According to reports, a Michigan financial advisor named Dante DeMiro has pleased guilty to three counts of bank fraud and two counts of wire fraud.
Based on the allegations against him it appears that DeMiro ran a scheme through his firm MuniVest Financial Group whereby he diverted money that he told new investors was being used to purchase bank certificates of deposit but was instead you used to pay off previous investors.
In addition to perpetuating the Ponzi scheme, DeMiro allegedly used victims’ money on himself, purchasing real estate and personal items. As part of his plea he agreed to forfeit nearly $1 million in financial assets, homes, vehicles and other property.
The White Law Group is investigating the liability that the FINRA broker-dealers that employed DeMiro may have for failure to properly supervise him.
When a FINRA affiliated broker conducts business outside of the firm with whom he is registered the activity is generally called “selling away” (i.e. selling investments without your employers consent or knowledge). Although these types of schemes are typically done without the firm’s knowledge, the firm may still be liable if it can be demonstrated that the firm should have known if it had properly supervised its employee. Under these circumstances, victims may be able to recover their losses in a FINRA dispute resolution claim.
According to his FINRA Broker Report, Dante DeMiro has worked for several FINRA registered broker-dealers, including Cantella & Co. from November 2002 through March 2006, Crocker Securities from July 2006 through February 2008, and Brookstone Securities from April 2008 through July 2010. Depending on when a particular person invested with DeMiro, one or more of these firms may be liable for failure to discover DeMiro’s fraudulent scheme.
If you were a victim of Dante DeMiro’s alleged fraudulent scheme, please contact the securities attorneys of The White Law Group at 312-238-9650 for a free consultation.
The White Law Group, LLC 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, please visit our website at http://www.whitesecuritieslaw.com.