Former broker Fred McMenimen sued by SEC

On October 16, 2015 the Securities and Exchange Commission issued an Order instituting administrative proceedings pursuant to section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisors Act of 1940 against Fred McMenimen.

McMenimen was employed as a registered representative at Pruco Securities in Portsmouth, New Hampshire. FINRA permanently barred McMenimen from the securities industry in 2013.

On October 31, 2014, Fred McMenimen agreed to plead guilty to: one count of mail fraud before the United States District Court for the District of New Hampshire in United States of America v. Frederick V. McMenimen, Case No. 12-CR- 130-01-SM.

On February 11, 2015, a judgment of criminal conviction was entered against Fred McMenimen. He was sentenced to a prison term of 42 months and ordered to pay restitution of $1,443,749. McMenimen is presently incarcerated at Fort Dix Federal Correctional Institution in Fort Dix, New Jersey.

In connection with his guilty plea, Fred McMenimen admitted that he fraudulently solicited $1,443,749 in investments from three elderly customers by advising them to liquidate existing annuities or other investments, and to entrust the funds to him for an investment in a fictitious investment vehicle. Instead of investing the funds, he misappropriated the funds for personal benefits.

According to FINRA’s CRD disclosure report, Fred McMenimen has been the subject of five customer complaints and six regulatory investigations.

The Law Office of David Liebrader practices exclusively in the field of investment loss recovery and our securities attorneys have successfully resolved over 1000 investment loss cases over the past 20 years. Recoveries for clients top $40 million. The types of claims we have successfully handled include those involving unsuitable investments (suitability claims), excessive trading or “churning”, misrepresentations and omissions, unauthorized trading, over-concentration of illiquid or overly risky investments, pump and dump scams involving “penny stocks”, direct participation programs (private placements) involving real estate investment trusts (REITS), oil and gas exploration programs, leasing equipment deals and receivable financing, promissory notes whether sold through a broker dealer or as part of the outside business activities of a registered representative, ponzi scheme losses, failure on the part of the broker dealer to perform due diligence, state securities law (blue sky) violations and failure to supervise.

If you have suffered investment losses please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation