On August 27. 2013 the Securities and Exchange Commission (SEC) brought securities fraud charges against former investment adviser Larry J. Dearman, Sr. and his friend, Marya Gray, in connection with a fraudulent scheme that raised $4.7 million from his advisory clients , mostly of whom are located in Oklahoma. See this for a copy of the SEC complaint which was filed in the U.S. District Court in Tulsa.
The SEC alleges that Dearman invested the funds raised in businesses (including Bartnet Wireless Internet, The Property Shoppe, Quench Buds Holding Company) owned by Gray in Bartlesville, Oklahoma and misled investors about how the funds would be used and the risks involved. The pair squandered most of the investor funds on gambling, personal expenses and Ponzi payments, according to the SEC.
As is often the case is these cases, Dearman was able to obtain the trust of the unsuspecting investors because many of them had known him and his family since childhood, thought of him as an active member of their church and knew him as a popular wedding singer.
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Rex Securities Law , located in Boca Raton, FL, provides representation to investors in Texas and Oklahoma 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.
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