Stacy Jamison – CUNA Brokerage Services – Securities Investigation
According to a complaint filed in Cobb County State Court, Edward & Yvonne Ray are accusing Stacy Jamison and Christopher Parris with a scheme to steal their retirement nest egg at a branch of IBM Southeastern Employees’ Credit Union.
According to the complaint, the Rays allege that the credit union referred them to Jamison to discuss how the credit union and its broker-dealer, CUNA Brokerage Services, could make the management of their retirement assets easier by consolidating the assets and transferring them to CUNA.
At a meeting in November 2016, Jamison and Parris allegedly convinced the couple to transfer close to $330,000, to their CUNA accounts. The Rays allege that instead, the money was diverted “in whole or in part” to a company that was owned and controlled by Parris. The complaint alleges “…Jamison and Parris diverted all of the proceeds to themselves.”
The lawsuit further alleges that Jamison and Parris are using their own companies, Advisors Life and Consulting and United RL Capital Services, in the alleged fraud scheme.
The Rays are reportedly suing both Jamison, who was employed by CUNA, as well as the credit union. They are also including Quest IRA, a third-party administrator that Jamison and Parris used to allegedly divert a portion of the couple’s retirement assets and invest the proceeds in two unregistered promissory notes issued by United RL Capital Services, according to the lawsuit.
According to her FINRA BrokerCheck report, Jamison worked for CUNA Brokerage Services from August 2016 to August 2017, when she was purportedly permitted to resign during an investigation into the disappearance of the Rays’ retirement funds, according to the couple’s complaint. She has two customer complaints listed on her broker report.
According to his broker report, Parris was suspended indefinitely from the industry in November 2015 for failing to cooperate with FINRA’s probe. In March 2017 he was expelled, according to documents filed in court.
Failure to Supervise
The White Law Group is investigating the liability her employers may have for failing to properly supervise Stacy Jamison.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Stacy Jamison, the securities attorneys of The White Law Group may be able to help. For a free consultation with a securities attorney, please call 888-637-5510.
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 Franklin, Tennessee.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.