell Smith investors in Energae, i-Lenders and other programs reported receiving letters from the Iowa Division of Securities, cautioning them about investing with Darrell Smith.  A sample letter can be accessed here:

Letter from the Iowa Division of Securities to Darrell Smith investors. (updated link)

We will soon update the Energae and i-Lenders investors as to a new development in the Energae and i-Lender accounting and receivership case in Cerro Gordo County Court.

Energae and i-Lenders investors may contact attorneys Bart Goplerud (Des Moines), Alan Rosca (Cleveland), or Joe Peiffer (New Orleans) for updates about the legal proceedings the three attorneys have initiated on behalf of Darrell Smith investors, toll free at 888-998-0520.

Iowa Securities Regulators Contacting Energae Investors to Warn Them About Darrell Smith’s Violations

Energae investors have received, over the past few days, letters from the Iowa securities regulators, informing them about the sanctions imposed against Darrell Duane Smith and cautioning them not to give any more money to Smith.

The Iowa securities regulators’ letters to Energae investors mention reports that Darrell Duane Smith has approached existing Energae investors and solicited them to invest more money with him.  Also, the Iowa regulators mentioned reports about certain unauthorized transfers of investor money to trust accounts.

Investors who are approached by Darrell Duane Smith with any investment-related proposals are urged to call the Iowa securities regulators at 515- 281-5705 before investing.  Darrell Smith has been banned since July, 2013 from conducting any investment-related activities and from contacting existing Energae or i-Lenders investors.

Attorneys Joe Peiffer, Bart Goplerud, and Alan Rosca have initiated a number of proceedings on behalf of Energae investors.  They seek to gain access to Energae‘s accounting and find out what happened to the investors’ money.  Also, they seek to hold Multi-Financial (also known as Cetera ), a financial service company that used to employ Darrell Duane Smith, liable for his allegedly unlawful investment-related activities.

Energae investors may contact attorneys Bart Goplerud, Joe Peiffer, or Alan Rosca for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Energae and I-Lenders Receivership and Accounting Petition: Hearing Scheduled on November 5 in Cerro Gordo County Court

The Energae and I-Lenders Receivership and Accounting proceedings filed by Des Moines attorney Bart Goplerud along with attorneys Alan Rosca and Joe Peiffer are moving forward.

The Cerro Gordo County Court has granted the request for a hearing on the Petition for Receivership and Motion for Temporary Injunction as to Energae and i-Lenders, on November 5, 2013 at 10:30 am in Cerro Gordo County Court.  The Order can be read here: Energae and i-Lenders Receivership Hearing.

Energae and i-Lenders have failed to respond to the Petition; no representative of the two entities has entered an appearance on their behalf in this case, even though both were duly and timely notified of the proceedings.

A Notice of Default has been mailed to the two companies’ last known registered agents, today, along with a copy of the Cerro Gordo County Court’s Order on the Energae and I-Lenders receivership hearing.

Attorneys Peiffer, Goplerud, and Rosca have filed the Receivership and Accounting Petition as to Energae and i-Lenders in an attempt to determine the level of (presumed) losses suffered by Energae and i-Lenders investors, to find out what happened to the Energae investors’ money, and to remove from Energae the management under whose watch serious misconduct is alleged to have occurred.

Energae investors appear to be, unfortunately, subjected to ongoing misinformation regarding the value of their Energae investments.  The truth is, at this point it is unlikely that anyone knows how much those investments are worth, but we intend to find out,” said attorney Peiffer.

Darrell Smith investors may contact attorneys Joe Peiffer, J. Barton Goplerud, or Alan Rosca for updates about the Receivership case pending against Energae and I-Lenders, and for a free, no obligation discussion about their investment loss recovery options at 888-998-0520.

Important Darrell Smith and Energae Update: Grand Jury Assembled in Cedar Rapids Federal District Court

A grand jury has been assembled in federal court at Cedar Rapids, and has sent out subpoenas to current and former officers affiliated with Energae.

The subpoenas ordered the Energae officers to testify before the grand jury and bring with them any and all Energae company records in their possession or control.

Grand juries are assembled to investigate potentially criminal conduct and determine whether criminal charges should be brought against individuals.

On October 3 and 4, federal agents raided Darrell Smith‘s house and office and the Energae premises, and left with a large volume of documents and computer hard drives.

Our law firms continue to be in contact with numerous Energae investors.  We hear that misinformation is being circulated by individuals with various agendas, and Darrell Smith investors often feel pressured and misled.

Our advice continues to be: avoid making decisions based on incomplete facts and misinformation.  We are working hard to find out what happened to the Energae investors’ money and what the losses are, in the Receivership and Accounting case we are prosecuting against Energae and i-Lenders in Cerro Gordo County Court.  Documents filed in that case are publicly-available and we will be glad to send them to anyone who asks.

Investors should ask questions and demand to see documents to back up whatever you are told.  Don’t allow anyone to pressure you.  In most instances, it seems people talking to Energae investors are better at talking generalities but avoid getting into specifics; to us, that’s a red flag.   Call the Iowa Division of Securities (515-281-5705) to report any suspicious requests regarding your investment in Energae.

We will soon update this blog with important news from our Receivership and Accounting petition against Energae and i-Lenders.

Darrell Smith Investors Urged to Check Their Jackson National Life Insurance Statements

Darrell Smith investors who have accounts with Jackson National Life Insurance and have purchased annuity products are urged to check their Jackson National Life Insurance statements and review the transactions appearing on such statements.

Investors may contact Jackson National Life at (800) 644-4565 if they have any questions about transactions on their statements.

Recently, federal agents have raided Darrell Smith‘s home and office, as well as the offices of Energae and Permeate, and took a large number of records and computer hard drives.  No arrests have been made.  Under our laws, everyone is, of course, presumed innocent unless and until found guilty in a court of law.

Darrell Smith had earlier been fined by the Iowa Department of Insurance and stripped of his insurance and securities licenses, after being accused by the Iowa regulators of violating the Iowa securities laws in connection with his sales of Energae and i-Lenders investments (representations in a recent letter to investors that he willingly gave up his licenses are simply untrue; investors may contact the Iowa Division of Securities).

More Darrell Smith investors are contacting attorneys Joe Peiffer (New Orleans), Bart Goplerud (Des Moines) and Alan Rosca (Cleveland), regarding their Energae, i-Lenders, and other investments sold to them by Darrell Smith.  The three lawyers have filed cases on behalf of Energae and I-Lenders investors.  More proceedings are planned in the near future.

Darrell Smith investors may contact attorneys Joe Peiffer, J. Barton Goplerud, or Alan Rosca for updates about the Receivership case pending against Energae and I-Lenders, and for a free, no obligation discussion about their investment loss recovery options.

Update #2 – Darrell Smith and Energae Raid

October 4, 2013

A large number of records as well as computer hard drives have been taken by federal law enforcement agents from Energae’s offices and other searched locations, according to our sources.  We understand nobody has been arrested at this time.  Both plants are closed at this time and, given the massive seizure of records, we believe it is unlikely they will reopen.

Attorneys Joe Peiffer and Alan Rosca have learned of possible solicitations of investments to be paid in certain “trust accounts.”   They strongly caution prospective and existing investors to call their lawyers, state securities regulators, or our law firm, before investing.

The Energae receivership case filed last month in Cerro Gordo County Court by Des Moines attorney J. Barton Goplerud and attorneys Joe Peiffer and Alan Rosca on behalf of Energae investors is still pending.  The next step in the receivership action is expected to occur soon.

“Yesterday’s raid on Energae and Darrell Smith’s office are giving more credence to our clients’ demand for an accounting and the appointment of a Receiver to take over Energae’s assets,” said attorney Joe Peiffer.  ”We will continue to fight on behalf of the Energae investors and will soon initiate additional legal proceedings to seek compensation for the Energae investors,” said Peiffer.

Attorneys Peiffer, Rosca, and Goplerud are preparing to file a case against Multi-Financial Services, the securities broker-dealer firm that employed Darrell Smith during much of the time he recruited investors to invest in Energae.  Other legal proceedings against liable parties are also planned.

Energae investors may contact attorneys Joe Peiffer (New Orleans – 888-998-0520), Bart Goplerud (Des Moines – 515-223-4567) or Alan Rosca (Cleveland – 888-998-0520) for more Energae receivership-related updates and to discuss, at no charge, about their investment recovery options.

Update – Darrell Smith Raid

October 4, 2013

As of last night federal agents and state law enforcement were still searching Energae’s premises and office, and gathering records and computer data.

Agents from a number of federal agencies, including the Postal Service, IRS, and FBI, along with state law enforcement from neighboring states, were involved in the search, according to our sources.

We will continue to post updates about the raid and our legal proceedings regarding Energae and i-Lenders.  Energae investors may contact attorneys Joe Peiffer or Alan Rosca at 888-998-0520, or Des Moines attorney J. Barton Goplerud at 512-223-4567.

Federal Agents Raid Darrell Smith’s Office, Residence, Permeate and Energae Facilities

October 3, 2013

Today federal agents descended at Darrell Smith’s office, as well as residence and the ethanol production facilities.  They searched the premises and collected evidence pursuant to a warrant.

Attorneys Joe Peiffer, J. Barton Goplerud and Alan Rosca have been cooperating for months with federal law enforcement and state regulators in this matter.  They have provided information and referred investors to the investigators.  They have filed a receivership and accounting Petition with the Court, alleging violations of the securities laws by Darrell Smith and Energae and demanding that a Receiver be appointed to preserve Energae’s assets for its investors.

“In view of this raid, which gives further support to our case, we are renewing our efforts on behalf of Energae investors, to preserve Energae’s assets and determine the amount of any losses,” said attorney Joe Peiffer.

Attorneys Peiffer, Goplerud, and Rosca are preparing a number of other proceedings against liable parties, including a FINRA arbitration case against Multi-Financial, a securities broker-dealer firm that employed Darrell Smith but, according to evidence they have assembled, failed to adequately supervise him.

Energae investors – as well as investors in other programs sold by Darrell Smith – may contact attorneys Joe Peiffer (New Orleans – 888-998-0520), J. Barton Goplerud (Des Moines – 512-223-4567) or Alan Rosca (Cleveland – 888-998-0520) to discuss, at no charge, about their recovery options and the current and anticipated legal proceedings.

Energae Shareholders’ Meeting: More Questions Than Answers

Why would a company not disclose to its own shareholders the name of its accountants?

Why would a company not disclose to its own shareholders the name of the lender that supposedly determined that the company’s value has gone up?

How would a company know its value has gone up if at the same time it claims it does not have an accounting of its finances and operations?

How would a lender be able to evaluate the value of a company, if that company cannot submit its accounting to the lender?

Companies do not function like that.   They do not conceal from their own shareholders such basic information as the name of their accountants.   Companies cannot function without an accurate accounting – without knowing how much money they owe to creditors, how much money they are due from debtors, how much their assets are worth, how much money their shareholders invested.

Yet, that is precisely how Energae claims to function.  Secrecy is the norm.  Its shareholders are assured their investments have value, yet when they try to ask specific questions about their investments such questions are met with silence and deflection.

Beyond general – and empty – assurances that “all is well,” Energae has been unable to offer any specifics to back that up.  ”All” is obviously not well: regulators have lodged grave accusations of misconduct; legitimate questions have been raised as to the validity of the tax credits; management has been changed, and changed again.

Investors who demanded to know what happened to their hard-earned money have received no specific answers; Darrrell Smith has been stripped of his professional licenses, banned from the securities industry, and fined for his sales of Energae investments … yet Energae investors are told not to worry.

Attorneys Joe Peiffer, Bart Goplerud, and Alan Rosca are determined to continue their fight to get answers from Energae, on behalf of Energae investors.  They are also preparing a number of other proceedings, including a group FINRA arbitration case against Darrell Smith’s former employer, a securities broker-dealer firm.

They are currently attempting to determine whether Energae investors have suffered any losses, through the accounting and receivership petition they have filed with the Court.  If Energae investors have suffered losses, they plan to proceed with the other cases they have prepared, against Smith’s former employer and other liable parties.

Energae investors who would like to learn more, at no charge, about their legal options or the current legal proceedings against Energae may contact attorneys Joe Peiffer or Alan Rosca at 888-998-0520 or Des Moines attorney J. Barton Goplerud at 515-223-4567.

Energae Shareholder Meetings Held Today in Clear Lake City

September 19, 2013

Today Energae held two shareholder meetings, at 11:00am and 5pm.   Attorney J. Barton Goplerud, who, together with his co-counsels, attorneys Joe Peiffer and Alan Rosca, represents a group of Energae investors, attended one of the meetings on behalf of the investors.

Having reached a satisfactory resolution of the first case they filed on behalf of Energae investors, attorneys Peiffer, Goplerud and Rosca have recently filed a second case on behalf of another group of Energae investors.  The second case is currently pending in Cerro Gordo County Court.  They are planning more proceedings on behalf of other investors soon.

In a recent letter sent out by Energae, certain representations were made to investors, such as that the Energae investments are exempt from registration with Iowa securities regulators, and that Darrell Smith “volunteered to give up a securities license (he was not using).”  Such representations contradict statements made by the Iowa securities regulators in their regulatory actions against Darrell Smith.

Energae investors are encouraged to check with the Iowa Division of Securities, ph. no. 515- 281-5705, regarding the regulatory actions taken by the Iowa securities regulators against Smith.

As we have in the past, we continue to advise investors to consult with an accounting professional when offered any type of tax credits, before investing in such tax credits, and to contact the Iowa Division of Securities regarding offers to invest in securities issued by Energae or its affiliates.

Attorney Bart Goplerud, along with his co-counsels, Joe Peiffer and Alan Rosca, continue to communicate with new investors regarding their Energae and iLenders investments.  New proceedings are being prepared on behalf of new investors.  Key goals include determining whether or not Energae investors have suffered any losses, and removing current management/control persons.

Energae investors may contact attorneys Joe Peiffer, Bart Goplerud, or Alan Rosca toll free at 888-998-0520 or 515-223-4567 for updates regarding their pending case against Energae or for a free evaluation of their recovery options.

New Group of Energae, I-Lenders Investors File Petition for Accounting, Appointment of Receiver

A new group of Energae and i-Lender investors have filed a Petition with the Cerro Gordo County Court, demanding an accounting from Energae and and the appointment of a Receiver to take over the two businesses, among other relief.

The investors are represented by attorneys Joe Peiffer, Bart Goplerud, and Alan Rosca.

In an earlier case, another group of investors represented by the three attorneys filed a Petition for an accounting and the appointment of a Receiver against Energae.  That case has been settled and was subsequently dismissed.

More Darrell Smith investors in Energae, i-Lenders, and related entities are contacting attorneys Joe Peiffer, Bart Goplerud, and Alan Rosca.  The three attorneys are preparing additional proceedings on the investors’ behalf, if the evidence shows Energae investors have suffered losses.

Energae and i-Lenders investors may continue to contact attorneys Joe Peiffer, Bart Goplerud, or Alan Rosca for updates on the accounting and receivership Petition or for a free evaluation of their case, toll free at 888-998-0520.

More Darrell Smith Investors Retain Attorneys Peiffer, Goplerud, Rosca; New Proceedings to Be Filed Soon

A new group of Darrell Smith investors in Energae, i-Lenders, and certain other entities have retained Des Moines attorney Bart Goplerud together with attorneys Joe Peiffer and Alan Rosca to help them recover money they invested with Smith.  New proceedings on behalf of those investors will be filed shortly.

Such proceedings will include a renewed demand for an accounting for Energae and i-Lenders, as well as a FINRA arbitration case against Multi-Financial / Cetera on behalf of Darrell Smith investors who invested in products other than Energae / i-Lenders.

For investors in Energae and i-Lenders, attorneys Peiffer, Goplerud, and Rosca plan to first determine the size of the losses – if any – at Energae and i-Lenders.  They plan to file claims in FINRA arbitration for their clients only for such losses as may have occurred.  “Energae investors are justifiably reluctant to start lawsuits and pay lawyers’ fees to recover money they are not sure they lost,” said Joe Peiffer, one of the attorneys representing Darrell Smith investors.

Darrell Smith investors may continue to contact attorneys Joe Peiffer, Bart Goplerud, and Alan Rosca for updates regarding the upcoming proceedings and for a free evaluation of their cases, toll free at 888-998-0520.

Energae Investors Resolve Dispute Surrounding Their Petiton for Receivership and Accounting, Dismiss Case

Attorneys Joe Peiffer, Bart Goplerud, and Alan Rosca are pleased to announce that their clients have agreed to the dismissal of their claims against Energae, following the satisfactory resolution of the case through the agreement of the parties.

At the beginning of this month, Energae investors represented by attorneys Peiffer, Goplerud, and Rosca have filed a Petition for Receivership against Energae, demanding an accounting and the appointment of a Receiver to take over Energae’s operations, among other relief.

Attorneys Peiffer, Goplerud, and Rosca continue to be contacted by Energae and I-Lenders investors and are preparing to take action on their behalf and seek compensation for their investments.  New proceedings will be commenced in the near future and will be announced on this blog.

Energae and i-Lenders investors are encouraged to contact attorneys Joe Peiffer, Bart Goplerud, or Alan Rosca for a free evaluation of their recovery options at 888-998-0520.

Frequently Asked Questions Regarding Energae Receivership Petition

It has come to our attention that rumors may be circulating regarding the Petition for Receivership recently filed on behalf of Energae investors.  Rather than rely on such rumors or representations from individuals who do not speak for us, Energae investors are encouraged to contact us directly with questions they may have.  More importantly, the Petition that has been filed with the Court speaks for itself and is a public document that any investor may obtain at no charge.  That Petition shows precisely what this action is about.

Frequently Asked Questions:

1) Are you trying to shut down Energae?

Answer: No.  Nowhere does the Petition request that Energae be shut down.  Quite the opposite: the Petition requested that a Receiver be appointed by the Court to take over Energae from its current management.  The Petition also asked for an accounting, so Energae investors may learn what has happened to their money and what is the current financial situation of Energae.

2) What is going to happen with Energae if a Receiver is appointed?

Answer: Once the Court-appointed Receiver will get the accounting done, he or she will decide what the next steps should be, with the Court’s permission and in a transparent manner.  Energae investors will have an opportunity to be heard and participate to the process.

3) Are the receivership proceedings open to the public?

Answer: Yes. The Energae Receivership hearing on August 27, 2013 is open to the public.  Proceedings of this type and documents filed by the parties with the Court in cases of this type are typically publicly-accessible.

4) Where can I learn more about what happened to my Energae investment?

Answer: You may call one of the attorneys handling this case at 888-998-0520 (attorneys Joe Peiffer, Alan Rosca, or Bart Goplerud).  There is no charge to answer investor questions.

Energae Receivership Hearing Scheduled for August 27, 2013 at 9:00am in Mason City

A hearing on the Petition for Receivership and other relief filed by attorney Joe Peiffer and his colleagues on behalf of Energae investors has been scheduled for August 27, 2013 starting at 9:00am in Cerro Gordo County Court.

The hearing will take place in Assistant Chief Judge James M. Drew’s Court.

The address of the Cerro Gordo County Courthouse is:
220 N Washington Ave, Mason City, IA 50401
Phone:(641) 421-3038

The hearing is open to the public.

Energae and i-Lenders investors may contact attorneys Joe Peiffer or Alan Rosca at 888-998-0520 with any questions regarding their investments and the Energae Receivership petition.

Important Notice: Receivership Hearing on Tuesday, 8/13 Postponed

The Tuesday, August 18, 2013 hearing on the Energae investors’ Petition for Receivership has been postponed.  A telephonic hearing will take place on Monday, August 12.

Attorney Joe Peiffer and his colleagues will issue an update regarding the new hearing date after the Monday telephonic hearing.

“We will do our best to make this process as transparent as possible,” said attorney Joe Peiffer.  ”Energae investors deserve to know what is happening with their company and what this process is about.  Rather than rely on rumors, they may simply pick up the phone and call us, or send us an email, and we’ll do our best to answer their questions,” said attorney Peiffer.

Attorney Joe Peiffer, along with his colleagues, including their West Des Moines, Iowa co-counsel, are evaluating a number of legal proceedings on behalf of investors.  While they have already assembled considerable evidence for such proceedings, they plan to initiate in the appropriate order, once the situation of Energae becomes clearer.

“We first need to understand what has happened to the investors’ money and whether any losses have occurred,” said attorney Peiffer.

Energae investors may contact attorneys Joe Peiffer or Alan Rosca at 888-998-0520 with any questions regarding their investments and the Energae Receivership petition.