James Paul Kolf—Material Misrepresentations and Omissions
James Paul Kolf Allegedly Made Material Misrepresentations and Omissions in the Sale of at Least $588,000 in So-called SFN Financial Network Securities to Twelve Customers; Kolf Allegedly Sold Non-Existing Securities
James Paul Kolf, who first started in the brokerage business with New England Securities in 2009, allegedly made material misrepresentations and omissions in the sale of at Least $588,000 in so-called SFN Financial Network Securities to twelve customers, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Alan Rosca and James Booker.
The securities which Kolf, who first started in the brokerage business with New England Securities in 2009, allegedly converted were not authentic, however, and he allegedly used said funds pay his business and personal expenses, the AWC further notes.
Kolf allegedly informed clients that the terms of the investments included paid interest at the rate of 6%, the AWC reports. Kols, it appears, allegedly never invested his customers’ funds in SFN Financial Network as the securities allegedly never existed, the AWC reports.
The Peiffer Rosca Wolf securities lawyers are currently investigating James Paul Kolf’s alleged material misrepresentations and omissions.
James Paul Kolf Allegedly Created and Distributed False Account Statements to Customers Reflecting Purported Fake Investments; Kolf Barred by FINRA
James Paul Kolf also allegedly created and sent out falsified account statements to customers that showed their interests in the purported fake investments, according to the aforementioned AWC currently under review by attorneys Alan Rosca and James Booker.
FINRA Rules provide that no person associated with a member shall make improper use of a customer’s securities or funds and conversion of customer funds is a violation of FINRA Rules. Therefore, based on the aforementioned behavior, Kolf allegedly violated FINRA Rules, and hence, has been barred by FINRA.
One should also note that, according to the AWC, James Paul Kolf neither admitted nor denied the FINRA findings.
Securities Lawyers Investigating
The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged securities fraud scams and are currently investigating James Paul Kolf’s alleged material misrepresentations and omissions. 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 James Paul Kolf’s alleged material misrepresentations and omissions may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520.