SEC Charges Virginia Brokers With Fraud Against Elderly

Virginia broker, Donna Jessee Tucker, (CRD# 4696985) was charged by the SEC in Roanoke, Virginia, with defrauding her elderly clients. Tucker allegedly stole her clients' money for her own personal use and falsified the account statements to cover up her fraud. Allegedly, Tucker stole $730,289 from her elderly clients and then used the money to pay her personal expenses such as, vacations, vehicles, clothing, and her country club membership.

The SEC alleged that by sending her customers' statements electronically, Tucker knew that the customers would be unable or unwilling to access their statements. Some of her elderly clients were legally blind. Tucker also performed
unauthorized trades and other financial transactions. Tucker agreed to disgorge the $730,289 in the criminal or civil cases and settle the SEC's charges.

In another Virginia case, the SEC has obtained a final judgment in the Richmond financial holding company, AIC Inc., a brokerage firm, Community Bankers Securities LLC. and their CEO, Nicholas D. Skaltsounis . They must pay $70 million as a result of an October, 2013 trial for fraud. Allegedly, they conducted an offering fraud while selling AIC promissory notes and stocks to several investors across numerous states, many of whom were elderly. They allegedly misrepresented the risks involved with their product and omitted information about the investments when discussing them with their clients. They used money from new investors to pay back existing investors, and were never profitable.

According to FINRA's BrokerCheck, Donna Jessee Tucker was previously registered with the following securities firm(s):
UBS FINANCIAL SERVICES INC. (CRD# 8174) - ROANOKE, VA
11/2007 - 04/2013
A. G. EDWARDS & SONS, INC. (CRD# 4) - ROANOKE, VA
12/2003 - 11/2007

Nicholas D. Skaltsounis (CRD# 825000) was previously registered with the following securities firm(s):
ADVENT SECURITIES, INC. (CRD# 128281) - RICHMOND, VA
07/2006 - 09/2010
WATERFORD INVESTOR SERVICES, INC. (CRD# 46227) - RICHMOND, VA
FINRA expelled the firm in 12/2013 07/2005 - 09/2010
COMMUNITY BANKERS SECURITIES, LLC (CRD# 42794) - RICHMOND, VA
02/2003 - 12/2009
ADVENT SECURITIES, INC. (CRD# 128281) - RICHMOND, VA
07/2005 - 05/2006
UVEST FINANCIAL SERVICES GROUP, INC. (CRD# 13787) - RICHMOND, VA
06/1997 - 02/2006
COMPULIFE INVESTOR SERVICES, INC. (CRD# 21543) - ST. CLOUD, MN
04/1988 - 06/1997
DOMINICK & DOMINICK, INCORPORATED (CRD# 223) 03/1986 - 08/1988
RICHMOND FINANCIAL CORPORATION (CRD# 14742) 12/1986 - 08/1988
ANDERSON & STRUDWICK, INCORPORATED (CRD# 48) 11/1980 - 03/1986
DEAN WITTER REYNOLDS INC. (CRD# 7556) 05/1980 - 12/1980
WHEAT, FIRST SECURITIES, INC. (CRD# 6124) 08/1977 - 05/1980
ANDERSON & STRUDWICK, INCORPORATED (CRD# 48) 07/1976 - 08/1977

If you suspect an elderly family member could be the victim of financial abuse or exploitation, call Soreide Law Group for a free consultation on how to potentially recover those losses at 888-760-6552. We represent clients nationwide before FINRA.