BROOKLYN (CN) – The Leverage Group took more than $500,000 from investors, promising 12.55 percent annual returns, but refuse to let them withdraw any of it, though they have demanded it, seven investors claim in Federal Court.
The seven plaintiffs claim the defendants assure them they are keeping their original investments, plus interest, in their accounts, but have refused demands to pay out any of it.
Here are the defendants: The Leverage Group, Leverage Option Management Co. Inc., North American Financial, Philip Barry LLC, and Philip Barry. All of them operate out of the same Brooklyn address, except for Barry, the individual, who also lives in Brooklyn. Plaintiffs want their money back, and punitive damages. They are represented by Alexander Nemiroff with Archer & Greiner of Haddonfield, N.J.