Lester Burroughs, with Lincoln Investment, Barred from Securities Industry
Have you lost money with financial advisor Lester W. Burroughs of Torrington, Connecticut? We are continuing to look into allegations made by the Securities and Exchange Commission (SEC) against Lester William Burroughs. The SEC barred Lester Burroughs from the securities industry regarding allegations that he stole money from customers.
In December 2019, the SEC alleged that Burroughs raised funds from investors for purported investments in Guaranteed Interest Contracts or GICs. Instead, the SEC alleged that Burroughs misappropriated or stole investor money and then used fake documents to cover up the GIC scheme. A parallel criminal action was also filed, and Burroughs also pleaded guilty to that action.
Lester Burroughs was a financial advisor and registered representative of Lincoln Investment from September 2012 to the present. He worked at branch offices in Torrington, Connecticut. This should not have been a surprise to Lincoln Investment, as Burroughs had been the subject of at least 14 prior customer complaints. Burroughs was also affiliated with Burroughs Investment Group and Capital Analysts.
Brokerage firms like Lincoln Investment have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Ann Arbor, Michigan; Denver, Colorado; and Seattle, Washington. We represent investors in FINRA arbitration proceedings in all 50 states, including Connecticut. Our attorneys have represented over one thousand investors against many brokerage firms in the past.