IDOF announces complaint against investment companies for defrauding investors of $3 million
BOISE, Idaho (KIFI) – The Idaho Department of Finance (IDOF) Securities Bureau has filed a Complaint against Justin Finney, Rodney Skyles, and Bryan Trenary; Clearwater Trading GP, LLC; Clearwater Trading Company, LP; Clearwater Real Properties GP, LLC; Clearwater Real Properties, LP; Clearwater Real Properties, GP; Skyward Properties LLC; and Peak Market Trends.
The IDOF’s Complaint states from January 2013 through March 2018, Justin Finney established at least six business entities in three different financial services business lines that misrepresented investments leading to investor financial losses, while also misappropriating client funds for personal benefit. His associate Bryan Trenary participated in all three of the business lines and another associate Rodney Skyles participated in two of the business lines.
In total, 46 investors in seven states, including Idaho, were defrauded of $3,407,335.80 in investment funds. Most of the investors were previous clients of Finney and Skyles who trusted them for investment advice. These investors were misled into believing that Finney and Skyles would safeguard their funds and possessed successful experience in the business lines that they used to solicit investor funds.
Virtually all investor funds were lost in connection with these business ventures and a substantial amount of the investment funds were not used for any legitimate business purpose. Instead, Finney and his associates used investor funds to make risky investment trades, facilitate unnecessary business purchases to falsely perpetuate their claims of success, and conduct financial transactions for their own personal benefit. Finney and his associates often could not explain their financial activity including payments to themselves that were used to finance their lifestyles.
“Protecting the hard-earned money of Idahoans against investment fraud is the IDOF’s highest priority and the Department will use all the tools and resources it possesses to guarantee the safety of Idaho investors,” Idaho Department of Finance Director Patricia Perkins said.
“Ensuring Idahoans receive necessary and accurate disclosures and that their investment funds are properly protected against fraud is paramount to the IDOF Securities Bureau’s mission and anyone who violates these basic consumer protections will be held accountable,” Idaho Department of Finance Securities Bureau Chief John Yaros said.
The Idaho Department of Finance encourages investors to come forward if they suspect they have invested in any of the Clearwater investment companies or Peak Market Trends. Please contact the Idaho Department of Finance at securities@finance.idaho.gov.
