Meyer Wilson is currently investigating claims involving former Broker
Frederick V. McMenimen III of New Hampshire.
According to The State of New Hampshire Bureau of Securities Regulation,
Frederick V. McMenimen III was employed at
Pruco Securities, LLC office in Portsmouth, New Hampshire starting in September 2007 until October 2011 when he was terminated. The
allegations of misconduct referred to actions during a period from January
2008 to October 2011.
Per the allegations, McMenimen recommended
an investment called "PSB" to three New Hampshire clients, telling his clients that they should liquidate
money from other investments, deposit the money into their bank accounts,
and then write personal checks paid to the order of PSB.
These investors were not made aware that PSB was actually a sporting goods
store owned and operated by McMenimen. He deposited his clients' checks
into a PSB bank account, and then withdrew the money for his personal
use. The victims of this scheme were all elderly widows from New Hampshire.
On October 31, 2014, McMenimen pleaded guilty to various crimes related
to this alleged misconduct.
The order to cease and desist (INV2012-00017), filed by The State of New Hampshire Bureau of Securities Regulation,
commences an adjudicative proceeding and issues the following orders to
Cease and desist from further violations of
- Denial, suspension, and revocation of licensing and registration privileges
- Barred from licensure
- Fine of $20,000 to cover the cost of the investigation
Throughout his history as a broker, McMenimen has been registered with
10 different firms. Aside from Pruco Securities, the most recent include –
MML Investors Services from April 2005 to January 2007
Hornor, Townsend & Kent from March 2003 to February 2005
Equity Services from August 2001 to December 2002
According to FINRA, McMenimen has 11 disclosure events in his broker history, including 5
regulatory events, 1 criminal event, 4 customer disputes, and 1 termination.
Included in this is a pending formal proceeding initiated by the Massachusetts
DOI for actions while he was employed at 1717 Capital Management Company.
Investors who lost money in McMenimen's scheme may be able to recover
their losses. Meyer Wilson is one of the leading investment loss law firms
in the nation, rated Best Law Firms by U.S. News. In 2014 alone, our firm
helped clients recover more than $29 million. When choosing an attorney
to help you recover your losses, results matter. Contact Meyer Wilson
for a free consultation to learn more about your legal rights and options.