The Securities and Exchange Commission filed a cease-and-desist action
against former Detroit, Michigan H.D. Vest stockbroker Lewis J. Hunter.
The SEC claims that Lewis J. Hunter tricked his brokerage clients into
believing that they owned various outside investments. The SEC says that
these investments were, in fact, a sham, and that Hunter instead used his clients' funds
to pay personal and business expenses. He also used these funds to make
personal loans to other victims
according to the action.
Hunter was registered as a broker with securities firm HD Vest Investment
Securities Inc., a registered broker-dealer based out of Texas. The SEC
cites at least two HD Vest brokerage customers who were victimized by
Hunter. In one instance, the SEC says that Hunter wired $150,000 directly
from his client’s HD Vest brokerage account into the outside bank
account of an entity that Hunter controlled, National Business Concepts
International-CME Trade Group, LLC ("NBCI").
Allegedly, this wire transfer was made without the client's knowledge
or permission. When the client confronted Hunter about the unauthorized
transfer, Hunter told the client that he used the money to purchase a
"Guaranteed Investment Certificate" ("GIC") purportedly
issued by HSBC Bank Canada that would pay the client guaranteed monthly
interest payments of 15 percent for two years. In reality, shortly after
the money was wired into Hunter's bank account, the money was then
wired into a forex brokerage account also controlled by Hunter.
Hunter tried to cover up his fraud by sending to his client various fake
account statements and other documents. In another instance, Hunter got
a client to sign a wire transfer form authorizing the transfer of $54,000
from the client's HD Vest brokerage account into an investment to
be held at US Bank. The client's money was instead wired from the
client's HD Vest brokerage account into a Scottrade account held in
the name of yet another Hunter-owned entity, National Business Concepts,
Hunter's reported actions violate the rules of the securities industry.
Hunter's clients may have lost hundreds of thousands of dollars in
investments due to HD Vest's failure to properly supervise him. Investors
who lost money as a result of Hunter's actions may be able to recover
their losses through a FINRA dispute resolution claim.
Although the SEC has filed an action against Hunter, it is important to
understand that in order to recover money lost as the result of Mr. Hunter's
alleged fraud, you
MUST file your own action
The law firm of Meyer Wilson is currently talking to victims of Lewis J.
Hunter. You may also have a valid legal claim against HD Vest to recover
your money, but there are time limits to file claims. If you do not act
promptly, you may lose your rights forever.
If you or someone you care about has suffered financial losses resulting
from an investment with Lewis J. Hunter or HD Vest, please call us for
a confidential, no-cost consultation at