Anderson Scott Hall, a financial advisor with Abaco Securities was recently indicted by the US Attorney General.
According to the indictment,"while working for a national investment services company, Hall operated a sham company (Abaco Securities International Ltd.), which he held out to be a legitimate international investment company. It is alleged that Hall was the mastermind behind a complex scheme to defraud numerous investors, including Duval County school teachers and administrators. Hall would allegedly induce victim investors into transferring their retirement savings from legitimate life insurance companies and investment companies over to his control."
According to The Securities Law Firm of Menzer & Hill, P.A., it has become more and more evident over the last several years that many broker-dealers are failing miserably in the supervisory responsibilities, which in turn are costing innocent investors millions of dollars.
Fortunately, for those investors that were victims of Hall's alleged fraud, may have recourse though a FINRA arbitration.