According to SEC court filings, Larry Dearman Sr., an Oklahoma advisor, duped his clients into sham investments. The SEC complaint alleges that Dearman used a friend, Marya Gray, to help perpetrate the scam. The SEC complaint states that Dearman and Gray defrauded investors out of $4.7 million. The SEC is requesting that Dearman and Gray be permanently banned from the securities industry and subject to severe financial penalties.
If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.
To read more, please visit: http://www.reuters.com/article/2013/08/28/adviser-fraud-idUSL2N0GT1AM20130828