Mike Lundy—Investment Fraud

Cleveland stockbroker fraud lawyerMike Lundy Allegedly Encouraged Clients to Invest Money into a Purportedly Fraudulent Investment Company; Lundy Allegedly Took in $4.2 Million and Evaded Income Taxes

Mike Lundy, a.k.a. Barkley J.W. Lundy, and of Rapid City, allegedly lured dozens of clients to invest money into a purportedly fake investment company called Associates Investments from the early 2000s to 2014, according to Court Documents from the U.S. District Court of South Dakota currently under review by attorneys Joe Peiffer and James Booker.

Several Peiffer Wolf securities practice lawyers are investigating investment recovery options on behalf of investors in Lundy’s alleged investment fraud.

Investors who believe they may have lost money in Lundy’s alleged investment fraud are encouraged to contact attorneys Joe Peiffer or James Booker with any useful information or for a free, no obligation discussion about their options.

Lundy is now facing 23 years in federal prison and has been charged with one count each of alleged wire fraud and making and filing a false tax return, according to said Court Documents.

Lundy also allegedly placed investor’s money in his own bank account, according to a statement he signed as part of a plea deal.

Lundy allegedly used a percentage of investor funds for personal expenses, including payments for home remodeling, vacations and a Jeep, according to Court Documents.

Lundy was also a registered investment adviser and a commissioned representative of Primerica, a North American financial services firm, and managed its Rapid City office, according to reports from Rapid City.

The Peiffer Wolf securities lawyers are investigating Mike Lundy’s alleged investment fraud.

Mike Lundy Allegedly Lied to Clients or Misled them into Understanding Associates Investments was Associated with Primerica

Mike Lundy allegedly misled clients into believing that Associates Investments was affiliated with Primerica, according to the aforementioned Court Documents currently under review by attorneys Joe Peiffer and James Booker.

Lundy also allegedly told clients that their cash would be invested into municipal bonds or other sorts of tax-exempt securities and would be fully repaid, with monthly dividends, over a predetermined period, said Documents note.

What is more Lundy also allegedly persuaded some investors to switch money from their purportedly legitimate Primerica accounts into Associates Investments, and also allegedly promised a higher return, according to statements from Grand Rapids.

In sum, Lundy allegedly collected a total of $4.2 million from around 80 investors, and still owes nearly $1.5 million to 54 investors, whom he agreed to pay back in the February 3rd plea agreement, the Documents note.

Securities Lawyers Investigating

The Peiffer Wolf securities lawyers often represent investors who lose money as a result of investment fraud and are currently investigating Mike Lundy’s alleged investment fraud. 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 Mike Lundy’s alleged investment fraud may contact the securities lawyers at Peiffer Wolf, Joe Peiffer or James Booker, for a free no-obligation evaluation of their recovery options, at 504-523-2434 or via e-mail at jpeiffer@pwcklegal.com or jbooker@pwcklegal.com.

Peiffer Wolf (1316 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.