According to the Pittsburgh Post-gazette, James Grimes, a former broker with Financial Network Investment Corp., admitted to seven counts of wire fraud and filing false tax returns. Beginning in 2006 through 2010, Grimes is accused of embezzling more than $300,000 from clients accounts.

Brokerage firms have a responsibility to adequately monitor their employees. When a broker, like Grimes, is able to siphon funds from clients account undetected, the brokerage firm may be liable for negligent supervision and responsible for investment losses.

According to BrokerCheck, Grimes was a licensed stockbroker with Edward Jones from 02/2003 – 05/2006, Financial Network Investment Corp. from 04/2006 – 04/2010, and Triad Advisors from 04/2011 – 08/2011.

If you invested with James Grimes and are concerned about your investments, please call the securities attorneys of 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 Franklin, Tennessee.

For more information on the firm, visit www.WhiteSecuritiesLaw.com.