June 12, 2017 Comments (0) Current Investigations, Securities Fraud

Trial begins for Former Pennsylvania Broker Bernard M. Parker

Bernard M. Parker
(Last Updated On: June 12, 2017)

Update on Bernard M. Parker Securities Fraud Investigation

Are you concerned about investment losses with Bernard M. Parker? 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, jury selection has begun in the federal case of Bernard M. Parker, a Pennsylvania financial adviser accused of stealing some $1.2 million from his clients to pay his mortgage and other expenses.

Bernard Parker, 55, who allegedly ran Parker Financial Services from his house in Indiana, PA, was indicted in 2015 on charges of securities and mail fraud in purportedly ripping off 22 customers.

He was targeted by a both a federal grand jury and a related complaint brought by the U.S. Securities and Exchange Commission.

The FBI, IRS and U.S. postal inspectors alleged that from 2008 through 2014, Mr. Parker enticed his customers to enter into “contracts” in which they would buy “tax lien certificates” for real estate in Florida, Arizona and Colorado. Those contracts and other investment products he sold were allegedly not registered by the state of Pennsylvania or by the SEC, according to the charges.

The U.S. attorney’s office claims Parker told customers that money placed in his contracts would be used for legitimate investments. Instead, according to the prosecution, he purportedly diverted funds for his own use to pay off his house and car, his father-in-law’s medical bills, remodeling on his home and to make interest payments to earlier investors in his scheme to hide what he was doing.

Parker’s FINRA BrokerCheck report indicates he was registered with Edward Jones in Indiana, PA from 06/2006 – 12/2014 when he was discharged for the above allegations.

The case will be heard this week by a visiting judge, U.S. District Judge Reggie Walton, who normally presides in the District of Columbia.

Recovery of Investment Losses with Bernard M. Parker

The White Law Group is investigating the liability that Parker’s brokerage firm may have for failure to properly supervise Parker’s actions. When a FINRA registered representative conducts business outside of the brokerage firm where they are registered, the act can be considered “selling away.”

If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.

If you suffered losses investing with Bernard M. Parker and would like to discuss your potential to recover your losses through a FINRA arbitration claim, please call the securities attorney of The White Law Group at 888-637-5510 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.

To learn more about The White Law Group, visit www.WhiteSecuritesLaw.com.