Harry Stokes Accused of Orchestrating Ponzi Scheme in North Carolina
Harry Stokes, an insurance broker who worked in Monroe, North Carolina, orchestrated a Ponzi scheme that defrauded investors out of millions, according to a complaint filed in a North Carolina state court. Securities attorneys Joe Peiffer and Jason Kane are investigating the matter.
Stokes was the owner of Contemporary Benefits Design, an insurance firm located in Monroe, North Carolina. Stokes was also registered to sell investment products.
Stokes admitted to orchestrating a Ponzi scheme by informing one of his former clients and two of his former colleagues that the Blackburg Financial mutual fund he recommended to his customers never existed, according to the complaint. A few days after admitting to the scheme, Stokes committed suicide.
Stokes allegedly represented to investors that Blackburg Financial earned a fixed 5.99% each year and sent documentation to investors that their investments were growing.
Stokes is alleged to have defrauded dozens of investors, including his family and close friends.
Investors would have had a hard time questioning the legitimacy of Stokes because National Financial Partners purchased Contemporary Benefits Design in 2006. National Financial Partners manages $10 billion in assets and is generally we regarded across the country.
Attorneys Alan Wolf and Joe Peiffer are preparing to take action against National Financial Partners on behalf of investors who lost money as a result of the alleged scheme perpetrated by Stokes.
The Peiffer Wolf securities 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 in connection with their investments with Harry Stokes. 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 their investments with Harry Stokes may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.