According to a filing with the United States District Court Eastern District of Missouri Eastern Division, Mark Stafford was accused of devising a scheme to defraud the clients of his company, the Stafford Financial Firm, and to obtain money and property from those clients, through the use of material false representations, pretenses and promises relating to the nature of the investments. Between 2006 and 2015, Stafford was engaged as an insurance agent for Allianz Life Insurance Company of North America, and at no time was he registered with the state of Missouri to sell securities. He allegedly told clients to which he illegally sold securities, that their funds would be placed with Quest Financial Holdings and Gain Capital Group, when, in reality, he never opened any account at either company. Instead, Stafford placed some of the funds into a personal checking and used them for his own personal use. In other instances, Stafford also told at least one client that his funds had been placed with Allianz for a life insurance annuity, when, in reality, a portion of those funds were used for his own benefit. He then also allegedly created false financial statements and other documents in order to create the impression that he had invested money with Allianz, Quest and Gain, when, in fact, he had not. He then showed those false documents to the clients. Please call our securities law firm today to find out how you may be able to bring a claim against Mr. Stafford and his former firm for these transgressions. The call is free with no obligation. We help investors recover their losses on a contingency fee basis. 312-332-4200.
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