According to reporting from Bank Investment Consultant (BIC), a retired worker has filed a $330,000 investment fraud lawsuit against a financial advisor in Cobb County, Georgia. The couple alleges that former CUNA Brokerage Services representative Stacy Cheney-Jamison (CRD#: 4318631) and Christopher Parris, a former broker who was previously suspended by FINRA, diverted the couple’s money into a third-party company controlled by Mr. Parris.
Notably, on June 19th, the Securities and Exchange Commission (SEC) announced that it was shutting down a $102 million Ponzi scheme that was run in part by Christopher Parris. Stacy Cheney-Jamison has also been barred from the securities industry. After this Georgia couple filed a FINRA complaint, the agency launched its own investigation into the conduct of Ms. Jamison. FINRA reports that Ms. Jamison knowingly failed to cooperate with investigators, thereby violating FINRA Rule 8210.
Unauthorized Private Securities Transactions and Theft of Investor Funds
Edward Ray, a retired IBM worker, and his wife Yvonne, were convinced to transfer a large portion of their retirement assets into an account at CUNA Brokerage Services after a meeting with Ms. Jamison and Mr. Parris. The couple learned of these brokers through their credit union.
Sadly, their money never actually made it to a CUNA Brokerage account. Instead, the couple alleges that Ms. Jamison and Mr. Parris diverted it into a private company held by Mr. Parris. It appears that the company in question is one of the several that are linked to the Ponzi scheme being operated by Mr. Parris. If the allegations are true, this is a flagrant theft of investor funds.
Bank Investment Consultant reports that this does not appear to be a single case of financial advisor fraud. To be sure, there is evidence to suggest that this is a widespread problem and that there may be other victims. Since the initial lawsuit was filed, another investor has come forward alleging losses related to Ms. Jamison and Mr. Parris. If you believe that you were a victim of this fraud, you need to take immediate action to protect your rights.
Contact Financial Advisor Fraud Lawyers Today
At Sonn Law Group, our securities litigation and FINRA arbitration lawyers have helped many investors recover fair financial compensation. If you were the victim of financial advisor fraud, please contact our law office today for a risk free review of your case.
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