The Securities and Exchange Commission is
currently investigating Lewis J. Hunter for allegedly stealing hundreds of thousands of dollars
from his brokerage clients and using the funds for his own purposes. According to the
SEC’s allegations, Lewis J. Hunter used his position as a registered representative with
HD Vest Investment Securities to defraud several, long-time HD clients
and funnel money into bank accounts under his control.
The SEC believes that Hunter made various fraudulent recommendations to
his HD Vest clients beginning in Sept. 2010. He allegedly told his clients
that the investments were not offered on HD Vest’s trading platform;
therefore, their funds would need to be held outside of their HD Vest
brokerage accounts. Instead of investing the funds as promised, however,
Hunter allegedly facilitated the transfer of his clients’ funds
into accounts that were under his control. The SEC claims he then lied
to his clients about their investments and produced fabricated bank documents
to support his alleged lies.
Lewis J. Hunter’s alleged actions are an example of “selling away” – an action that violates the rules of the securities industry.
“Selling away” occurs when a FINRA-affiliated broker completes
transactions outside of his or her registered brokerage firm. When this
happens, it may indicate that the brokerage firm failed to adequately
supervise the broker.
All brokerage firms MUST supervise their brokers. This duty to supervise
is one of a brokerage firm’s most basic responsibilities. When a
firm fails to reasonably supervise their brokers, the firm can be held
legally and financially responsible for losses suffered by the broker’s clients.
The Meyer Wilson is currently investigating potential
failure to supervise claims and has been hired by clients with exisiting claims against HD
Vest. If you invested with Lewis J. Hunter, or find yourself in a similar
investment loss situation, we may be able to help you recover your losses.
Reach us at (888) 390-6491 or briefly explain your circumstances via the
online form. We do not charge for initial consultations and all our cases
are handled on a contingency fee.