{"id":6666,"date":"2018-11-09T11:05:07","date_gmt":"2018-11-09T17:05:07","guid":{"rendered":"http:\/\/www.investorlawyers.com\/?p=6666"},"modified":"2018-11-09T11:05:07","modified_gmt":"2018-11-09T17:05:07","slug":"former-next-financial-investment-adviser-pleads-guilty-to-multimillion-dollar-investor-fraud","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/former-next-financial-investment-adviser-pleads-guilty-to-multimillion-dollar-investor-fraud\/","title":{"rendered":"Former Next Financial Investment Adviser and Broker Pleads Guilty to Multimillion-Dollar Investor Fraud Charges"},"content":{"rendered":"<p>\t\t\t\tDouglas P. Simanski, a former Next Financial investment adviser and broker, has pleaded guilty to a $4.5M investor fraud for the criminal charges of wire fraud, securities fraud, and submitting false income tax returns. He is accused of bilking over 30 clients over a 14-year period.<\/p>\n<p>According to the <a href=\"https:\/\/www.justice.gov\/usao-wdpa\/pr\/cambria-county-investment-advisor-pleads-guilty-45m-fraud-scheme\" target=\"_blank\" rel=\"noopener noreferrer\">US Attorney\u2019s Office for the Western District of Pennsylvania<\/a>, between February 2002 and May 2016, Simanski \u201cfraudulently obtained\u201d about $4.5M from investors. He \u201cfabricated\u201d contracts for \u201cTax Free Investments\u201d and \u201cfake CDs\u201d that came with a list of guaranteed return rates and payouts. The bogus documents were used to solicit investors.<\/p>\n<p>Simanski went on to use some of the investors&#8217; funds to issue returns to other investors to make it seem as if the \u201cinvestments were legitimate.\u201d He also used some of their money for personal spending and in his own E*Trade account. The former Next financial broker is accused of turning in income tax returns that were \u201cfalse.\u201d<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/former-next-financial-investment-adviser-pleads-guilty-to-multimillion-dollar-investor-fraud\/\"  title=\"Continue Reading Former Next Financial Investment Adviser and Broker Pleads Guilty to Multimillion-Dollar Investor Fraud Charges\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Douglas P. Simanski, a former Next Financial investment adviser and broker, has pleaded guilty to a $4.5M investor fraud for the criminal charges of wire fraud, securities fraud, and submitting false income tax returns. He is accused of bilking over 30 clients over a 14-year period. According to the US Attorney\u2019s Office for the Western [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6409,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3781,3738],"tags":[3177,3178],"class_list":["post-6666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broker-fraud","category-investment-advisers","category-investor-fraud","tag-douglas-simanski","tag-next-financial"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Former Next Financial Investment Adviser and Broker Pleads Guilty to Multimillion-Dollar Investor Fraud Charges &#8212; Investor Lawyers Blog &#8212; November 9, 2018<\/title>\n<meta name=\"description\" content=\"Douglas P. Simanski, a former Next Financial investment adviser and broker, has pleaded guilty to a $4.5M investor fraud for the criminal charges of wire fraud, securities fraud, and submitting false income tax returns. He is accused of bilking over 30 clients over a 14-year period.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/former-next-financial-investment-adviser-pleads-guilty-to-multimillion-dollar-investor-fraud\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Former Next Financial Investment Adviser and Broker Pleads Guilty to Multimillion-Dollar Investor Fraud Charges &#8212; Investor Lawyers Blog &#8212; November 9, 2018\" \/>\n<meta name=\"twitter:description\" content=\"Douglas P. Simanski, a former Next Financial investment adviser and broker, has pleaded guilty to a $4.5M investor fraud for the criminal charges of wire fraud, securities fraud, and submitting false income tax returns. He is accused of bilking over 30 clients over a 14-year period.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/09\/9.4.18.jpeg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Former Next Financial Investment Adviser and Broker Pleads Guilty to Multimillion-Dollar Investor Fraud Charges &#8212; Investor Lawyers Blog &#8212; November 9, 2018","description":"Douglas P. 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Simanski, a former Next Financial investment adviser and broker, has pleaded guilty to a $4.5M investor fraud for the criminal charges of wire fraud, securities fraud, and submitting false income tax returns. He is accused of bilking over 30 clients over a 14-year period.","twitter_image":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/09\/9.4.18.jpeg","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/former-next-financial-investment-adviser-pleads-guilty-to-multimillion-dollar-investor-fraud\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/former-next-financial-investment-adviser-pleads-guilty-to-multimillion-dollar-investor-fraud\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Former Next Financial Investment Adviser and Broker Pleads Guilty to Multimillion-Dollar Investor Fraud Charges","datePublished":"2018-11-09T17:05:07+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/former-next-financial-investment-adviser-pleads-guilty-to-multimillion-dollar-investor-fraud\/"},"wordCount":552,"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/former-next-financial-investment-adviser-pleads-guilty-to-multimillion-dollar-investor-fraud\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/09\/9.4.18.jpeg","keywords":["Douglas Simanski","Next Financial"],"articleSection":["Broker Fraud","Investment Advisers","Investor Fraud"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/former-next-financial-investment-adviser-pleads-guilty-to-multimillion-dollar-investor-fraud\/","url":"https:\/\/www.investorlawyers.com\/blog\/former-next-financial-investment-adviser-pleads-guilty-to-multimillion-dollar-investor-fraud\/","name":"Former Next Financial Investment Adviser and Broker Pleads Guilty to Multimillion-Dollar Investor Fraud Charges &#8212; Investor Lawyers Blog &#8212; November 9, 2018","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/former-next-financial-investment-adviser-pleads-guilty-to-multimillion-dollar-investor-fraud\/#primaryimage"},"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/former-next-financial-investment-adviser-pleads-guilty-to-multimillion-dollar-investor-fraud\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/09\/9.4.18.jpeg","datePublished":"2018-11-09T17:05:07+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Douglas P. 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