Start Now
Client Reviews
- "The law firm of Meyer Wilson represented me in a suit brought last year against my brokerage firm, securing a very fair and equitable settlement for me. I was impressed with the professional manner in which they handled our relationship and kept me aware of developments in the case. I highly recommend them." R.G., M.D., Cincinnati, Ohio.
- "I had spoken to a local attorney about my investment losses and he didn't know how to help me, so he referred me to David Meyer. David and his staff were not only professional, but they were also really congenial and pleasant to speak with. ..."S.T., Canton, Ohio
- "I was referred to Meyer Wilson to file an arbitration claim against my former brokerage firm. Mr. Meyer and his associates and staff were great to work with. They explained everything to me, walked me through each stage of the arbitration, worked hard to prepare my case, and I am very happy with the outcome." L.B., Tennessee
Recent Blog Posts 
- Elderly Victim Speaks Out after Alleged Ponzi Scheme2/2/2012
- Bank Owes Financial Fraud Victims after Rothstein Ponzi Scheme1/28/2012
- Connecticut Man Pleads Guilty to 1 point 9 Million Dollar Investment Fraud Scheme1/30/2012
- Operation Broken Trust Leads to 52-Month Sentence for Michigan Woman in One Million dollar Ponzi Scheme Case1/30/2012
- Retired NBA All-Star Loses Nearly $86M in Alleged Investment Fraud1/27/2012
- Illinois Man Sentenced to More Than 5 Years in Prison for $9 Million Dollar Ponzi Scheme1/25/2012
Stockbroker Misconduct
SEC Bars Texas Broker in $850,000 Promissory Note Scheme
The U.S. Securities and Exchange Commission (“SEC”) recently barred a Dallas-area broker from the securities industry of his involvement in a classic “selling away” scam. The broker, Gregory Todd Froning, is alleged to have raised approximately $850,000 from fifteen of his brokerage customers and advisory clients between 2005 and 2009. Froning raised the funds through an unregistered offering of promissory notes secured by rights to convert to equity interests in Wealth Planning Partners LLC, a financial planning company he owned.
According to the SEC complaint, investors were told that their money would be used to “fund operating expenses and growth of the financial planning company.” However, Froning diverted the funds for personal use, and in typical Ponzi-scheme fashion used some of the funds raised from newer investors to pay “returns” to older investors.
Although the SEC complaint does not mention the firms Froning was associated with by name, a check of his CRD reveals that he worked at LPL Financial Corporation until mid-2009 when he moved briefly to Brewer Financial Services, LLC. Froning is no longer registered with FINRA.
Click here to read the SEC’s complaint.
There are no comments.
Post a comment
Post a Comment to "SEC Bars Texas Broker in $850,000 Promissory Note Scheme"
To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."
Our Book
Follow Us on:
Quick Facts
- Our six lawyer firm is devoted solely to investor claims and class actions.
- Every securities arbitration/litigation client that hires our firm is assigned two lawyers to their case.
- Our lawyers have over 50 years of collective legal experience.
- Mr. Meyer won the largest jury verdict ever in the state of Ohio - $260 million verdict against Prudential Securities.
- The firm employs a full time investigator on staff.