James Unger, formerly with Hennion & Walsh, Charged with Wire Fraud
Have you lost money investing with financial advisor James Unger? Our firm is investigating allegations regarding James M. Unger from Shaker Heights, Ohio, who was recently charged with wire fraud for allegedly embezzling $287,000 from a customer, according to Financial-Planning.com. Unger was charged by the U.S. Attorney’s Office for the Northern District of Ohio.
It was further alleged that instead of investing this money, Unger used this money to pay his daughter’s college expenses and also paid back other investors, a classic sign of a Ponzi scheme. In addition to the wire fraud charges, Unger is also charged with filing false tax returns.
James Marc Unger was a financial advisor with Hennion & Walsh from January 2013 to March 2014. Unger was also affiliated with Financial America Securities from March 2014 to June 2014; Fintegra from March 2009 to January 2013; and with SMH Capital from December 2005 to March 2009. Unger worked in branch offices in Mayfield Heights, Beachwood, and Cleveland, Ohio. Unger was also barred by FINRA (the Financial Industry Regulatory Authority) in 2014.
Brokerage firms like Hennion & Walsh 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 Ann Arbor, Michigan; Seattle, Washington; and Denver, Colorado. We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout the Cleveland area. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: Unger, James BrokerCheck 2.1.18
If you lost money with James Unger, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.