Ever wonder who were the worst financial advisors of 2015? ThinkAdvisor compiled a list of 12 financial advisors who allegedly put their own self interests above their clients. According to ThinkAdvisor, the amount of money stolen was not the only factor considered. The type of victims they took advantage of and the complexity of the scam earned the following financial professional a spot on ThinkAdvisor’s list of the 12 worst Financial Advisors in America.
12. Bryan Binkholder of St. Louis called himself a “Financial Coach,” but allegedly turned out to be a thief. He pled guilty to theft after soliciting $3.6 million in real estate ventures.
11. Phillip A. Kenner & Tommy C. Constantine raised more than $30 million from clients in Long Island and New York. Investors thought their money would be used for investments that includes a Land development deal in Hawaii. However, the majority of the money was reportedly diverted to personal accounts.
10. Jane E. O’Brein of Massachusetts was convicted in 2013 for taking $250,000 from clients. In 2015 a judged added 45 months to her prison sentence for crimes she allegedly covered up during the first investigation. In addition she was ordered to pay $800,000 in restitution.
9. David Williams of Sherman Oaks, California scammed nearly 60 investors by allegedly promising investors 9% return in a fund he created that would invest in real estate. Instead he reportedly spent the money which included the purchase of a $6 million home.
8. Ginesh Movalia of Tampa raised $9 million through his OM Global investment Fund by purportedly telling investors he had access to shares of Facebook’s IPO. Unfortunately for investors the money was apparently used for other investments.
7. James Tagliaferri allegedly used investor funds form TAG Virgin Islands to invest in illiquid or private companies from which he received more than $3 million in kickbacks. The $120 million alleged fraud ran from 2007 to 2010.
6. Michael Szafranski was caught up in the $1.4 billion Ponzi scheme involving Scott Rothstein. Szafranski allegedly recruited clients for Rothstein but claims he was not aware of the scheme.
5. Michelle Kern of California reportedly stole more than $600,000 from clients. But what earned her a spot on the list was that she allegedly embezzled money from Placer County church.
4. Pastor Jim Staley allegedly ripped off $3.3 million from 16 investors, who were mostly elderly. Some investors said they trusted him because of his religious affiliation. He was convicted of four counts of wire fraud.
3. Sean Meadows allegedly persuaded clients, many of whom were elderly or disabled, to purchase annuities they didn’t need in order to collect the commissions. In addition he convinced some client to refinance their homes. In the end he diverted nearly $10 million.
2. Michael T. Hardman allegedly mislead clients, which included elderly clients of his father’s brokerage business and members of his AA group, into a phony investment scheme. He purportedly stole approximately $1.75 million.
1. Paul Gierten allegedly stole $38,300 from a war vet in his 80’s. Gierten said the money would be invested in a business that assisted military vets.
The foregoing information, which is publicly available here, is being provided by The White Law Group.
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, please visit our website at www.WhiteSecuritiesLaw.com.