Former ING Financial Parterns and John Hancokc Mutual Life Insurance Company financial advisor, Michael J. DiMare, barred from securities industry for securities violations including misappropriation of client funds.

CarterPA — Wed, 12 May 2010 20:25:36 +0000

The Financial Industry Regulatory Authority (FINRA) recently announced that it has permanently barred Ponte Vedra Beach, FL, registered representative Michael J. DiMare, formerly registered with ING Financial Partners, Inc., from the securities industry for misappropriating over $1.9 million in client funds – while making false statements and sending falsified account statements and other documents statements to his customers to hide his scheme.

FINRA found that from at least 2001 to 2008, DiMare persuaded his clients to invest in fictitious financial products, including what purported to be tax-free corporate bonds and CDs. Between 2001 and 2006, DiMare was employed as a sales manager with John Hancock Mutual Life Insurance Company. Between October 2006 and May 2008, DiMare was registered as a registered representative/insurance agent with ING Financial Partners, Inc.

FINRA’s investigation found that 14 of DiMare’s clients wrote checks payable to John Hancock, believing they were making legitimate investments. DiMare simply collected the checks and deposited them in his own bank account and diverted their funds to his personal use. Even after he left John Hancock, DiMare made false statements to his customers by telling them he was still employed at that firm and had them write checks to John Hancock, which he then converted to his own use.

To conceal his misconduct, DiMare prepared and provided his clients with false account statements purporting to be from John Hancock. Those statements falsely indicated that the clients owned investments in tax-free corporate bonds and CDs.

In concluding this settlement, DiMare neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.

If you have questions about investments you made with Michael DiMare, or if you believe that you have been the victim of a securities fraud, the Law Offices of David A. Carter, P.A. may be able to help. David A. Carter is a securities lawyer based in Boca Raton, Florida. He reviews securities fraud cases throughout the country and Florida, including reviewing securities fraud cases in Ponte Vedra Beach, St. Augustine, Jacksonville, Fernandina Beach, Palm Coast, Ormond Beach, and New Smyrna Beach. For more information on the firm’s securities fraud practice, please visit http://www.carterpa.com. To contact the Law Offices of David A. Carter, P.A., please call 561-750-6999 or email us at contact@carterpa.com.

Michael Lewis Axel, formerly of Tripp & Co., Inc. in New York City , barred from FINRA for securities fraud violations.

CarterPA — Fri, 29 Jan 2010 01:10:20 +0000

FINRA recently announced that Michael Lewis Axel, formerly of Tripp & Co., Inc. in New York City , has been barred from association with any FINRA member firm in any capacity. Without admitting or denying the findings, Axel consented to the described sanction and to findings that he misappropriated at least $624,000 from customers of his member firm. The findings further stated that, without the customer’s knowledge, authorization or consent, Axel initiated the issuance of checks from the customers’ accounts, obtaining the checks so that he could deliver them to the customers, and then forged the customers’ signatures and cashed the checks or deposited the checks into his personal bank account. Finally, the findings also stated that Axel effected unauthorized transactions in customers’ accounts without their knowledge, authorization, and consent.

Prior to working as a financial advisor for Tripp & Co., Inc., Michael Axel was a registered representative with Apple Financial Corporation (from 1985-1989) and Brodis Securities Incorporated (1983-1985).

If you have questions about investments you made with Michael Axel, or if you believe that you have been the victim of a securities fraud, the Law Offices of David A. Carter, P.A. may be able to help. David A. Carter is a securities lawyer based in Boca Raton, Florida. He reviews securities fraud cases throughout the country and Northeast, including reviewing securities fraud cases in New York, New Jersey, Pennsylvania, Vermont, Maine, Massachusetts, New Hampshire, Rhode Island, and Connecticut. For more information on the firm’s securities fraud practice, please visit http://www.carterpa.com. To contact the Law Offices of David A. Carter, P.A., please call 561-750-6999 or email us at contact@carterpa.com.

The White Law Group, LLC » theft

Former ING Financial Parterns and John Hancokc Mutual Life Insurance Company financial advisor, Michael J. DiMare, barred from securities industry for securities violations including misappropriation of client funds.

Michael Lewis Axel, formerly of Tripp & Co., Inc. in New York City , barred from FINRA for securities fraud violations.