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HD Vest Investment Securities Could Be Held Liable for Lewis J. Hunter's Alleged Investment Scheme

David P. Meyer

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.