Kevin Wanner Reportedly Reaches Plea Agreement
According to reports, Woodbury Financial Services Inc., of Oakdale, Minnesota has agreed to pay back money to victims of an investment fraud scheme allegedly operated by Kevin Wanner of Bismark, ND.
North Dakota Securities Commissioner Karen Tyler says Wanner is accused of bilking 66 investors from North Dakota over 15 years. Wanner has reportedly reached a plea agreement in federal court on charges of mail fraud and money laundering.
According to Tyler, Woodbury will pay nearly $600,000 to people who were victimized while Wanner worked there as a FINRA registered securities agent.
This is the second settlement involving Wanner. Questar Capital Corporation, of Minneapolis, agreed earlier to pay $2.4 million to investors.
Wanner’s alleged scheme included the sale of fictitious brokered time certificates of deposit, and unregistered interests in pooled investment vehicles.
According to FINRA BrokerCheck, Wanner was registered at Questar, doing business under the trade name Precision Financial Services, from December 2012 until December 2015 when he was discharged following a cease and desist order issued by the North Dakota Securities Department.
He was later barred by FINRA for failing to provide information and appear for testimony in an investigation into his termination from Questar.
Failure to Supervise
Brokerage firms are required to properly supervise all advisors they employ and to ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that Wanner’s former employer failed to properly supervise him, his employer may be held responsible for the losses in a FINRA arbitration claim.
This information, which is publicly available on FINRA’s website has been provided by The White Law Group.
If you have questions about investments you made with Kevin Wanner, the securities attorneys of The White Law Group may be able to help you. To speak with a securities attorney, please call 888-637-5510.
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, and its representation of investors, please visit our website at http://www.whitesecuritieslaw.com.