Insurance Agents Charged by SEC for Fraud on Elderly

Insurance Agents Charged by SEC for Fraud on Elderly 150 150 Rex Securities Law

September 26, 2014

The Securities and Exchange Commission (SEC) recently charged three insurance agents in a multi million dollar offering fraud which targeted elderly citizens that owned annuities.

The insurance agents named are:

  • Kenneth C. Meissner                 Fair Oaks Branch, Texas
  • James Doug Scott                        Perkasie, PA
  • Mark S. “Mike” Tomich             Belmont, Michigan

According to the proceeding, these brokers raised money by selling interests in a company called Arete, LLC, which was controlled by Gary Snisky, who the SEC charged in the scheme last year.  The insurance agents told their elderly victims that Snisky would purchase government backed bonds with invested funds. Per the SEC, Snisky did not purchase bonds but used the money for personal expenses and to pay commissions.

David C Sorrells, of Linden, TX, entered into a cooperation agreement with the SEC, agreeing to be barred from the industry and pay over $207,000 in disgorgement.

Rex Securities Law provides nationwide representation to investors 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

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