If you have suffered investment losses purchasing real estate tax lien certificates from former Indiana, Pennsylvania stockbroker Bernard Parker, call today for a FREE Consultation regarding your investment loss recovery options.
The Securities and Exchange Commission (SEC) recently announced fraud charges against a former Indiana, Pennsylvania stockbroker Bernard Parker for allegedly stealing investor money to remodel his house and pay other bills.
The SEC alleged that Bernard Parker raised more than $1.2 million from his longstanding brokerage customers and others who were told they were purchasing legitimate real estate tax lien certificates and would earn returns of six to nine percent annually. However, the SEC alleged that Bernard Parker only used a small amount of investor funds to purchase tax liens and instead used their money to remodel his home in Indiana, PA, make car payments, and pay bills for his father-in-law.
According to the SEC’s complaint filed in federal court in Pittsburgh, the SEC alleged that:
- Bernard Parker conducted the unregistered and fraudulent offering from 2008 to 2014 through his company Parker Financial Services.
- Bernard Parker induced investors to purchase the securities by making materially false and misleading statements and omissions about his actual use of investor funds.
- Bernard Parker told prospective investors that Parker Financial Services would use their funds to purchase tax liens placed by municipalities on properties primarily in Florida, Arizona, and Colorado.
- Bernard Parker pooled the money he raised from investors into several bank accounts, and when he cashed investors’ checks he routinely deposited a portion of the money into a bank account and took the remainder in cash.
- Bernard Parker withdrew more than $650,000 in investor funds in cash from teller transactions, ATM withdrawals, and checks cashed at local supermarkets. He additionally spent approximately $197,000 of investor money in point-of-sale transactions, $150,000 through personal checks, and $169,000 for online bill payments.
- Bernard Parker also made approximately $188,000 in purported interest payments to earlier investors in an effort to keep his scheme from being discovered.
During all relevant times, Bernard Mark Parker was registered with Edward Jones, which was required to supervise his activities. Under FINRA rules, brokerage firms like Edward Jones are required to establish and maintain a system where each registered representative is in compliance with the securities law. In cases where a stockbroker like Bernard Parker sells fraudulent or unregistered securities to firm customers (such as the fraudulent real estate tax lien certificates), the brokerage firm itself may be held jointly and severally liable for the losses the investors suffer. As a result, investors who lost money with stockbroker Bernard Parker may be able to recover their investment losses from Edward Jones through FINRA arbitration.
If you are an investor who has suffered losses investing in real estate tax lien certificates that were sold by former Indiana, Pennsylvania stockbroker Bernard Parker, you may be able to recover your losses through FINRA arbitration or securities litigation. Please call Kons Law Firm at (312) 757-2272 for a FREE, NO OBLIGATION consultation to discuss your investment loss recovery options.
Kons Law Firm represents investors nationwide in securities arbitration and litigation matters. To learn more about the Firm’s securities litigation and FINRA arbitration practice, please visit www.investmentlossattorney.com.