Former PFS INVESTMENTS of RAPID CITY, SD broker, MIKE LUNDY, Sentenced in $4.2 Million Ponzi Scheme

BARKLEY JW LUNDY JR, (also known as MIKE LUNDY JR, or MIKE LUNDY, CRD#: 2260127) a Rapid City, South Dakota investment advisor, formerly with PFS Investments Inc, was recently sentenced to five years in federal prison for allegedly taking $4.2 million of his clients’ money.  Mike Lundy pleaded guilty on May 19, 2017, to wire fraud and making and filing a false tax return.
It was reported that Lundy had more than 80 investors, some of them friends he knew from his church, put money into a fake investment company allegedly from 2000 to 2014. He then deposited the money into his own account.  The Assistant US Attorney called it the “classic Ponzi scheme.”
This investigation began in 2014 when one of Lundy’s clients contacted the Rapid City Police Department suspicious about Lundy’s investment. The IRS and the FBI joined the investigation after the amount of Lundy’s fraudulent activity was discovered.
MIKE LUNDY used some of the investors’ money to pay for his own personal use-- home remodeling, vacations and a new vehicle.
Lundy was a registered investment advisor who managed the Rapid City office of Primerica, a North American financial services firm.  MIKE LUNDY was discharged in August of 2014 after allegations were made.
The Judge has ordered Lundy to pay back $1.3 million he still owes his victims and the money he has never paid to the IRS.
According to FINRA’s BrokerCheck, FINRA has barred MIKE LUNDY from acting as a broker or otherwise associating with firms that sell securities to the public. He has 8 Disclosures on his report, 6 of which are Customer Disputes. MIKE LUNDY was registered in the securities industry for 21 years and was listed only with the following firm:
09/28/1992 - 08/19/2014 PFS INVESTMENTS INC - RAPID CITY, SD 
If you were a client of former PFS INVESTMENTS INC of RAPID CITY, SD, broker MIKE LUNDY, and experienced losses due to his actions or recommendations, call Soreide Law Group for a no-cost consultation with a securities lawyer regarding the possible recovery of your investment losses at:  888-760-6552.
Soreide Law Group represents clients nationwide before FINRA.  We operate on a contingency fee basis.  Let our years of experience work for you.