North Dakota Securities Department Reaches Settlement with Ponzi Scheme Operator

Posted on August 10th, 2017 at 9:19 AM

From the Desk of Jim Eccleston at Eccleston Law LLC:

The North Dakota Securities Department has settled an investigation against Minneapolis-based Questar Capital Corporation broker, Kevin Wanner.

According to the complaint, the North Dakota Securities Department determined that Mr. Wanner, under the trade name Precision Financial, allegedly victimized 66 North Dakotans. More specifically, during a time period of 15 years, Mr. Wanner sold fictitious certificates of deposit and unregistered interests in pooled investment vehicles. Rather than investing the money, Mr. Wanner conducted a classic Ponzi scheme by using money from one investor to pay interest to the next investor.

According to the terms of the settlement, Mr. Wanner agreed to pay $2.4 million in restitution to victims of the Ponzi scheme.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Jim Eccleston, Eccleston Law, Eccleston Law LLC, Eccleston, Ponzi Scheme, Securities

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