French allegedly advised the client to open a joint bank account in both their names so French could use the money to invest in gold and silver. He allegedly told the elderly client not to tell people about their investment arrangement.
According to Ohio News, “The indictment says that from January 2009 to March 2013, French used more than $1.3 million from the accounts to purchase the precious metals from a California firm.” In addition, French is accused of diverting more than $95,000 into his personal bank account.
BrokerCheck report indicates French was a registered representative in Ohio with Investors Security Company from 07/2005 – 12/2012 and Securities America from 12/2012 – 01/2013.
The brokerage firms that employed French had a legal responsibility to adequately supervise all his business activities. When a FINRA affiliated broker makes unsuitable investment recommendations and misappropriates funds the brokerage firm may be liable for negligent supervision and responsible for investment losses.
If you are concerned about your dealings with Mark Preston French, please contact the securities attorneys of The White Law Group at (312) 238-9690 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 Vero Beach, Florida.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.