A former broker and financial radio show host has been accused of defrauding investors out of at least $21 million.
According to The Virginian-Pilot, Daryl Gene Bank and Raeann Gibson of Dominion Investment Group LLC are accused of creating a web of companies that sold unregistered securities, misled investors and misappropriated client funds.
Virginia’s State Corporation Commission allege that Bank and Gibson told investors that they were purchasing stakes in companies that sold such things as safety equipment, cigars, FCC cellular spectrum licenses, but the agreements didn’t provide investors with any equity or control.
Furthermore, the state agency alleges, that some investments were made into individual retirements accounts instead, and that 20 to 40 percent of the investment value was taken in fees. “In one case, Bank is accused of selling investments in a Beach-based franchisor, Dental Support Plus, that didn’t open a single Franchise before closing in 2014, taking with it $2.4 million worth of investments.”
According to The Virginian-Pilot, in 2010 the Financial Industry Regulatory Authority (FINRA) barred Bank from working as a broker or doing business with FINRA members, for the misappropriation of $161,000 in commissions. That same year bank moved to Port St. Lucie, FL.
The Dominion related companies include:
- Dominion Private Client Group LLC
- Dominion Diversified Strategies LLC
- weMonitor Group LLC
- PLI Group LLC
- DV8 Group LLC
- Warp Cigar LLC
- Janus Specturm Group LLC
- SPectrum 100 LLC
- DSPF Group LLC
- Diamond Index LLC
The White Law Group is investigating potential claims on behalf of Florida residents who suffered losses as a result of investing with Daryl Gene Bank.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. For a free consultation with a securities attorney, please call the firm’s Chicago office at 1-888-637-5510.
For more information on The White Law Group, visit www.whitesecuritieslaw.com.