SEC Charges Advisor Tamara Steele, Steele Financial in Alleged $13 Million Fraud
Have you suffered losses investing with Tamara Steele and Steele Financial? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses through FINRA Arbitration.
According to the Securities and Exchange Commission on Monday, the regulator has charged Tamara Steele and her advisory firm, Steele Financial Inc. with selling approximately $13 million of high-risk securities to more than 120 advisory clients.
The SEC alleges that between December 2012 and October 2016 Steel and her firm sold the securities of Behavioral Recognition Systems Inc., to at least 120 clients, many of whom are current or former teachers or public education workers.
As we have previously told you, Behavioral Recognition Systems Inc., is a private company previously charged with fraud by the SEC.
Steele and Steele Financial, based in Indianapolis, IN, reportedly received commissions of cash and warrants that were worth more than $2.5 million, or around 18 percent. According to the complaint, Steele and her firm allegedly created false invoices and took other steps to conceal their involvement selling BRS securities.
The SEC’s complaint, filed in federal district court in Indiana, charges the defendants with violating the antifraud and broker-dealer registration provisions of the federal securities laws. The SEC is seeking disgorgement of ill-gotten gains with interest, penalties, and permanent injunctions.
According to Steele’s FINRA Broker report, she was a registered representative with Comprehensive Asset Management & Servicing in Pendleton, IN from January 2009 until July 2017 when she was fired because she “participated in private securities transactions for multiple clients without prior notice and approval from CAMAS.” She has six customer disputes listed on her broker report, two of which are pending.
Failure to Supervise
The White Law Group is investigating the liability that Comprehensive Asset Management & Servicing may have for losses sustained by Tamara Steele’s clients.
Brokerage firms are required to adequately supervise their registered agents to ensure they are complying with FINRA rules. If it is determined that the broker dealer failed to supervise their agent, they can be held responsible for losses in a FINRA arbitration claim.
If you suffered losses investing with Tamara Steele & Steele Financial, the attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group. 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, please visit www.whitesecuritieslaw.com.