On September 8, 2009, the Securities Exchange Commission (SEC) issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions (Order) against Jamie P. Lake (a financial advisor formerly registered with Questar Capital Corporation, among others). The Order finds that, from December 2006 through March 2009, Jamie Lake was the president and sole owner of JPL Financial, a financial services business located in Kingston, Pennsylvania, and was a registered representative associated with Questar Capital Corporation, a broker-dealer registered with the SEC. The Order further finds that on June 1, 2009, Lake pled guilty before the United States District Court for the Middle District of Pennsylvania to one count of mail fraud in violation of Title 18 United States Code, Section 1341 in United States v. Jamie P. Lake, Crim. Information No. 3:09-CR-168-01.
The counts of the criminal information to which Lake pled guilty alleged that Lake defrauded investors by soliciting customers of Questar Capital and JPL Financial to invest money under false pretenses, by failing to invest their money as promised, and by misappropriating and converting investor funds for his own use.
Significantly, the SEC Order bars Jamie P. Lake from association with any brokerage firm or broker-dealer. Lake consented to the issuance of the Order without admitting or denying any of the Commission’s findings.
Based on Jamie P. Lake’s FINRA Broker Report (CRD), the SEC investigation is not the first time that Lake has been implicated in claims related to securities fraud violations. Lake has also been named in at least 15 customer complaints related to securities fraud and these claims appear to be connected to the SEC’s investigation.
Questar Capital Corporation (Lake’s apparent employer during the time period in question), is a Minneapolis, Minnesota based broker-dealer. Although it is unclear from the SEC’s Order what involvement (if any) Questar Capital directly had in Jamie Lake’s fraudulent activities, it does appear, based on the number of customer complaints filed against Lake, that Questar Capital did fail to adequately supervise Lake’s fraudulent securities activities.
If you have questions about investments you made with Jamie Lake or Questar Capital Corporation, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. To speak to a securities attorney, please call our Chicago office at 312-238-9650 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.