Former NFP Broker Orchestrated a Ponzi Scheme
Harry Stokes, a former registered broker employed by NFP Securities, Inc. from Monroe, North Carolina was charged with defrauding dozens of investors, including his family and close friends out of millions of dollars.
Stokes owned an insurance firm, Contemporary Benefits Design, and solicited victims to invest money in a non-existent fund called Blackburg Financial with a promise of a fixed 5.99% return each year and sent statements to investors that their investments were growing. NFP Securities, Inc. purchased Contemporary Benefits Designin 2006.
Stokes claimed that he planned to pay his clients back out of his personal assets, but did not have the funds to do so. A few days after confessing to the Ponzi scheme, Stokes killed himself.
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