On June 14, 2010, the U.S. Securities and Exchange Commission (SEC) announced
that it was filing a formal action against Martin T. Wegener of Grand
Rapids, Michigan as well as two companies he formed, owned and controlled,
Wealth Resources Inc. and Wealth Resources LLC. The SEC alleged that Wegener
and his companies defrauded investors out of $6.5 million.
The SEC filed the complaint in U.S. District Court, Western District of
Michigan. In it, the SEC accuses Wegener of acting as an unregistered
broker and adviser from 2007 to 2010. During that time, he allegedly collected
$6.5 million from unassuming investors – approximately 20 –
by making false claims.
The complaint further alleges that after he received the customers'
funds, Wegener gave them purported "brokerage account" statements
from Wealth Resources that falsely represented that he invested the money
in a variety of investments, including publicly traded securities, publicly traded
mutual funds, two private companies in which Wegener had an ownership interest, other
private companies, and other "funds."
The Complaint can be found
Back on May 18, 2010, my law firm announced an investigation of securities
fraud claims against stockbroker Martin Wegener and his former brokerage
firm, New England Securities.You can watch our video announcing the investigation here.
We believe that clients of Martin Wegener may have claims against the brokerage
firm responsible for supervising him. This is because under NASD/FINRA
rules, brokerage firms have the obligation to supervise their agents.
If you lost money investing with Martin Wegener, or any of his related
companies, please contact us to learn more about the possibility of retaining
our firm to represent you in an arbitration action against New England
Securities. There is no charge for an evaluation of your case. We handle
our cases on a contingency fee basis. This means that unless we recover
money for you, we charge no attorney's fee. If you do not recover
any money, then you pay us nothing, not even the costs and expenses which
the firm will advance on your behalf.