WFG Investments Broker Named in FINRA Complaint About Fraudulent Private Placement Offering

Stuart G. Dickinson, a former registered representative with the Highland Park, Texas branch of WFG Investments, Inc. was named a respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he failed to perform adequate due diligence in connection with a private placement securities offering that turned out to be a fraudulent investment. The complaint alleges that Mr. Dickinson, of Highland Park, Texas sold limited partnership interests in ATMA, LP (ATMA), a private placement securities offering involving the acquisition and operation of automated teller machines (ATMs) to seven customers of WFG Investments for $1,024,000. According to FINRA’s complaint, Mr. Dickinson failed to conduct adequate due diligence with respect to the securities investment, because the underlying business scheme of the offering was a fraud and most of the ATMs were fictional. FINRA’s complaint alleges that had Mr. Dickinson conducted proper due diligence of the offering, he would have found numerous red flags, such as stale and overstated performance history. As a result of the foregoing alleged events, Mr. Dickinson’s seven customers suffered a total loss of more than a million dollars.

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