Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Theodore Kourpas (Kourpas) 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 Kourpas was employed by Independent Financial Group, LLC at the time of the activity. If you have been a victim of Kourpas’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $3,450,000.00 on September 11, 2025.
Respondents’ misrepresentations, omissions, unsuitable recommendation, selling away violations and Claimant suffered significant losses.
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. Engaging in the sale of unapproved investment products, fake investments that conceal misappropriated funds, and other fraudulent activities is referred to as “selling away” in the industry—a severe violation of securities regulations. “Selling away” is the term used in the industry when a financial advisor solicits investments in companies, promissory notes, or securities without obtaining approval from their affiliated brokerage firm. In some cases, these investments are legitimate, but more often than not, they result in Ponzi schemes or financial advisors converting funds for personal use.
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. To ensure proper supervision of brokers, firms must establish procedures for monitoring advisors’ actions and engagements 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.
Kourpas has been in the securities industry for more than 5 years. Kourpas has been registered as a Broker with Independent Financial Group, LLC since 2025.
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.