According to FA-Mag.com, former Texas broker, William Charlton Mays IV, has been sentenced to 20 years for fraud and 10 years for theft in connection with an alleged Ponzi scheme. Mays allegedly took approximately $225,000 from investors by telling them they could earn up to 18 percent annual return from gold, silver and commodities investments.
Allegedly, Mays used the money he raised from investors for personal expenses including child support payments. He was also accused of using money from new investors to pay returns to old investors.
In addition to the prison sentence, Mays was fined $20k and ordered to pay back $102,117. It is unclear if Mays has the money to repay investors. As such, the White Law Group is investigating other avenues of recovery for investors.
When registered brokers commit fraud and steal from clients, the brokerage firm that employs them may be liable for negligent supervision and responsible for investment losses.
According to BrokerCheck, Mays was a registered broker in Corpus Christi, TX with LPL Financial from 09/2004 – 04/2009, Summit Brokerage Services from 04/2009 – 12/2010 and SWS Financial Services from 01/2011 – 11/2011.
If you are concerned about investments you made with William Charlton Mays IV and would like to discuss your litigation options, please call the securities 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/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
To learn more about The White Law Group, visit www.WhiteSecuritesLaw.com.