On August 27, 2013, in the U.S. District Court in Tulsa, Oklahoma, the Securities and Exchange Commission (SEC) brought securities fraud charges against former investment adviser Larry J. Dearman, Sr. and associate, Marya Gray, in connection with fraudulent securities offerings in Bartnet Wireless Internet, The Property Shoppe and Quench Buds, owned by Gray, and located in Bartlesville, Oklahoma. They allegedly raised at least $4.7 million from more than 30 of Dearman’s clients.
According to the SEC, Larry Dearman and Marya Gray misled their investors about he safety of the investments and how the money would be used. Gray and Dearman used the majority of investor funds on gambling, personal expenses, and Ponzi payments. The SEC complaint alleges that Larry J. Dearman, Jr., stole approximately $700,000 from some of his clients through these schemes.
The SEC is now seeking permanent injunctive relief, disgorgement plus prejudgment interest, and civil monetary penalties from both Defendants. The SEC has named as Relief Defendants the three Gray businesses, Bartnet Wireless Internet, Inc., The Property Shoppe, Inc., and Quench Buds Holding Company.
If you feel you may have a claim against former investment advisor, Larry J. Dearman, Sr., call 888-760-6552. Soreide Law Group, represents clients nationwide before FINRA.