BARKLEY JW LUNDY JR, (CRD#: 2260127) also known as MIKE LUNDY, a 68 year-old investment advisor from Rapid City, South Dakota, was convicted of wire fraud and making and subscribing a false tax return. Lundy was charged on February 7, pleaded guilty February 14, and was sentenced on May 19, 2017 to 5 years in prison followed by 3 years of supervised release. He was ordered to pay $1,368,671.96 in restitution to his victims, $257,399.00 in restitution to the IRS, and a $200.00 assessment to the Federal Crime Victims Fund.
According to the conviction, Lundy encouraged his clients to invest in Associates Investments, which was a company he claimed offered investment opportunities in municipal bonds and other types of securities. Associates Investments was not an investment firm. The money given to Lundy was never invested. Lundy’s victims gave him a total of $4,247,123.19. Mike Lundy took the money from the investors and deposited it into a checking account that was controlled only by Lundy. Like a typical Ponzi scheme, some of the investors received payments on their investments, but those payments were funded by incoming funds from new investors.
Mike Lundy used a portion of these funds for his own personal expenses. He also incorrectly reported his income to the Internal Revenue Service.
FINRA has barred Mike Lundy from acting as a broker or otherwise associating with firms that sell securities to the public.
According to FINRA’s BrokerCheck, Mike Lundy has 8 disclosures on his report, 4 of which are “Customer Disputes.” Lundy has been in the securities industry for 21 years and has only been with one firm:
09/28/1992 - 08/19/2014 PFS INVESTMENTS INC - RAPID CITY, SD
If you were a victim of the Ponzi-like scheme perpetrated by former PFS INVESTMENTS INC of RAPID CITY, SD, financial advisor, MIKE LUNDY, and experienced losses due to his recommendations, actions or his lack of supervision by his registered firm, PFS Investments, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investments through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA. We operate on a contingency fee basis. Let our experience work for you.
James Ryan Parascandola (James R Parascandola) was recently barred by FINRA from acting as a broker or otherwise associating with a broker/dealer firm with a start date of July 21, 2025. Parascandola was last registered as a broker with PRUCO SECURITIES LLC of East Brunswick, New Jersey from 05/16/2022 - 05/21/2024. Before PRUCO, he was […]
One or more investors possibly experienced losses because of securities broker Calvin James Heck [CRD: 1025767, Everett, Washington], based on public information found on FINRA BrokerCheck. Evidently, Heck has worked for Wedbush Securities Inc. in Los Angeles, California, since June 27, 2003, and in its Everett, Washington, office since June 11, 2020. Read on to […]
Investors potentially experienced sales practice violations due to securities broker Gregory John Libby [CRD: 2455485, Paramus, New Jersey], based on publicly available information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Libby has been employed with Morgan Stanley at its Paramus, New Jersey branch since June 1, 2009, and continues to be registered with the […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com