Did you lose money investing in Blackburg Financial, allegedly sold by former councilman and financial advisor Harry Stokes? If so, the White Law Group may be able to help you recover your investment losses in a FINRA resolution claim.
According to the Charlotte Observer, Harry Stokes purportedly operated a Ponzi scheme through his insurance firm, Contemporary Benefits Design, that bilked clients out of millions. In 2006, the report claims, Stokes allegedly began promoting a fictitious fund, Blackburg Financial, making claims to clients that the fund earned a fixed 5.99 percent a year.
The Charlotte Observer reports, Stokes sold Contemporary Benefits Design, to National Financial Partners of New York, and the company became a subsidiary of NFP. Stokes allegedly continued to operate his alleged Ponzi scheme until 2013 when he confessed that Blackburg was nonexistent.
A number of claims have been filed against the Stokes estate.
The White Law Group is instead investigating what liability that NFP Securities may have for Stokes' alleged scheme. When a FINRA registered representative sells investment products outside the scope of the brokerage firm, the act can be considered "selling away." If a registered broker "sells away," the brokerage firm may be liable for negligent supervision and potentially responsible for investment losses in a FINRA dispute resolution claim.
According to Stokes' FINRA BrokerCheck Report, he was a registered representative with NFP Securities from 04/2007 - 08/2013.
If you invested in Blackburg Financial or Harry Stokes and would like to discuss your potential to recover your losses through a FINRA arbitration claim, please call the securities attorney of The White Law Group at (312) 238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
To learn more about The White Law Group, visit WhiteSecuritesLaw.com.