Mark P. French Investigation Update
According to reports, Mark P. French, 42, of Westerville, Ohio was sentenced in U.S. District Court to serve three months in prison and ordered to pay nearly $112,000 for defrauding an elderly client in a precious metals investment fraud.
Former broker, Mark P.French, was charged with five counts of wire fraud and two counts of mail fraud for scheming to defraud an elderly client, according to reports.
French allegedly advised the client to open a joint bank account in both their names so French could use the money to invest in gold and silver. He allegedly told the elderly client not to tell people about their investment arrangement.
According to Ohio News, “The indictment says that from January 2009 to March 2013, French used more than $1.3 million from the accounts to purchase the precious metals from a California firm.” In addition, French is accused of diverting more than $95,000 into his personal bank account.
FINRA’s BrokerCheck indicates French was a registered representative in Ohio with Securities America from December 2012 through January 2013. Prior to that, he worked for Investors Security Company from July 2005 until December 2012.
Recovery of Investment Losses
The brokerage firms that employed French had a legal responsibility to adequately supervise all his business activities. When a FINRA affiliated broker makes unsuitable investment recommendations and misappropriates funds the brokerage firm may be liable for negligent supervision and responsible for investment losses.
If you are concerned about investment losses with Mark P. French, please contact the securities attorneys of The White Law Group at 888-637-5510 for a free consultation.
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, visit www.WhiteSecuritiesLaw.com.