Craig Umphress Fined and Suspended Concerning Allegations Relating to His Involvement with Big Block Consulting Group

Ohio stockbroker fraud attorney

Craig Alan Umphress, formerly associated with ING America Equities, Inc., was fined and suspended from the securities industry by the Financial Industry Regulatory Authority (“FINRA”) in connection with allegations that he conducted an insurance business, Big Block Consulting Group, Inc., and failed to disclose his outside business activities to ING.

From May 2007 to July 2012, Umphress used Big Block to conduct an insurance business for his individual customers and to receive referral fees for introducing insurance agents to potential customers who would purchase or sell non-ING insurance products, according to FINRA.

According to FINRA, Umphress violated regulatory rules by failing to disclose his outside business activities to ING and by failing to notify ING of the more than $150,000 in compensation he received for servicing his own insurance clients and referring insurance agents to third parties who would purchase or sell non-ING products.

Umphress consented to a $15,000 fine and a one year suspension from the securities industry without denying or admitting FINRA’s findings.

The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.

phil korosec (1250 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.