Articles Tagged with Sammons Securities

Stoltmann Law Offices is investigating allegations in a grand jury indictment in the United States District Court for the Eastern District of Texas, levied against Keith Todd Ashley, of Collin County, Texas.  According to the indictment, which was filed on November 13, 2020, Ashley ran a Ponzi scheme while a registered representative for Parkland Securities, formally known Sammons Securities Company, and Midland National, a life insurance and annuity company. According to the indictment, Ashley recommended investors purchase UITs (Unit Investment Trusts) through Parkland and another entity called SmartTrust, which was an investment offered by another brokerage firm, Hennion & Walsh. The indictment alleges that Ashley made representations via email to clients that these investments offered returns of anywhere between 3% and 9% per year, with no risk to the investor’s principal, and that the securities were offered through Parkland and SmartTrust.  The indictment further alleges that instead of investing the money as represented, Ashley converted a substantial amount of it – more than $1 million – for his own use.

If you invested with Keith Ashley and believe you have suffered losses in connection with his alleged Ponzi scheme, please contact Stoltmann Law Offices, at 312-332-4200 for a free, no obligation consultation with a securities attorney.  

The news in connection with Mr. Ashley and his scheme turned quite dark just this afternoon when the publication Investment News ran a story indicating that Ashley was arrested in Carrolton,Texas on suspicion of committing murder. The story reports that Ashley is accused of murdering an investor-client in February 2020, staging the murder as a suicide, in some attempt to gain access to the victim’s money. Ashley was discharged from Parkland Securities in October suggesting he was fired for failing to disclose outside business activities.  This is a common response by brokerage firms when it turns out that one of their registered representatives has been running a Ponzi scheme.

Did you lose money with financial advisor Thomas Skypeck in Scarborough, Maine? The Securities and Exchange Commission (SEC) recently barred Skypeck from the securities industry after he pled guilty to theft and violations of the Maine Uniform Securities Act in October 2015. Allegedly, he failed to disclose his relationship with a precious metals dealer when he was registered with O.N. Equity Sales Company. It was also alleged that he stole coins worth $1,000 from a client and that between March 2009 and January 2013, he excessively traded or churned the account of an inexperienced investor. Churning is against securities rules and regulations and is a tactic used by brokers to generate large commissions and fees for themselves. Their brokerage firms have a duty to reasonably supervise them, and, if they do not, can be sued for investment losses.

Skypeck was registered with Merrill Lynch, Prudential, Gruntal & Co., Winslow Investment Co., Robert Thomas Securities, Guardian Investor Services, Royal Alliance Associates, Walnut Street Securities, Sammons Securities, Woodbury, Cambridge Investment Research, The O.N. Equity Sales Company in Saco, Maine from July 2010 until April 2013 and Brokers International Financial Services. He has one criminal disposition against him.

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