Former Cleveland Broker James Unger Charged with Embezzlement
Broker James Unger was recently charged in federal court in the Northern District of Ohio with five counts of filing false tax returns and two counts of wire fraud. According to prosecutors, after securing a durable power of attorney in 2007 which enabled him to control a client's financial affairs, he allegedly embezzled money for his own enrichment, funded his daughter’s college expenses, and paid for his own personal expenses.
Unger also allegedly orchestrated an international casino project scam in which he convinced a client to invest in the project with a promise of a 15% annual rate of return. Unfortunately for the client, Unger didn't use the investment money for the casino project, but instead allegedly spent his client's money for his own personal gain. When his client attempted to liquidate her investment in the project, the funds were gone.
Unger was also recently barred from the securities industry for allegedly embezzling customer funds for his own personal enrichment and to pay another client. According to records from FINRA’s BrokerCheck, Unger worked at several financial institutions throughout his career. Most recently, he was registered with a firm in Cleveland, Ohio called Financial American Securities, Inc. It was during his time at Financial America Securities that three of his customers stepped forward with disputes against him.
Have You Lost Money Investing with James Unger?
The legal team at Meyer Wilson is interested in speaking with anyone who may have experienced financial losses due to James Unger's fraudulent behaviors. If you were the victim of a fraudulent broker’s action, contact one of our investment fraud attorneys at Meyer Wilson by giving us a call at (888) 390-6491 today for a free case evaluation.