Category Archives: Kentucky Department of Financial Institutions

Kenneth Thomas & 3 Others Indicted in “Retire America” Fraud

November 17, 2014-Lexington, KY

The Lexington Herald-Leader reports that Kenneth Eugene Thomas, 65, has been indicted by a grand jury in Lexington County on charges of theft and fraudulent practices in connection with his company Retire America.

Also indicted were:

  • Shannon Kay Hunt
  • Phillips J. Ash
  • Roy Myers

At least 10 victims have been identified and losses are estimated to be in excess of $3.3 million.

If you lost money as a result of a recommendation by a stockbroker to invest in Retire America, you may be able to recover damages. Call to discuss your rights.

Rex Securities Law , located in Boca Raton, FL, provides representation to  investors  in Kentucky and nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900

Kentucky Securities Regulators (DFI) Warn of Affinity Fraud

November 24, 2014-Frankfort, KY

The Department of Financial Institutions (DFI) is an agency in the Public Protection Cabinet and for over 100 years has supervised the financial services business, including securities firms and stockbrokers operating in Kentucky.

The DFI issued a warning regarding Affinity Fraud in a press release stating that Ronnie Perry, of Lexington, pleaded guilty to securities fraud and will be sentenced on January 16, 2015. According to the DFI release, “Perry used his friendship with the victim in this case to develop trust that eventually led  to fraud being committed.”

The Securities & Exchange Commission defines Affinity Fraud this way: “Affinity fraud refers to investment scams that prey upon members of identifiable groups, such as religious or ethnic communities, the elderly, or professional groups. The fraudsters who promote affinity scams frequently are – or pretend to be – members of the group. They often enlist respected community or religious leaders from within the group to spread the word about the scheme by convincing those people that a fraudulent investment is legitimate and worthwhile. Many times, those leaders become unwitting victims of the fraudster’s ruse.”

Rex Securities Law , located in Boca Raton, FL, provides representation to  investors in Kentucky and nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Rex Securities Law

561 391 1900