These problems happened to me, and at least three other friends. Dont let it happen to you.
Brian Kingsfield claims to have and gives advice on stocks to buy. But he has no license to sell or broker securities. He has been in trouble with the law for unlawful and deceptive stock promotions. Worse, he works or worked for a firm that knew, or should have known, of Kingsfields legal problems, including problems with the California Department of Corporations.
Another agent introduced me to Kingsfield at JAW Associates, in Orange County, which Im told, was some kind of partner, colleague, employee of Jim Price and his Aero Financial, in San Diego. Price knew, or at least, should have known of Kingsfields problems, and hired him anyway. Price sent Kingsfield to JAW to promote stocks, one of which was Systems America. I already knew one employee at JAW, who was relatively knew at the firm. He introduced me to Kingsfield by phone. Kingsfield vigorously promoted Systems America, which was going for about $3.00 a share at the time.
He was very convincing and insisted the stock would reach $5.00 within a few months. I bought some shares that day. The next day, Kingsfield called me without telling the referring employee, and pushed for me to buy additional shares, some at the market value of $3.00 and some at $3.50. He said he knew a stock holder who would sell shares of Systems for $3.50. I followed his advice, after Kingsfield said I could sell some of my stocks at $4.00 per share to defray that higher price.
It did not hit me as suspicious that Kingsfield knew someone willing to unload a specific number of shares, nor that Kingsfield advised me how to place the trade so that I would pay and buy shares at $3.50, not the typical market price. So, I bought more shares at the higher price and market price. The share price hovered around $3.00 for a little while. But, as youve probably guessed, started to drop in price drastically. pToday, the price is under one penny. In addition, I and a friend are out $37,000 in another stock promoted by JAW called Vista Biofuels, a company that never paid a dividend, and was eventually told to leave the state of California for marketing purposes by the California Deparftment of Corporations.
During the start of the Systems America price decline, I complained to Kingsfield said I considered selling my shares to cut my losses. After that, John Wallace, the manager of JAW Associates, called back with Kingsfield, and assured me that Systems was a good stock and would climb up in value again. He explained that the drop was caused by a sell-off by other clients, because former employees were telling them to get out of that stock asap. He said that the employee who had introduced me to Kingsfield had left, and wanted to know if he also advised me to dump my shares. I told Wallace that he did not. Wallace said that he would be available to be my agent. He promised to send me an e-mail with driving directions to his office, so I could meet him. He never did.
The stock is now under a penny in price. Im out over $90,000, just on that one stock. After that, I found out that there were many others who lost money dealing with Kingsfield. Some, in California, Idaho, New Jersey and Canada. Some are now friends. These friends lost more than I did. I learned that Kingsfields Systems America campaign came from Jim Price at Aero Financial. This was a bigger operation than I thought before, because there were other agents doing this, for Systems and other stocks as well. So, others were touting Systems and other stocks with the same pattern, followed by crashing values.
This pattern repeated with a 90-year old man who was convinced to sell his retirement stocks so he could buy stocks promoted by Kingsfield, not including Systems America shares. The 90-year old took a tax hit selling his stocks, followed by hundreds of thousands of dollars in what are noq worthless stocks. He is now trying to find a way to earn money to help his retirement.
I invite others to respond and comment for the benefit of others who have lost hard-earned savings, and may have information leading to justice and restitution for all of those involved.
Finally, as my first post, I will not promote simple name-calling, and hostile character assasination, as I have seen in some blogs. My concern is to warn others of this problem, and to hope that those involved will turn and mend their hurtful ways. I desire that the wrong doers will divesst their love of money and replace it with a love of people. That these profiteers will have a change of heart, and learn the blessings of righting their wrongs, and making restitution to those they harmed. I don't know Price's issues, but Kingsfield has problems that point to a void in his heart that substance abuse usually tries to mask. To those involved in this debacle of loss as business promoters, stock advisors, whatever, I will always be available to discuss how that change of heart can evolve. It is not a securlar view, but one of faith in God. He cares enough to changes hearts and mindsl, and is willing to help in all parts of life.