Harry A. Ward and Securities America, Inc.
Have you lost money with financial advisor Harry Ward of Cape Girardeau, Missouri? We are investigating allegations made the Missouri Securities Division, against Harry A Ward. The Missouri Securities Division suspended Ward’s securities license in Missouri for 10 years following its investigation.
The Missouri Securities Division alleged that Harry Ward and Manzur Mazumder solicited two elderly Missouri investors with a strategy to purchase universal life policies and long-term care policies. The elderly investors could not afford the premiums to purchase these policies, so Ward and Mazumder opened up investment accounts with the brokerage firm that Ward worked for, ProEquities, Inc., and intended to utilize a “covered call strategy” to generate sufficient income to pay for the insurance premiums. The covered call strategy attempted to utilize options to invest. The trading was alleged to be unsuitable, and the elderly investors ended up losing $70,000. Mazumder was also alleged to have continued this trading strategy with the elderly investors in a separate account with TD Ameritrade.
Harry Ward was a financial advisor and registered representative of ProEquities, Inc. from April 2011 to September 2012. He was also affiliated with a registered investment advisory firm called W&M Capital Management. Ward worked at an office in Cape Girardeau, Missouri.
Brokerage firms like ProEquities, Inc. have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Missouri. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond Harry, ProEquities, Securities America, National Securities Corp., and many others.
If you lost money with Harry Ward, ProEquities, or in a “covered call strategy”, please Contact Us at 720-599-3505 for a free evaluation of your case.
Click to view: Ward MO Complaint
Click to view: Ward BrokerCheck 8.25.15 (1)