Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Bobb Meckenstock (Meckenstock) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Meckenstock was employed by Osaic Wealth, INC. at the time of the activity. If you have been a victim of Meckenstock’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $154,000.00 on June 21, 2024.
Per the Independent Financial Group, LLC filing, allege that representative, for whom Mr. Meckenstock was the supervisor/OSJ, encouraged the investment in a private securities transaction that turned out to be fraudulent/a ponzi scheme. Clients’ initial investment was in December 2015 in the amount of $25,000. Thereafter, they made two other investments–one in June 2016 for $20,000 and one in November 2021 for $25,000.
Our law firm has significant experience bringing cases on behalf of defrauded victims when their advisors engage in receiving loans from clients or selling securities sales through OBAs. “Selling away” is the industry term for the sale of unauthorized investments, fraudulent financial schemes that cover up misappropriated funds, and other illicit activities, all of which constitute a serious violation of securities laws. In finance, “selling away” occurs when a financial advisor recommends investments in companies, promissory notes, or other securities without the approval of their broker’s affiliated firm. While a few of these investments might be valid, many end up as Ponzi schemes or involve advisors illegally converting client funds.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. In order to properly supervise their brokers each firm is required to have procedures in order to monitor the activities of each advisor’s activities and interaction with the public. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Meckenstock entered the securities industry in 1983. Meckenstock has been registered as a Broker with Osaic Wealth, INC. since 2023.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.