ND Allegations involve Former Rep Kevin Wanner and a 15-Year Ponzi Scheme
According to reports, the North Dakota Securities Department reached a $2.4 million settlement with broker-dealer Questar Capital Corporation for victims of a 15-year Ponzi scheme allegedly run by former securities representative Kevin Wanner of Bismarck, ND.
Wanner’s alleged scheme included the sale of fictitious brokered time certificates of deposit, and unregistered interests in pooled investment vehicles. According to the complaint, 66 North Dakotans were allegedly victimized.
According to FINRA BrokerCheck, Wanner served as a general securities representative at Questar, doing business under the trade name Precision Financial Services, from December 2012 until he was discharged in December 2015 following a cease and desist order issued by the North Dakota Securities Department. He was later barred by FINRA for failing to provide information and appear for testimony in an investigation into his termination from Questar.
The Department made a criminal referral of evidence of Wanner’s allegedly fraudulent conduct to the U.S. Attorney’s office, in addition to seeking restitution for the victims of the scheme.
Recovery of Investment Losses
Brokerage firms are required to properly supervise all advisors they employ and to ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that Wanner’s former employer failed to properly supervise him, his employer may be held responsible for the losses in a FINRA arbitration claim.
This information, which is publicly available on FINRA’s website has been provided by The White Law Group.
If you have questions about investments you made with Questar Capital Corporation or Kevin Wanner, the securities attorneys of The White Law Group may be able to help you. To speak 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 Vero Beach, Florida.
For more information on The White Law Group, and its representation of investors, please visit our website at https://www.whitesecuritieslaw.com.