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Broker Barred for Steering Clients to Ponzi Scheme
By Erwin J. Shustak, Esq. of Shustak Reynolds & Partners, P.C. posted on Wednesday, May 3, 2017.
Erwin J. Shustak
Managing Partner
Location: San Diego, California
New York, New York
Phone: (619) 696-9500 (Ext. 109)
(800) 496-5900 (Ext. 109)
Email: [email protected]
Erwin J. Shustak, Esq.
619.696.9500 ex. 109
[email protected]
The Financial Industry Regulatory Authority, FINRA, banned former WFG investment broker Stuart Dickinson after finding he recommended his clients invest in a Ponzi scheme. Dickinson was banned for life from the securities industry and ordered to pay $924,000 in restitution to seven clients. The FINRA notice stated that Dickinson did not conduct reasonable due diligence on ATM Financial Services and “missed key red flags that signaled fraud. His lack of diligence caused investors, all former clients, to lose $1.02 million.
In 2007, Dickinson sold more than $1 million in limited partnership interests in ATM. WFT terminated Dickinson in 2013 and he is not currently associated with any other FINRA regulated firm. He had been with WFG since 2005, according to his FINRA Broker-Check.
Shustak Reynolds & Partners, p.c. focuses in the areas of securities, financial services and complex business disputes. For more information, contact our managing partner, Erwin Shustak. More information is available at www.shufirm.com.
