The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Kevin Wanner. Kevin Wanner was a North Dakota based securities broker. He worked in the securities industry for thirty years. During his career, he was registered with fourteen different securities firms. He is no longer working as a registered securities broker in any fashion.
His Registrations
- AMEV Investors (1985-1988)
- F&G Securities (1988)
- John G. Kinnard and Company (1989)
- Edward D. Jones (1989-1990)
- A.G. Edwards & Sons (1990-1991)
- Anchor National Financial Services (1991-1992)
- Sunamerica Securities (1992-1998)
- Merrill Lynch (1998-2000)
- LM Financial Partners (1999-2002)
- Raymond James Financial Services (2002-2004)
- USAllianz Securities (2004-2006)
- Questar Capital Corporation (2006-2010, 2012-2015)
- Woodbury Financial Services (2010-2012)
The Allegations
- Kevin Wanner’s publicly available FINRA BrokerCheck report shows that he was discharged from his position at Questar Capital Corporation. This termination took place in December 2015 and followed allegations that he misappropriated customer funds. Wanner allegedly misrepresented to a customer that he was depositing their funds into an FDIC insured interest-bearing account, when, in actuality, he allegedly deposited the funds into an account he owned for his own personal use. Due to these allegations, he was sanctioned by both the North Dakota Securities Department and FINRA. After allegedly failing to comply with FINRA’s investigation into the matter, he was barred from acting as a securities broker in any fashion.
- In findings released by the United States Securities and Exchange Commission, it was revealed that the above-mentioned customer was not the only individual defrauded by Kevin Wanner. It was revealed that Wanner defrauded multiple customers out of over $3 million by creating falsified information and counterfeit documents. These documents included fake account statements, tax documents, and account summaries. He did this to give these victims the belief that the investments he was suggesting were legitimate, when, in fact, they were fabricated by Wanner.
- In December 2017, Kevin Wanner pled guilty to one count of mail fraud and one count of money laundering. He was ordered to forfeit $3,099,424 and forced to pay $550,116 in restitution. He was sentenced to eleven years and three months in prison.
What Does This Mean?
A securities broker converting funds into their personal bank accounts is one example of misappropriation, which essentially is the same thing as theft. A misappropriation of funds is when a securities broker misuses the funds from one agreed upon purpose for another purpose. Often, brokers will simply deposit these funds into their own account. This is conversion.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Kevin Wanner, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
