WFG Investments Broker Barred For Recommending Investment in ATM Ponzi Scheme
Stuart Graham Dickinson, of Highland Park, Texas, was barred by the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) in a default decision made by FINRA’s Office of Hearing Officers for allegedly selling more than $1 million of limited partnership interests in a company supposedly acquiring and operating ATM machines which caused his investor customers to lose their entire investments. FINRA alleged that while associated with WFG Investments, Inc., Stuart Dickinson recommended and sold limited partnership interests in ATM Alliance, LP to seven customers without conducting proper and reasonable due diligence on the company. FINRA alleges further that Mr. Dickinson failed to detect numerous red flag warnings that ATM Alliance was a fraudulent Ponzi scheme. The seven investors Mr. Dickinson sold the ATM Alliance limited partnership interests to suffered a total loss of their investments. Mr. Dickinson was barred from association with any FINRA member in any capacity and required to pay $924,000 plus interest in restitution to customers.
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