Published On: February 7, 2017

James P. Kolf, a former registered broker in Sauk City, Wisconsin, was recently accused of setting up a phony investment venture that used hundreds of thousands of dollars to pay his personal bills. Kolf set himself up as sole proprietor of SFN Financial Network, which was a fictitious company. Allegedly, between 2011 and 2016, he defrauded 14 investors out of $905,000 in amounts from $9,000 to $150,000, promising to invest the funds in energy companies and returns of six to eight percent annually. At least eight of his customers liquidated accounts to move the money to Kolf’s fake investment. Kolf allegedly paid $47,572 in phony investment payments to convince early investors they were making money and mailed false account statements to investors reflecting re-investments of their interest, according to a consent order. He used the rest of the money to make car payments, pay legal bills and to pay federal tax bills and to make home improvements. These are all against securities laws.

Kolf was registered with John Hancock in Boston, Massachusetts from November 1981 until May 1997, Signator Investors in Madison, Wisconsin from November 1981 until October 2009, New England Securities in Middleton, Wisconsin from September 2009 until January 2015, MetLife Securities in Middleton from January 2015 until May 2016 and NYLife Securities in Madison, Wisconsin from May 2016 until August 2016. He has five customer disputes against him, four of which are currently pending. Please call our law firm today to speak to an attorney if you suffered losses with Mr. Kolf. We may be able to sue his former firm, New England Securities, in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis.

Disclaimer

The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.

Chicago Investment Fraud Attorneys Offering Nationwide Representation to Investors

If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

Stoltmann Law Securities Investment Fraud Attorneys