On October 1, 2014, the Massachusetts Securities Division filed an Administrative Complaint against John Patrick Horan and his company Horan Associates, Inc. , of Easton, MA, for violations of the Massachusetts Uniform Securities Act.
According to the complaint:
“Horan preyed upon his elderly relatives by gaining their trust on the ground level from the family relationship and building up the first floor by preparing their taxes. Horan’s elderly relatives trusted the levels of relationship Horan built up with them and entrusted their life savings and money for retirement to Horan for management”
Horan accessed his relative’s brokerage accounts and used them as his ‘personal piggy bank” , investing their money in his affiliated companies (Internet-Horizons and Webdeals, Inc. ) and for his personal expenses , including casinos.
In September, Horan emailed his elderly relatives informing them of his fraudulent conduct.
A similar fraud was perpetrated on several non family member clients of Horans.
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.
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