Fight Investment Fraud
Greco & Greco's lawyers represent investors to recover losses caused by securities fraud, churning, lack of suitability, negligence, sales of unregistered securities, unauthorized trading, and other misconduct by stock brokers, investment advisors, financial planners and their firms.
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Lincoln Financial Securities
Investigation Regarding Randy Watts of Winchester, Virginia
Greco & Greco is currently investigating possible claims regarding a Winchester, Virginia financial advisor, Randy Watts. Mr. Watts operated under the name Watts Financial Group, and was registered to sell securities with Lincoln Financial Securities until November, 2015.
If you believe you may have a legal claim regarding investments with Mr. Watts or Lincoln Financial, please contact Scott Greco for a free consultation: http://www.securities-lawyers.net/contact.html
Posted by W. Scott Greco on 12/22/15.
Arbitration • Brokerage Firms • Lincoln Financial Securities • FINRA • Fraud • Ponzi Scheme • Securities Fraud • State Regulators • Virginia • Suitability • Unregistered Securities • Permalink
FEBG / McLeod Receiver Files Initial Report
The Receiver appointed by the US District Court in Florida regarding the case against Kenneth Wayne McLeod and the Federal Employee Benefits Group Bond Fund (FEBG) has filed his initial report to the Court. It can be found here. Although the receiver is in the process of reviewing hundreds of boxes of documents, the initial findings regarding assets are not promising. Reference is made to five pieces of real estate, but the amount of equity, if any, in the properties is unclear. Furthermore, the bank and brokerage accounts found and frozen at this time only account for approximately $90,000. The ponzi scheme allegedly involved over $34,000,000 invested by mostly government employees.
In his report, the Receiver encourages victims to contact their own attorneys to discuss potential claims against third parties. As set out in our previous blog post, Mr. McLeod was a FINRA registered representative of Lincoln Financial Securities Corporation until May, 2010. Prior to Lincoln, Mr. McLeod was FINRA registered with Capital Analysts, Incorporated and Washington Square Securities. FINRA firms have legal responsibilities to supervise their registered representatives, and further may be found liable for the wrongful actions of their agents. If you are a victim of the FEBG bond fund ponzi scheme, and you would like to discuss legal options with an attorney, please contact Greco & Greco for a free consultation with one of our lawyers.
Posted by W. Scott Greco on 08/27/10.
Arbitration • Brokerage Firms • Capital Analysts • Lincoln Financial Securities • Washington Square Securities • FINRA • Ponzi Scheme • SEC • Unregistered Securities • Permalink
McLeod Ponzi Scheme Preys on Government Employees
The SEC filed an Emergency Complaint on June 24, 2010 against the Estate of Kenneth Wayne McLeod, F&S Asset Management Group, and Federal Employee Benefits Group, alleging that Mr. McLeod engaged in a ponzi scheme. The SEC release and Complaint can be found here. The Complaint alleges that Mr. Mcleod solicited federal government workers across the country to invest in a purported bond fund (the FEBG Bond Fund) which offered “guaranteed, tax-free returns of eight to ten percent annually in the fund.” In reality, the fund did not exist and Mr. McLeod used newly invested funds to pay off old investors, a classic ponzi scheme. Mr. McLeod raised $34 million from current investors.
According to this Florida Times Union article, Mr. McLeod killed himself days after confessing to investigators.
Mr. McLeod was a FINRA registered representative of Lincoln Financial Securities Corporation until May, 2010. Prior to Lincoln, Mr. McLeod was FINRA registered with Capital Analysts, Incorporated and Washington Square Securities. FINRA firms have legal responsibilities to supervise their registered representatives, and further may be found liable for the wrongful actions of their agents. Examples of legal grounds for liability of Broker-Dealers in these situations include:
a) under tort and agency law, principals can be found liable for the acts of their agents even if they are entirely innocent and have received no benefit from the transaction;
b) a broker’s Broker-Dealer can also be found liable as a ?control person? of that broker under state and federal securities laws; and
c) claims can be pursued in arbitration based on violations of FINRA rules including Rules related to supervision, suitability, and outside business activities.
If you are a victim of the FEBG bond fund ponzi scheme, and you would like to discuss legal options with an attorney, please contact Greco & Greco for a free consultation with one of our lawyers.
Posted by W. Scott Greco on 07/02/10.
Arbitration • Brokerage Firms • Capital Analysts • Lincoln Financial Securities • Washington Square Securities • FINRA • Ponzi Scheme • Retirement • SEC • Suitability • Permalink
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