If you have invested with Torrington, Conn. financial advisor Lester Burroughs or Burroughs Investment Group, call (860) 920-5181 today for a FREE Consultation regarding your investment loss recovery options.
Lester Burroughs Investment Fraud Recovery Options
Lester Burroughs, a Torrington, CT based financial advisor, with a long history of customer complaints was recently charged by the SEC and Department of Justice with misappropriating $560,000 from retail investors in a Ponzi-like scheme involving investments called “guaranteed interest contracts”.
According to court filings, Lester Burroughs allegedly raised the money by claiming to certain advisory clients that he would invest it in guaranteed investment contracts with purportedly guaranteed annual returns of 4% to 7%.
The SEC alleged that Lester Burroughs allegedly never invested the funds in the guaranteed investment contracts, but instead misappropriated the funds and making Ponzi-like payments to certain advisory clients while providing fake account statements to hide his scheme. Lester Burroughs is also facing criminal charges filed in a parallel action by the U.S. Attorney’s Office for the District of Connecticut.
Lester Burroughs has been a financial advisor since 1985. According to FINRA records, Lester Burroughs has 14 customer disputes on his record dating back to 1994.
If you are a victim of this fraud or have suffered investment losses with Lester Burroughs or Burroughs Investment Group, you may have investment loss recovery options.
Lester Burroughs Victims May Have Investment Loss Recovery Options
Fortunately for those investors who invested with Lester Burroughs or, they may be able to recover their investment losses through FINRA arbitration or securities litigation. In the securities industry, when a stockbroker sells investments that are not approved by the brokerage firm they are registered with, they are engaged in a type of misconduct that is called “selling away”. However, because brokerage firms have a regulatory duty to supervise its stockbrokers and the securities transactions they enter into, brokerage firms may be held liable for “selling away” if investors suffer losses in unapproved investments.
How Can I Recover Money from my investments with Lester Burroughs?
If you are an investor that has suffered losses investing with Lester Burroughs or Burroughs Investment Group, you may be able to pursue recovery of your losses through FINRA arbitration or securities litigation. Please call Kons Law at its Hartford, Conn. office at (860) 920-5181 for a FREE, NO OBLIGATION consultation to discuss your investment loss recovery options.
Kons Law represents investors in Connecticut and throughout the US in securities arbitration and litigation matters. To learn more about the Firm’s securities litigation and FINRA arbitration practice, please visit www.investmentlossattorney.com.