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 McMenimen:
- Cease and desist from further violations of RSA 421-B
- 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.