Hugh M. Dyson Sentenced to 48 Months Prison
Did you suffer losses investing with Hugh M. Dyson? If so, The White Law Group may be able to help you recover your losses by filing a FINRA Arbitration claim against the brokerage firm where he was employed.
According to reports, former Ameriprise advisor Hugh M. Dyson was sentenced to 48 months in federal prison by a NC judge Tuesday after being found guilty of orchestrating an elaborate mail fraud scheme over the course of 19 years.
Hugh M. Dyson, 67, reportedly used his positions at two Ameriprise financial service firms in Raleigh, North Carolina in his scheme. Between 1993 and 2012, he allegedly promoted a fictitious gas and oil limited partnership named “Keyport Oil” to investors, according to a press release from the U.S. Department of Justice.
Dyson allegedly swindled hundreds of thousands of dollars in investment funds from clients and used the money to pay personal expenses and other investors, prosecutors said.
According to officials, Dyson used scissors, tape, and a copy machine to falsify stock certificates and he would occasionally issue “sales revenue” checks to Keyport Oil investors that would actually be paid with money collected from other investors. The victims lost all of their money when the scheme fell apart in 2012.
According to FINRA BrokerCheck Report Dyson was registered with Ameriprise Financial Services in Raleigh, NC from 10/05/2009 – 05/09/2012. Prior to that, he was registered with Ameriprise Advisor Services in Raleigh, NC from 06/30/1993 – 10/05/2009. Dyson has nine disclosures listed on his Broker Report. He has been permanently barred from the securities industry due to his allegedly fraudulent scheme.
Aside from the forty-eight months in prison, Dyson is also required to forfeit all remaining funds from the scheme, to make restitution, and serve three years of supervised release after his prison sentence.
Failure to Supervise
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Hugh M. Dyson, the attorneys of The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 888-637-5510.
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 more information on The White Law Group, visit www.WhiteSecurtiesLaw.com.