Securities Lawyers Blog
Previously financial advisor Gustavo Dolfino (Dolfino), previously employed by brokerage firm Silver Leaf Partners, LLC has been subject to at least one disclosable event. These events include one tax lien. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.
FINRA BrokerCheck shows a final customer complaint on October 15, 2024.
The Securities and Exchange Commission deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted against Gustavo Dolfino (‘Respondent’ or ‘Dolfino’). In anticipation of the institution of these proceedings, Dolfino has submitted an Offer of Settlement which the Commission has determined to accept. The Commission finds that These proceedings concern material misrepresentations Dolfino made to actual and prospective investors in Student Global, LLC (‘Student Global’), an education-tech start-up. Dolfino was the founder and Chief Executive Officer (‘CEO’) of Student Global. Between 2016 and 2022 (the ‘Relevant Period’), Dolfino raised approximately $20.6 million dollars from investors by selling them membership interests in Student Global. To make the investment opportunity appear more attractive, Dolfino made material misrepresentations to investors concerning his prior entrepreneurial success, his own investment in Student Global, and his net worth. Specifically, Dolfino told investors that he had sold an internet-based pharmaceutical company, founded and sold a hedge fund, personally invested millions of dollars in Student Global, and that he was worth hundreds of millions of dollars. None of this was true. Dolfino dissolved Student Global in November 2023 after it ran out of money to finance its operations. Student Global’s investors never received any distribution or other return on their investment, and Student Global’s membership interests are now worthless. As a result of his conduct, Dolfino willfully violated Section 17(a) of the Securities Act, and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder.
