James Simpson, Equitable Advisors, faces Federal Charges for $400,000 Investment Advisor Fraud
The White Law Group continues to investigate potential claims involving James Simpson and the liability his employers may have for failure to properly supervise him.
Toledo investment advisor, James Simpson, reportedly pleaded guilty to federal investment fraud charges on October 21, 2021., according to numerous news reports.
Simpson, 80, reportedly admitted to defrauding clients out of more than $400,000 in an alleged investment fraud scheme, according to court documents.
At least eight of the clients wrote Simpson checks for a “special investment opportunity”, but instead of investing the money he allegedly used the money for his own benefit, according to prosecutors. He is accused of using investor funds to pay other investors under the guise that he was properly handling his clients’ money.
Simpson reportedly had an office on Central Avenue by Executive Parkway in Toledo. According to the Ohio Times citing Simpson’s FINRA Broker report, Simpson was reportedly allowed to resign in August “during an investigation into a customer complaint about alleged misappropriation of customer funds and doubts about the suitability of an indexed annuity sold outside the company.” His broker report further indicates that Simpson was registered with Equitable Advisors LLC for over forty years.
Simpson is scheduled for sentencing on February 2, 2022.
Recovery of Investment Losses
The White Law Group is investigating potential securities fraud lawsuits regarding the liability that James Simpson’s employers may have for failure to properly supervise him.
When brokers violate securities laws, such as making unauthorized transactions or unsuitable investments, 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.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois. We represent investors in FINRA arbitration claims in all 50 states including Ohio. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about your investments with James Simpson, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.