James Simpson faces Federal Charges for $400,000 Investment Advisor Fraud
On September 17, 2021, federal authorities reportedly charged James Simpson of Toledo, Ohio with investment advisor fraud, according to an article in Ohio Times last week. He is reportedly charged with information in which a defendant agrees to waive his right to prosecution by indictment.
According to the complaint filed in the Northern District of Ohio, Western Division, Simpson is reportedly accused of “deliberately engaging in any transaction, practice, or business activity that acted or would operate in connection with investment advisory services totaling over $400,000 as fraud or misrepresentation to a customer or prospective customer.”
Simpson reportedly had an office on Central Avenue on Executive Parkway in Toledo, according to the article. The Ohio Times also cited Simpson’s FINRA Broker report, which says that 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.
*Update on October 21, 2o21* James Simpson Enter Guilty Plea
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. Simpson is scheduled for sentencing on February 2, 2022.
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 and Seattle, Washington. 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.
*Update on November 23, 2021* FINRA Bars James Simpson from Securities Industry
According to the Financial Industry Regulatory Authority (FINRA) the regulator has reportedly barred Simpson after he allegedly refused to provide information and documents requested by FINRA in connection with an investigation into whether he misappropriated client funds or made unsuitable recommendations.
His broker profile indicates he has two pending customer complaints. One was filed on September 24, 2021 for allegations of “a misappropriation of funds for an investment outside the firm.”
A previous complaint filed on August 6 alleges Simpson sold her an “unsuitable variable annuity and misled her about a mutual fund investment.”
Potential Lawsuits to Recover Financial Losses
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.