February 1, 2023

Volume XIII, Number 32

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January 30, 2023

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DFPI Warns Of Investment Adviser Identity Theft

The internet facilitates crime in the same way it facilitates legitimate business - it lowers transaction costs.  With the internet, a fraudster can steal someone's identity and then use that purloined identity to reach thousands of potential victims at very little expense.    Recently, the California Department of Financial Protection & Innovation issued this warning about someone posing as a licensed investment adviser:

The California Department of Financial Protection and Innovation (DFPI) has received information that the website https://benitorevilla.com/ is fraudulently marketing itself as a licensed financial adviser and consultant.

The imposter website, https://benitorevilla.com/, is not associated with a California licensed Investment Adviser or Broker-dealer.

The imposter website is trying to pose as Benito Revilla Jr, who is a Texas licensed Investment Adviser and Broker-dealer Agent (CRD number 5456591) and maintains registration with USAA Investment Services Company (CRD number 5475). USAA Investment Services Company holds an active Investment Adviser and Broker-dealer license with the Securities and Exchange Commission.

The DFPI urges consumers to exercise extreme caution before responding to any solicitation offering investment or financial services. To check whether an investment or financial service provider is licensed in California, or to file a complaint, consumers should go to the DFPI website at www.dfpi.ca.gov or call 1-866-275-2677.

I checked out the alleged imposter site and it is still active notwithstanding the DFPI's investor alert.  

© 2010-2023 Allen Matkins Leck Gamble Mallory & Natsis LLP National Law Review, Volume XIII, Number 24
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About this Author

Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm
Partner

Keith Bishop works with privately held and publicly traded companies on federal and state corporate and securities transactions, compliance, and governance matters. He is highly-regarded for his in-depth knowledge of the distinctive corporate and regulatory requirements faced by corporations in the state of California.

While many law firms have a great deal of expertise in federal or Delaware corporate law, Keith’s specific focus on California corporate and securities law is uncommon. A former California state regulator of securities and financial institutions, Keith has decades of...

949-851-5428
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