Updated on Investigation: SEC Files Complaint Against Martin Wegener
On June 14, 2010, the U.S. Securities and Exchange Commission (SEC) announced that it was filing a formal action against Martin T. Wegener of Grand Rapids, Michigan as well as two companies he formed, owned and controlled, Wealth Resources Inc. and Wealth Resources LLC. The SEC alleged that Wegener and his companies defrauded investors out of $6.5 million.
The SEC filed the complaint in U.S. District Court, Western District of Michigan. In it, the SEC accuses Wegener of acting as an unregistered broker and adviser from 2007 to 2010. During that time, he allegedly collected $6.5 million from unassuming investors – approximately 20 – by making false claims.
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.
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.