Losses Investing in Digi Outdoor Media, Inc.? 

Have you invested in a company called Digi Outdoor Media, Inc. from Snoqualmie, Washington?  Our investment fraud law firm is investigating claims made against financial advisors and brokerage firms who recommended that investors invest in Digi Outdoor Media.

FINRA (the Financial Industry Regulatory Authority) recently brought a regulatory action against Spencer Edwards, Inc. a brokerage firm based out of Centennial, Colorado.  FINRA alleged that Spencer Edwards acted as an underwriter for a private placement investment issued by Digi Outdoor Media.  FINRA alleged that Spencer Edwards and several of its representatives failed to perform adequate due diligence on Digi Outdoor Media before recommending these to customers.

According to the FINRA complaint, Digi Outdoor Media was founded by Donald MacCord, and that the company engaged in outdoor advertising.  FINRA alleged that MacCord and Shannon Doyle (Digi’s CFO) and one of their previous companies were sued for securities fraud by investors in 2010, and MacCord and Doyle agreed to pay $125,000 to settle the case.  FINRA further alleged that MacCord and Doyle each had tax liens filed against them, and that Digi Outdoor Media’s predecessor had numerous UCC liens filed against it during 2012 and 2013.

FINRA alleged that Spencer Edwards was hired by Digi Outdoor Media to raise capital for the firm.  FINRA alleged that Spencer Edwards failed to adequately do due diligence on Digi Outdoor Media.  FINRA also alleged that Digi Outdoor Media’s marketing materials were materially misleading, and that Digi Outdoor Media’s registration with the State of Nevada was not in good standing in 2013.

Spencer Edwards sold over $400,000 in investments in Digi Outdoor Media.

In a related action, the Securities and Exchange Commission brought a regulatory action against Digi Outdoor Media, alleging that MacCord and Doyle were siphoning funds off the company.

FINRA also brought regulatory actions against several Spencer Edwards representatives, including Richard Seefried, Joseph Lavigne, Steven Quoy, and Brenton Bataille.  Richard Seefried agreed to a 30-day suspension, a fine of $10,000, and disgorged $13,600 in commissions.  Steven Quoy agreed to a 10-day suspension and a fine of $7,500.  Joseph Lavigne was suspended for 30 days, fined $14,500, and disgorged $8,520 in commissions.  Brenton Bataille agreed to a 10-day suspension, a fine of $5,000, and to disgorge $2,200 in commissions.

When brokers and brokerage firms recommend a particular investment to a customer, they must perform adequate due diligence on the company before recommending the invest, so that they can adequately disclose all the risks of investing to the investor.  If the broker or firm fails to do so, it may be liable for the investor’s losses.

Israels & Neuman is an investment fraud and securities arbitration law firm with offices in Denver, Colorado; and Seattle, Washington.  Attorney Aaron Israels is licensed to practice law in Colorado, and attorney David Neuman is licensed to practice law in the State of Washington.  Our attorneys have represented over one thousand investors all over the country.

Click to view:  Digi Outdoor Media Form D

Click to view:  Spencer Edwards FINRA Complaint

Click to view:  Digi Outdoor Media SEC Complaint

Click to view:  Seefried, Richard FINRA AWC

Click to view:  Quoy, Steven FINRA AWC

Click to view:  Lavigne, Joseph FINRA AWC

Click to view:  Bataille, Brenton FINRA AWC

If you lost money investing in Digi Outdoor Media through Spencer Edwards, Inc., please CONTACT US for a free case evaluation. 

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency.  Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency.  All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact.  This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice.  Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis.  In contingent representation, clients may still be liable for costs.