Meyer Wilson Investigating Claims Against Former Broker Mark Speakman

The securities fraud attorneys at Meyer Wilson represented former clients of former Ohio stockbroker Mark Speakman (CRD# 2693667) with claims against Ameriprise Financial Services.

Former Ameriprise Financial Services, Inc. broker Mark F. Speakman (CRD# 2693667) pleaded guilty to one count each of false federal income tax return with the Internal Revenue Service (IRS), money laundering and wire fraud in the U.S. District Court in Columbus, OH on Thursday, December 8. By offering his guilty plea, Speakman has agreed to pay about $1.2 million in restitution to his former clients affected by his investment fraud scheme.

According to Speakman’s Financial Industry Regulatory Authority’s (FINRA) BrokerCheck report, he was barred from associating with any FINRA member in any capacity for failing to FINRA’s request for information.

According to court documents, between 2002 and 2015, Speakman convinced his clients to remove funds from their accounts at Ameriprise Financial to invest them in a fraudulent real estate investment trust called Centrax. Rather than invest his client’s money in real estate as promised, Speakman withdrew approximately $870,000 from the account to cover his own expenses.

When a client asked to cash out of their investment in 2014, Speakman had already used those funds – in order to avoid detection, he convinced a different client, as well as three other members of their family to invest in gold coins. Speakman then used that money to pay back the client who wanted their money that was already spent.

On top of his scheme, Speakman filed a false federal income tax return with the IRS in 2014, omitting $275,000 in income he received through his actions. Special Agent in Charge, Criminal Investigations and the Cincinnati Field Office Kathy A. Enstrom commented that:

“His investigation uncovered a complicated investment fraud scheme laced with a web of financial lies that generated more than a million dollars through false promises and deceit. Investment fraud schemes are often described as a house of cards. The underlying structure can fall apart at any time and expose the individuals responsible.”

The investment fraud attorneys at Meyer Wilson recently represented former clients of former Ameriprise Financial Services, Inc. broker Mark Speakman. If you lost money investing with this former Ohio broker, contact our firm to discuss your potential case with one of our lawyers. We handle every case on a contingency fee basis, so you won’t owe any legal fees until we successfully help you recover your losses. Fill out our online form to start out with a free case evaluation, or call us at one of our offices to speak with a member of our firm today.

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