Meyer Wilson | Investor Claims In the News
Updated on Investigation: SEC Files Complaint Against Martin Wegener
Posted on Jun 18, 2010
The Securities and Exchange Commission (Commission) announced that on June 14, 2010, it filed a civil injunctive action against Martin T. Wegener (Wegener), a resident of Grand Rapids, Michigan, and two companies formed, owned, and controlled by Wegener, Wealth Resources, Inc. and Wealth Resources, LLC (collectively, Wealth Resources), for fraudulently offering and selling at least $6.5 million in securities.
In the complaint, filed in the United States District Court for the Western District of Michigan, the Commission alleges that, from at least 2007 to March 2010, Wegener, who, along with Wealth Resources, acted as an unregistered broker and investment adviser, raised at least $6.5 million from at least twenty investors by falsely representing that he would invest their funds in securities through Wealth Resources. 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 here.
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.