You may be able to recover your losses with Mike Lundy, a former investment advisor with PFS Investments. Lundy previously worked from the Rapid City, South Dakota branch and was convicted of wire fraud and making and subscribing a false tax return. On May 9, 2017, he was sentenced to five years in prison, followed by three years of supervised release, and ordered to pay $1,368,671.96 in restitution to his victims, $257,399.00 in restitution to the IRS and a $200.00 assessment to the Federal Crime Victims Fund. Allegedly, Mr. Lundy encouraged his clients to invest in Associates Investments, which was a company he claimed offered investment opportunities in municipal bonds and other types of securities. It was not an investment firm in reality, and Lundy took the money from the investors and deposited it into a checking account that was controlled only by him. Many of the newer investors were paid out by money that came from the original investors. Lundy also allegedly used some of these funds for his own personal use and incorrectly reported his income to the Internal Revenue Service (IRS).
Mr. Lundy was registered with PFS Investments in Rapid City, South Dakota from September 1992 until August 2014. He has six customer disputes against him, one of which is currently pending. He has been permanently barred from the industry. Please call our Chicago-based law offices today if you suffered losses with Mr. Lundy. You may be able to recover your investment losses by filing a claim in the FINRA arbitration forum on a contingency fee basis. The call to us is free with no obligation.
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