Avenir Financial Group, Inc., is a brokerage firm located at 75 Maiden Lane, New York, New York 10038. It was formed in Wyoming in 2010 and registered with the Securities Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) in 2012.
In April of 2015, FINRA filed a cease and desist order against Avenir, its CEO Michael Clements and registered representative Karim Ibrahim (aka ‘Chris Allen’) for allegedly selling fraudulent promissory notes to elderly investors. During a seven-week period from October to December in 2013, Avenir raised $338,000 from four investors (two of whom were elderly) in separate self-offerings and increased the price of the equity with each offering. At the time, the firm was suspended from operating a securities business due to insufficient regulatory net capital and had a $191,000 margin call to satisfy.