9 Say Brokers Took Them for $1 Million

PORTLAND, Ore (CN) – Two brokers with Allstate Financial Services bilked nine people for almost $1 million in unregistered securities before Allstate fired them, the nine people claims in Multnomah County Court. The plaintiffs say Brian Hoshowski and Mike Scherschel sold them fake investment notes in HPA LLC and Redstone Holdings, supposed real estate investment firms.

     The brokers allegedly claimed the investments were “safe, risk-free and ‘guaranteed.'” But the plaintiffs say they never received any return from their investments. They say Hoshowski and Scherschel kept their money instead of investing it.
     Lead plaintiff Dwayne Morrison and eight others want their money back, and damages for securities fraud and breach of contract, demanding their money back. They are represented by Scott Shorr and Jennifer Wagner with Stoll Stoll Berne Lokting & Shlachter.

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