H.D. Vest Sanctioned by SEC For Failing to Supervise Broker

H.D. Vest Sanctioned by SEC For Failing to Supervise Broker

H.D. Vest Sanctioned by SEC For Failing to Supervise Broker 150 150 Robert Rex, Esq.

March 4, 2015

In Securities and Exchange Commission (SEC) Administrative Proceeding File No. 3-16419, the SEC found that H.D. Vest Investment Securities, Inc.  failed to supervise Michigan broker Lewis J. Hunter who conducted a fraudulent scheme and misappropriated about $300,000 from H.D. Vest customers.

The customers were led to believe they were investing in foreign and domestic bank investments, however Hunter used the money to pay personal and business expenses and concealed the fraud with false and misleading representations and phony bank documents.

H.D. Vest was ordered to cease and desist violating SEC rules, censured and fined $225,000. In addition H.D. Vest was required to hire an independent consultant to review certain portions of the firm’s policies and procedures and to take corrective actions.

H.D. Vest has been a registered broker dealer with the SEC since 1983. They are headquartered in Irving, Texas, and have over 4,500 independent contractor representatives nationwide, most of whom are tax professionals as well as financial advisors.

Contact us if you have questions about an account handled by Hunter or H.D. Vest.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 


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