Professional Financial Investors, Inc. and Professional Investors Security Fund, Inc.

The firm is offering free initial consultations to investors who purchased securities issued by Professional Financial Investors, Inc. (“PFI”) and/or Professional Investors Security Fund, Inc. (“PISF”).

According to a Complaint filed by the U.S. Securities and Exchange Commission on September 29, 2020, Lewis I. Wallach, the former president of Professional Financial Investors, Inc. (“PFI”), a real estate investment and management company in Marin, California, misappropriated more than $26 million from investors as part of a larger fraudulent scheme, devised by PFI’s now deceased founder, in which approximately $330 million was raised from more than 1,300 investors in PFI, Professional Investors Security Fund, Inc. (“PISF” and, together with PFI, “the Companies”) and other related entities. Many of the defrauded investors were elderly, retired and relying on their investment income for daily living expenses.

In addition, Wallach allegedly used the more than $26 million in investor funds he misappropriated to, among other things, purchase a vacation home, luxury cars and coin collections, and to pay private school tuition. See, SEC Litigation Release 24928/September 29, 2020 https://www.sec.gov/litigation/litreleases/2020/lr24928.htm