Securities Arbitration Lawyers Blog34-Year Career of Wisconsin-based Broker James Paul Kolf Comes to an Abrupt End
Allegations of securities fraud and violation of the Securities Exchange Act of 1934 drive FINRA action to permanently bar Kolf
According to the Financial Industry Regulatory Authority (FINRA), broker James Kolf allegedly recommended and sold at least $588,000 in securities to twelve firm customers between October 2013 and July 2014. These customers believed they were investing in securities of “SFN Financial Network,” however, such securities did not actually exist. Instead, Kolf is reported to have used his customer’s funds to pay for his own business and personal expenses. Taking it a step further, Kolf allegedly then created and distributed falsified account statements to his customers reflecting their interests in the fake investments.
Such allegations of fraud and material misrepresentation ended what to date had been a spotless career in the securities industry.