Update on Mark Speakman, Former Ameriprise Advisor Charged with Fake REIT Scheme
According to reports, Mark Speakman, 60, was sentenced to 60 months in prison for an investment fraud scheme that reportedly swindled more than $1.1 million from his clients.
According to court documents, between 2000 and 2015, Mark Speakman persuaded his clients at Ameriprise Financial to remove their funds from their Ameriprise accounts and invest them in Centrax, an allegedly phony real estate investment trust. He purportedly took $870,000 from seven victims for the real estate scheme and allegedly kept the money for personal use.
In addition, Speakman allegedly took money from other clients to avoid detection. According to court documents, Speakman purportedly convinced another client’s family to invest in gold coins so he could divert the money in order to pay back the previous victim. Speakman’s fraud scheme reportedly profited him by nearly $1.2 million.
Additionally, Speakman allegedly filed a false federal income tax return with the IRS on which he omitted $275,000 in income generated by his fraudulent conduct for the year 2014. From 2002 – 2014, the IRS reportedly lost approximately $300,000.
Speakman pleaded guilty in December 2016 to one count each of wire fraud, money laundering and filing a false federal income tax return with the IRS. As part of his plea, he agreed to pay nearly $1.2 million in restitution to the victims of his investment fraud scheme and approximately $300,000 in restitution to the IRS.
According to FINRA BrokerCheck, Speakman was registered with Ameriprise Financial in Grove City, Ohio from 02/08/1996 – 11/03/2015. He was barred from the securities industry by FINRA in January 2016 for ignoring a request for information.
The White Law Group is investigating the liability Speakman’s employer may have for failure to properly supervise him.
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 or violate FINRA Rules, the firm they work for can be held liable for failure to supervise and responsible for investment losses.
If you invested with Mark Speakman and have concerns about your investments, please call The White Law Group at 888-637-5510 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.
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