According to a recent FinancialPlanning article, former Woodbury Financial and Questar broker Kevin Wanner will face prison time and forfeiture of assets, including real estate proceeds and his car. Wanner pleaded guilty to mail fraud and money laundering. He allegedly orchestrated a 15-year ponzi scheme involving CDs and investment funds, according to the North Dakota Securities Department. Quester and Woodbury, his former firms, have agreed to pay at least $3 million in restitution. Wanner allegedly had 66 victims, including several of his family members, and is one of the state’s largest ever securities fraud cases. Questar fired Wanner in December 2015 after North Dakota state regulators issued a cease-and-desist order. Questar agreed to a $2.4 million settlement in August. State regulators revoked Wanner’s license in December 2015 after they alleged he did not properly disclose CDs to Questar and depositing the money clients intended for the CDs into accounts controlled by him. He was then barred from the industry by the Financial Industry Regulatory Authority (FINRA) the following month. Wanner allegedly co-mingled his personal and business accounts and spent the money on things like a 2011 Mustang and home renovations.
Wanner was previously registered with Amev Investors, F&G Securities, John Kinnard & Company, Edward Jones, A.G. Edwards, Anchor National Financial Services, SunAmerica Securities, Merrill Lynch, LM Financial Partners, Raymond James, USAllianz Securities, Questar Capital Corp in Bismarck, North Dakota from December 2006 until August 2010, Woodbury Financial Services in Bismarck from August 2010 until December 2012 and Questar Capital Corp in Bismarck from December 2012 until December 2015. He has one customer dispute against him, alleging he defrauded a client out of $200,000, and two regulatory matters. He has been permanently barred from the industry. This is all according to his online, FINRA BrokerCheck report. Please call us today to find out how you may be able to sue Questar or Woodbury in the FINRA arbitration forum on a contingency fee basis if you lost money with Kevin Wanner. His brokerage firm may be liable for losses.
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