SSEK Investigate Lincoln Investment Planning Broker, Lester Burroughs
If Lincoln Investment Planning investment advisor and broker, Lester Burroughs, worked with you as an investor and you suffered financial losses that you suspect may be due to fraud or negligence, please contact our broker fraud lawyers at Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) today.
Burroughs, who pleaded guilty to wire fraud in the criminal case against him, is currently at the center of a parallel US Securities and Exchange Commission (SEC) complaint accusing him of defrauding retail investors. Now, the regulator is seeking a jury trial in its civil lawsuit against the Lincoln Investment Planning broker, who had been based out of Connecticut.
Broker Fraud: The SEC Complaint Against Lester Burroughs
The SEC contends that from 11/2012 to at least 01/2019, Lester Burroughs defrauded clients, including elderly investors, when he misappropriated $560K of their funds for his own use and sold non-existent investment products that he claimed gave buyers guaranteed interest contracts (GICs) that paid 4-7% returns.
Unfortunately, the Commission claims, Burroughs did not invest clients’ money in any GICs, and he hid this fact by sending clients bogus account statements. Meanwhile, he allegedly engaged in a Ponzi like scheme, paying certain advisory clients with money he’d stolen from other clients. At least five investors were harmed.
Burroughs was also the owner of Burroughs Investment Group. According to his BrokerCheck record, he has worked 33 years in the industry. Before he was registered at Lincoln Investment Planning for 7 years, he had been a broker with Crown Capital Securities, Brookstone Securities, Woodbury Financial Services, Tower Square Securities, Main Street Management, and Pruco Securities.
Burroughs has 15 disclosures on his record, including eight customer disputes that were settled. Allegations against him have included claims of improper sales practices, inappropriate investment recommendations, and misrepresentations.
In the criminal case against him, Burroughs is now facing up to 20 years in prison.
Investment Fraud Lawyers
SSEK Law Firm is investigating possible investor claims by those who were harmed by Lester Burroughs’ fraudulent actions. We also are looking into whether there may be grounds for pursuing a brokerage firm negligence claim against Lincoln Financial for failing to properly supervise Burroughs and enabling him to defraud his advisory clients.
We have helped thousands of investors to recover many millions of dollars over the years. Contact SSEK Law Firm today to request your free, no-obligation case assessment.