James B. Lunsford has worked in the securities industry for 23 years. In that time he has been employed by three different securities firms. He worked at Mony Securities Corporation from the years of 1992 to 2001. After that, Lunsford worked at London Pacific Securities from 2001 to 2004. He spent eleven years at his final firm, Mid Atlantic Capital Corporation, from 2004 to 2015. Lunsford is no longer a registered securities broker and hasn’t been since 2015. His publicly available FINRA BrokerCheck report shows that Lunsford has been the subject of eight customer complaints since 2005. Three of those are currently pending customer disputes.
All three of these complaints involve investments in a private placement, Jadda Senior Secured Mortgage Fund (n/k/ Sonoma Ridge Capital). The first complaint was brought forward by a former customer of James B. Lunsford in 2015. The customer is alleging that the Jadda investment was unsuitable, and that Mid Atlantic Capital Corporation failed to supervise Mr. Lunsford.
The second pending complaint also involved Jadda and was filed in late 2016. The customers alleged that Lunsford and Mid Atlantic Capital made misrepresentations regarding Jadda and that there were extreme conflicts of interest inherent in Jadda. Additionally, the complaints have alleged unsuitable recommendations, misrepresentation and omission of material facts, fraud, violation of California securities law, control person liability, breach of fiduciary duty, failure to supervise, breach of FINRA rules, breach of contract, and lost of investment opportunity. The claimants are seeking 200,000 dollars in damages.
The third pending complaint involving Jadda was brought forward by Oakes and Fosher on March 15th of 2017. The former customer is alleging that Lunsford breached his fiduciary duty, committed common law fraud, and misrepresented and omitted material facts. The claimant is seeking $500,000 in damages.
Contact our Investment Fraud Lawyers
Oakes & Fosher dedicates its practice to assisting investors who have been the victim of wrongful conduct by their investment broker. Oakes & Fosher has a nationwide practice and there are no costs to our clients unless we collect for you. If you, or anyone you know, have lost money investing with James B. Lunsford, or investing in the Jadda fund through Mid Atlantic Group, please contact us immediately for a free and private consultation.