The White Law Group is announcing an investigation into the potential for investors who suffered investment losses due to their dealings with Aaron Vallett, a former financial advisor from Tennessee, to recover their losses through the Financial Industry Regulatory Authority (FINRA) dispute resolution process.
It was recently reported that Aaron Vallett has been charged with fraud. According to information available on the U.S. Department of Justice website Vallett “was a financial advisor who owned his own firm in Brentwood, Tennessee and offered various financial services, including investment advice and 401(k) management.” They allege that through his business Vallet “defrauded numerous clients of approximately $5 million dollars. Much of the loss came from investor-clients who placed money in one of Vallett’s investment “Funds.” Instead of investing that money as promised, Vallett kept it in his company’s operating account and spent it on various personal and business expenses.” The Justice Department further reported that he is alleged to have transferred some monies out of investor’s 401(k) accounts and used them for his own expenses. Bizjournals.com reported that Vallett “is accused of operating a ponzi scheme from September 2008 to July 2010.”
According to the Financial Industry Regulatory Authority (FINRA) CRD, Aaron Donald Vallett was registered with FINRA member firms from December 2001 until June of 2010. He was registered with firms in Tennessee from 2004-2010. He was registered with Cambridge Way, Inc. from 02/2004-07/2006, Synergy Investment Group, LLC from 06/2006-06/2008, and Institutional Capital Management, Inc. (ICM) from 11/2008- 06/2010. His report also indicates that he was terminated from his position at Institutional Capital Management (ICM) on 6/11/2010.
When a FINRA affiliated broker conducts business outside of the firm with whom he is registered the activity may be considered “selling away.” If a registered broker “sells away” from his firm, the firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
If you invested with Aaron D. Vallett while he was registered with a FINRA member brokerage firm, suffered investment losses and would like to speak to a securities attorney about your potential to recover losses through Financial Industry Regulatory Authority (FINRA) arbitration please call our Chicago office at 312-238-9650.
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 Boca Raton, Florida.
For more information on The White Law Group, please visit our website at https://www.whitesecuritieslaw.com.