We are investigating the sales practices of former Money Concepts Capital Corp. financial advisor Frederick G. Brimmer II out of Marietta, Georgia. Without admitting or denying the findings, Brimmer consented to the described sanction of FINRA and to the entry of findings that he misappropriated $10,000 from two elderly brokerage customers who had provided him with the money for a supposed investment in an auto broker sales business; and rather than invest the money on the customers’ behalf, Brimmer deposited the money into his personal bank account and never gave of any of the money or returns to the customers. The findings stated that Brimmer intentionally and recklessly omitted material facts in connection with his solicitation of elderly brokerage customers to purchase certain securities. Brimmer’s material omissions consisted of failing to disclose to each customer that he anticipated receiving a referral fee totaling $30,000 for introducing the brokerage customers to an individual who entered into promissory notes with each customer and committed to repay the customers’ principal investments (collectively totaling $150,000) plus returns of 200 percent within maturity dates of roughly a month of the execution of the promissory notes. None of the customers received any of their principal or promised interest as of the maturity date of the promissory notes.
For clients who lost money with Fred Brimmer, some, or all, of the investment losses might be recoverable through the FINRA arbitration process against Money Concepts. The firm has a duty to reasonably supervise his activities while employed by the firm. Failing to do so can make Money Concepts responsible for the losses through the FINRA arbitration claims process. To learn about what can be done to recover Brimmer related losses, please call our law firm.
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