According to the Orange County Register, Marc Duda, a former financial adviser, had his sentencing related to charges that he “…bilk[ed] investors out of more than $2.5 million…” continued in February and rescheduled for March 26th. Prosecutors in the case are said to be seeking 63 months in prison. The White Law Group is investigating the potential for investors who suffered losses as a result of working with Marc Duda to recover their investment losses through the Financial Industry Regulatory Authority (FINRA) dispute resolution claims process.
Marc Duda, says the Orange County Register, “…used money from more than 10 investors to live an apparent extravagant lifestyle, including buying airplanes.” It also appears that Marc Duda used investor funds as a return to other investors. The fraudulent activities reportedly took place between March 2008 and July 2011.
During the time of the alleged fraud, Marc Duda was a FINRA registered representative of Geneos Wealth Management, Inc. According to the FINRA CRD for Mr. Duda, he was registered with Geneos Wealth Management from 01/2005 until 08/2011. The report also indicates that he was “terminated” from Geneos Wealth Management “when the firm learned that he was under investigation by the Federal Bureau of Investigation for allegedly taking money from clients and placing it into investments run by the representative and from which the representative took money allegedly for personal expenses.”
When a FINRA registered representative conducts business outside of the firm with whom he is registered, that activity may be considered “selling away.” If a registered broker “sells away” from his firm, the firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA claim.
If you have suffered losses due to your investment with former financial adviser Marc Duda and would like to speak to a securities attorney about your potential to recover those investment losses through the FINRA arbitration process, please call The White Law Group’s Chicago office at 312-238-9650.
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 Boca Raton, Florida.
For more information on The White Law Group, please visit our website at https://www.whitesecuritieslaw.com.