According to the Securities and Exchange Commission ("SEC") on August 27, 2013, the SEC brought charges against a former Oklahoma Investment Adviser Larry J. Dearman Sr. ("Dearman"). The complaint alleges that between 2008 - 2012, Dearman raised at least $4.7 million from his clients and allegedly used the funds for his own personal use instead of investing the funds in several investments run by his friend Marya Gray. The Investment scheme included Bartnet Wireless Internet, The Property Shoppe and Quench Buds.
During the time periods of the alleged wrongdoing, Dearman was affiliated with Cambridge Legacy Securities, Securities America and Brecek & Young Advisors. Under FINRA rules and regulations, the aforementioned brokerage firms may be held liable for client losses if they are found to have failed to properly supervise Dearman's activities.
Investors that sustained losses investing with Dearman may be able to recover their losses through the FINRA arbitration process.