According to www.theindychannel.com, Indiana broker, Lynn A. Simon plead guilty to charges stemming from allegations that he defrauded investors of more than $1 million.
The report said that law enforcement agents began investigating Simon after his wife reported him missing. In addition the Indiana Secretary of State’s Office received complaints about Simon.
According to BrokerCheck, Simon was a registered representative with CDF Investments from 09/2008 – 05/2013. However, the report states he operated a satellite office under the name Financial Security Planning, as well as another business, The Insurance Shoppe.
Allegedly, Simon sold promissory notes through Financial Security Planning that were not registered with the Indiana States Securities Department as required by law.
Brokerage firms have a responsibility to monitor the business transactions of their employees, including transactions that occur outside of the firm. When a broker sells an investment product that is not approved by the firm, the act can be considered selling away. If a broker is convicted of selling away, the brokerage firm may be liable for negligent supervision and responsible for investment losses.
If you were a client of Lynn A. Simon and would like to discuss your potential to recover your losses, please call the securities attorney 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/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
To learn more about The White Law Group, visit www.WhiteSecuritesLaw.com.