Michigan Stockbroker Martin Wegener and New England Securities
Click On This Link to Read Our Update as of June 18, 2010
The stockbroker fraud attorneys at Meyer Wilson investigates securities fraud claims against Grand Rapid, Michigan stockbroker Martin Wegener and his former brokerage firm, New England Securities, an affiliate of MetLife insurance company.
According to the records of the Financial Industry Regulatory Authority, Michigan stockbroker Martin Wegener was fired by Metrpolitan Life Insurance's brokerage firm affiliate, New England Securities, on April 29, 2010. According to FINRA's official records, the brokerage firm alleged that Mr. Wegener "admitted to recommending that clients of New England Securities invest in his outside business activities, and admitted that certain of these funds were used for his personal expenses."
As we explained in article we posted on our website earlier today, entitled "FINRA Focuses on Unsupervised Brokers Selling Fraudulent Securities," the regulators are seeing an increase in cases where brokers are engaging in undisclosed outside business activities. The brokerage firm that employs the broker can be held liable for the losses suffered by the clients if they failed to adequately supervise the broker's activities. Most of these claims are required to be pursued through mandatory FINRA arbitration. Our law firm has certainly experienced a dramatic increase is these types of cases over the past couple of years. We currently represent over 50 clients in securities arbitration and litigation cases against brokerage firms where the broker stole the investors' money.
If you would like to learn more about how we may be able to help you recover losses suffered, please call us toll-free or fill out the contact form on the website.