Meyer Wilson

Recovering Losses Caused By Investment Misconduct

Investment Fraud Company Mimics Legitimate Company to Take $304,000

Julio Mercado, 37, has been accused of running a Palm Beach investment scam through his Lexington Financial Group. The investigation began after National City Bank reported suspicious activity in an account. According to the allegations, Mercado's company mimicked a legitimate investment advisory firm by using a similar name. Mercado allegedly used a fake Wellington address on correspondence with investors and additionally used telemarketers who gave fake names.

According to the accusations, Mercado brought investors in with promises of returns on both stocks and precious metals. The scam affected people in the US and in Britain. At least eight investors are said to have lost at least $304,000 in the Palm Beach investment scam. Even after the suspicious account activity was reported, National City Bank continued to allow Mercado to withdraw money.

Mercado has been charged with fraud, money laundering, and grand larceny.
The investment fraud lawyers with Meyer Wilson want to remind investors that Ponzi schemes and investment fraud happen all the time, and that it pays to be wary of any investment that sounds too good to be true...it probably is.

Categories: Investment Fraud

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