Have you suffered losses in investments made through Donald Overbey? If so, The White Law Group may be able to help.

According to the Chicago-Sun Times, former Illinois broker, Donald Overbey, was accused of defrauding more than 30 clients out of $3million. Overbey reportedly engaged in his alleged scheme between 1997 and 2007.

The Chicago-Sun Times reports that Overbey told one client that he would invest their funds in a government-backed investment that would pay back a 10% return. However, he allegedly used their money for personal expenses and to make ponzi-type payments to other investors.

Overbey was sentenced to 42 months in prison and ordered to repay investors more than $3 million. It is unclear if Overbey has the funds to repay investors. As such, The White Law Group is investigating the liability the brokerage firm that employed Overbey may have for these losses.

According to BrokerCheck, Overbey was a registered representative with Ameriprise Financial Services from 08/1990 to 08/2006.

Brokerage firms have a responsibility to adequately monitor their employees. When a broker is imprisoned for violating securities laws, the brokerage firm may be liable for negligent supervision and responsible for investment losses.

If you suffered losses as a result of investments made with Donald Overbey and would like to discuss your litigation options, please contact The White Law Group at 312-238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

To learn more about the firm, please visit www.WhiteSecuritiesLaw.com.