FINRA Bars Geneos Wealth Management Broker Marc Duda

FINRA Bars Geneos Wealth Management Broker Marc Duda 150 150 Rex Securities Law

Unsuspecting and trusting investors were unaware that the nest eggs they had entrusted their broker with were being used to for his personal expenses……. including his gambling debts.

While working as a registered broker for Geneos Wealth Management, Inc. from 2005-2011, former broker Marc Duda, age 37,  bilked  more than 10 investors , most of which were elderly retirees , out of millions, possibly as much as ten million. Duda told these unsuspecting victims that he was purchasing safe and secure investments while he was actually using their life savings as his personal piggy bank purchasing a plane, a boat, a car, a motorcycle and to make mortgage payments, pay child care expenses and even to fund gambling trips to Las Vegas.

He was able to continue the fraud using the time tested ponzi technique of paying off old investors with money raised from new  victims. He operated two outside businesses KAD Capital Group, LLC and Capistrano  Beach Funding Corporation, where some of the stolen money was directed.

Duda agreed to a permanent bar from association with any FINRA member.

That is the least of his concerns. He was sentenced to 78 months in prison and began serving his time on June 22, 2012. According to Federal Law, Duda will serve a minimum of 85% of his sentence.

Brokerage firms have a duty to supervise and oversee the activities of their brokers, however it appears that Duda’s firm was negligent in overseeing his activities, resulting in financial devastation for many retirees.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  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.

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Rex Securities Law

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