Securities America’s problems over its involvement with defunct Medical Capital, a California lender, just became more complicated, as Bernstein Liebhard, a New York City law firm, pursues a potential suit against the independent broker dealer.

Bernstein Liebhard announced Wednesday that it is investigating allegations that Securities America fraudulently sold $750 million in private placement notes through Medical Capital from 2003 through 2008, the company said in a statement issued Wednesday morning. According to Liebhard’s statement, Securities America was one of the biggest distributors of Medical Capital notes, and it caused investors to lose more than $1 billion on the investments. In July 2009, the Securities and Exchange Commission charged Medical Capital and two of its executives with securities fraud.

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