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Written by 3:28 pm Blog, Securities Fraud Articles

Update on Patricia Miller Investment Scam

The White Law Group continues to investigate the recovery options available to victims of Patricia Miller’s alleged investment scam. Specifically we are investigating the liability of Investment Capital Corporation for failure to adequately supervise Miller.

Miller was arrested on June 6, 2014 in connection with an investment scam that cost many investors their life savings. Read more on the charges against Miller here.

According to WTAE.com, one of Miller’s victims had no idea that there was a problem with her account until three FBI agents showed up at her door. The victim, Marcy Salandra, told reporters that she received a statement a month ago from Miller that said her investments were worth $681,944.

Unfortunately, when she checked her account with Investors Capital, the broker dealer that employed Miller, the account statement she received from Miller did not exist and her actual account contained a mere $245 dollars.

The FBI could not tell the victim what had happened to her money and declined to comment.

Prior to Miller’s arrest, WTAE.com wrote that Investors Capital reported to the Financial Industry Regulatory Authority (FINRA) that the firm terminated Miller’s employment for “misappropriation of funds, borrowing money from investors, fraudulent investment activity” and “creating false documents.” Coincidentally, this was the same day the FBI turned up at Millers office.

Furthermore, WTAE.com reports that “According to court records, when the FBI came to her [Miller] office, they found her slumped at her desk, unconscious, an apparent suicide attempt. They found a half-written note to her husband and sons, saying she had deceived them for 12 years and taken money from clients.”

The foregoing information, which is publicly available, is being provided to you by The White Law Group.

Brokerage firms, like Investment Capital, have a fiduciary duty to monitor all the business activities and transactions of their employees. When a broker violates securities laws and FINRA regulations the brokerage firm may be liable for negligent supervision and can be held responsible for investment losses.

If you were a client of Patricia S. Miller and would like to discuss your potential to recover investment losses through a FINRA arbitration claim, please call the securities attorney 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/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

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

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