FBI Investigation Uncovers Investment Fraud Scheme with Jason Mininger
Have you suffered losses investing with Jason Mininger and Kovack Securities? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses by filing a FINRA arbitration claim.
According to a U.S. Attorney’s Office news release, Jason E. Mininger, a 50-year-old Folsom investment broker and adviser has pleaded guilty to wire fraud and money laundering in an investment fraud scheme.
Mininger reportedly entered the plea February 15 in federal court in Sacramento, according to the news release.
The US Attorney alleges that from January 2014 to May 2017 Mininger led clients to believe that he needed to use their previously invested funds as part of a new series of investments that he would make or manage.
Instead, Mininger allegedly deposited the funds into his own bank account and used the investors’ money for his personal expenses, resulting in at least $870,000 in losses to his clients, the news release said.
To conceal his embezzlement of his clients’ funds, Mininger also allegedly created false investment account statements.
U.S. District Judge Troy L. Nunley will sentence Mininger on May 31, according to reports. Mininger reportedly faces a maximum statutory penalty of 20 years in prison on the wire fraud count and 10 years in prison on the money laundering charge. He also faces a fine or $250,000 or twice the gross loss or gross gain.
The case purportedly resulted from an investigation by the FBI and Internal Revenue Service-Criminal Investigation.
According to his FINRA BrokerCheck report, Mininger was affiliated with Kovack Securities Inc. in Rocklin, CA from December 2012 until December 2014. Prior to that, he was registered with Wedbush Securities Inc. in Roseville, CA from July 2009 until November 2012.
His broker report further states that FINRA suspended Mininger from the securities industry in August 2015 for “Failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.” Mininger has 8 customer disputes listed on his broker report. Allegations include unauthorized transactions, churning, excessive trading, and misrepresentation.
Recover Investment Losses
Brokers have a fiduciary duty to make investment recommendations that are consistent with the clients net worth, investment experience and objectives. Risk tolerance, age, and liquidity needs also need to be considered.
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you suffered losses investing with Jason Mininger, the securities fraud attorneys of The White Law Group may be able to help you recover your losses. For a free consultation with a securities attorney, please call 888-637-5510.
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 Franklin, Tennessee.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.
[maxbutton id=”1″ ]
Tags: California securities lawyer, Chicago FINRA attorney, Chicago investment fraud attorney, Chicago stockbroker malpractice attorney, Jason E. Mininger Kovack Securities, Jason E. Mininger pleads guilty, Jason E. Mininger Sacramento investment advisor, Jason Mininger bank fraud, Jason Mininger complaints, Jason Mininger FBI, Jason Mininger financial advisor, Jason Mininger FINRA investigation, Jason Mininger FINRA lawsuit, Jason Mininger FINRA sanction, Jason Mininger Folsom Ca, Jason Mininger lawsuit, Jason Mininger losses, Jason Mininger recovery options, Jason Mininger securities investigation, Jason Mininger stockbroker, Jason Mininger unauthorized trading, Jason Mininger Wedbush Securities Last modified: April 10, 2019