Update For Investors: Mike Lundy of PFS Investments Sentenced in $4.2 Million Ponzi Scheme

AdobeStock_82110313-1-300x125Stoltmann Law Offices continues to investigate Mike Lundy, also known as Mike Lundy Jr. or Barkley JW Lundy Jr., who was sentenced to five years in federal prison for allegedly taking $4.2 million of client money from 80 investors. He pleaded guilty to wire fraud in March 2017 and making and filing a false tax return. He allegedly put money into a fake investment company from 2000 until 2014, and then deposited that money into his own account, which he then used to pay for home remodeling, vacations and a new car. He was previously a broker with PFS Investments in Rapid City, South Dakota, and a judge ordered him to pay back $1.3 million to his victims and the money he never paid to the IRS. He has been barred from acting as a broker by the Financial Industry Regulatory Authority (FINRA). Lundy was registered with PFS Investments in Rapid City from September 1992 until August 2014, and has six customer disputes against him, one of which is currently pending. He has been barred from the industry. Please call us today if you suffered losses with Mr. Lundy. His former firm, PFS Investments, may be held liable for losses on a contingency fee basis, which means we only get paid if you recover your money. The call to us is free, so please call today. Attorneys are standing by.

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