Virginia Financial Advisor Pleads Guilty to Ponzi Scheme

Have you lost money as a result of investing with Michael Todd Crosswhite?  If so, the securities attorneys of The White Law Group may be able to help.

According to reports, Michael Todd Crosswhite, a former financial advisor from Forest, Virginia (near Lynchburg) has admitted to running a Ponzi scheme.  He had pleaded guilty to one count of wire fraud and one count of money laundering and been ordered to pay restitution of $943,684.

In court, Crosswhite admitted to defrauding several victims of nearly $1 million by liquidating their investment accounts without their knowledge. Those assets were then transferred to accounts created by Crosswhite, without the victims’ knowledge. That money was then lost by Crosswhite in other investments.

The White Law Group is currently investigating the potential liability that Crosswhite’s former employers may have for failure to properly Crosswhite and to uncover this alleged fraud.  Brokerage firms have a responsibility to supervise their financial advisors and to ensure that their agents are complying with the applicable securities laws in their dealings with clients.  To the extent that it can be demonstrated that a FINRA registered broker-dealer failed to adequately supervise Crosswhite, that firm may be liable for any losses that occurred as a result of his actions.

To discuss your recovery options with a securities attorney, please call The White Law Group at 312/238-9650 for a free consultation.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, visit https://whitesecuritieslaw.com.