According to FinancialPlanning.com, barred broker James Unger was charged in federal court with two counts of wire fraud and five counts of filing false tax returns. According to federal prosecutors, Unger allegedly defrauded a client out of $287,000 in a high-risk international casino investment scheme. Unger allegedly convinced the client to invest in the international casino project by promising that it was safe and lucrative, after he gained control over the client’s finances through a power of attorney. He then gave the client promissory notes guaranteeing a 15% yearly rate of return. This is according to court documents. In reality, Unger used the client’s funds to pay another client and on other things, and, in 2014, told the client her investment, including earnings, was worth $1.9 million. This was not true, as all of the funds were gone at this time. Unger is also currently facing charges for filing false tax returns, because he allegedly failed to report the illegal income he gained from client funds.
According to his online BrokerCheck report available to the public, James Marc Unger was previously registered with Rodman & Renshaw, Mesirow Financial, Ladenburg, Thalmann, Ryan Beck, SMH Capital, Fintegra, Hennion & Walsh and Financial America Securities in Cleveland, Ohio from March 2014 until June 2014. He has three customer disputes against him, one of which is currently pending, and they allege withdrawals, investments in private placements, committing fraud, and selling away, among other things. He has three judgment/liens against him and has been permanently barred from the industry.
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