Did you invest with Donald Toomer and suffer significant financial losses? The White Law Group is investigating potential arbitration claims against the brokerage firm that supervised Toomer.

According to OnWallStreet, the Securities and Exchange Commission have accused Donald Toomer, an independent financial advisor with Wells Fargo’s FiNet, of participating in a pump-and-dump scheme.

The SEC allege Toomer was recruited by Samuel DelPresto, to buy certain stocks in his client’s portofolios in exchange for kickbacks.

DelPresto is accused of devising a scheme to manipulate the prices of four stocks: BioNeutral Group (BONU); NXT Nutritionals Holdings (NXTH); Mesa Energy Holdings (MSEH); and ClearLite Holdings (CLRH).

According to Andrew M. Calamari, regional director of the SEC’s New York office, “We allege that Toomer abused his role as a financial advisor to help create the false appearance of market demand in these stocks and facilitate the pump-and-dump scheme.”

The SEC claim DelPresto and his company pocketed $13 million from the scheme, while Toomer allegedly gained hundreds of thousands of dollars in cash kickbacks.

FIRA’s Broker Check report indicates Toomer has been a registered representative of Wells Fargo since 2005.

Brokerage firms have a responsibility to monitor their brokers and ensure that investments recommendations are in the clients best interest. When brokers make unsuitable investment recommendations, the firm they work for can be held liable for failure to supervise and responsible for investment losses.

If you invested with Donald Toomer and have concerns about your investments, please call 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 dedicated to the representation of investors in FINRA arbitration claims against brokerage firms throughout the United States.

To learn more about The White Law Group, visit www.WhiteSecuritesLaw.com.