Stephen Fry Reportedly Indicted for Allegations of Elder Fraud

Financial Advisor Stephen Douglas Fry, Fry Financial Services in Germantown, TN

Are you concerned about investments with Stephen Douglas Fry in Germantown, TN? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to a complaint filed by the US Attorney’s office in the Western District of Tennessee, former financial advisor Stephen Fry allegedly devised a scheme to defraud and obtain money and property under purported false and fraudulent pretenses, representations and promises from an elderly cousin who was also his client. According to the complaints, Fry’s alleged scheme was to use a Power of Attorney to steal and embezzle funds and fraudulently obtain insurance benefits by purportedly removing monies and funds from investment accounts, annuities and insurance policies he managed for the client and keep the money, in excess of $1.3 million, for his own personal benefit.

Fry was reportedly affiliated with Woodbury Financial Services in Germantown, TN from 2011 until 2019, according to his FINRA BrokerCheck report. He was reportedly barred in December after the above allegations.

The White Law Group is investigating the liability that Fry’s former employers may have for failure to properly supervise him.

Brokerage firms are required to properly supervise their advisors. They must ensure that those advisors are complying with applicable FINRA rules and regulations. If it can be demonstrated that Fry’s employers failed to properly supervise him, the firm may be held responsible for the losses in a FINRA arbitration claim.

Free Consultation with a Securities Attorney

If you are concerned about your investments with Stephen Douglas Fry (Steve Fry), please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.