According to a press release provided by the Minnesota US attorneys office, former broker Jason Bo-Alan Beckman was sentenced to 30 years in federal prison as a co-conspirator in a $190 million Ponzi scheme. Beckman received the longest sentence of the five men involved in the scam. He was convicted of multiple counts of wire and mail fraud, money laundering and failure to file income tax returns.
Between 2005-2009, Beckman along with the other defendants solicited investments in various foreign currency trading program, promising double digit returns, while misrepresenting the safety and performance of the funds. Many investors were solicited through co-conspirator and christian radio host, Patrick Kiley’s show “Follow the Money.”
According to the press release, the investment were offered through Universal Global Services (UBS), and included the foreign currency trading programs located in Chicago and Switzerland. In addition, the con-conspirators including Beckman, concealed the dire financial condition of the currency trading firm in Switzerland. Most of the trading was high risk and resulted in significant losses Some investors received financial statements through UBS that purported the currency firm was performing as promised, and about $52 million was paid to investors as purported dividends. Approximately $30 million of the $194 million was diverted to run the business and pay the defendants.
Brokerage firms have a supervisory duty to oversee all the activities of their registered brokers. When registered brokers, like Beckman, misrepresent and conceal pertinent information about investments from their clients, the brokerage firm may be liable for negligent supervision and responsible for investment losses.
According to Broker Check, Beckman was a registered broker with H&R Block Financial Advisors from 09/2002-04/2004, NPR Financial from 11/2005- 03/2008, and Western International Securities from 03/2008-05/2009.
If you made investments with Beckman while he was a registered broker and would like to discuss your litigation options to recover investment losses, please call the attorneys of The White Law Group at (312)238-9650 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 Boca Raton, Florida.