Bernard M. Parker, Edward Jones and Parker Financial Fraudulent Securities

Stoltmann Law Offices is investigating Bernard M. Parker, a former registered representative with Edward Jones. Parker was the founder, principal and sole employee of Parker Financial in Indiana, Pennsylvania, a company claiming to invest in tax liens, primarily in those offered by municipalities in Florida, Arizona and Colorado. Parker was indicted by a federal Grand Jury and is alleged by the US Attorney to have orchestrated a criminal ponzi scheme in the fraudulent offering of securities. According to the indictment filed in the Western District of Pennsylvania, Parker was accused of knowingly and willfully using manipulative and deceptive devices in connection with the purchase and sale of securities, employing a device to defraud, making untrue statements of material facts and omitting to state material facts necessary, and engaging in acts, practices and courses of business which operated as fraud and deceit upon others. In addition to the indictment, Parker had a Civil Action brought against him by the Securities and Exchange Commission (SEC) in the District Court for the Western District of Pennsylvania, for allegedly telling his investors that their investments were to be used to purchase tax liens placed by the municipalities in Florida, Arizona, Colorado and elsewhere, beginning in 2008 and ending in 2014. These are against securities rules and regulations.

Parker was accused of falsely stating to at least one investor that he had taken a class in tax lien certificate investments, that Parker Financial had hired a portfolio manager to oversee the investments and falsely stated to many investors that their investments were tax-free. These were all false statements. Parker subsequently withdrew over $650,000 in investor funds to use for personal checks, online bill payments, family health expenses, renovations on his house, insurance payments and car payments for himself, among other things. He then used a remaining amount of investor money to pay out interest payments to those clients who did not “roll over” their interest into new investments, creating a classic ponzi scheme. These transgressions occurred from February 2008 until November 2014. In all, Parker obtained Investor Contracts from over 22 clients for a total of more than $1.2 million in investment money.

Bernard M. Parker was registered with First American National Securities Inc. in Duluth, Georgia from November 1989 until August 1990, North American Management Inc. in Sioux Falls, South Dakota from July 1991 until March 1993, Beaconsfield Financial Services Inc. in Indiana, Pennsylvania from March 1993 until June 2006 and Edward Jones in Indiana, Pennsylvania from June 2006 until December 2014. He has two customer disputes against him and six judgments/liens, according to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report. He is not currently licensed within the industry.

Parker’s former firm, Edward Jones, can be sued in the FINRA arbitration forum for investment losses incurred with Bernard Parker. Edward Jones may be liable for the conduct of its agent in connection with the sale of securities.  Further, Edward Jones had a statutory duty to reasonably supervise Mr. Parker. If you or someone you know lost money with Bernard M. Parker, please call our securities law firm in Chicago, Illinois at 312-332-4200 to speak to an attorney about your options. The call is free with no obligation. We take cases on a contingency fee basis only, which means we do not get paid unless you recover money. Please call as soon as possible, as time is of the essence with these types of cases.