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Martin Wegener New England Financial | Michigan Stockbroker Fraud

A Grand Rapids stockbroker is currently under investigation by the Securities and Exchange Commission (SEC) for investment fraud, according to several area news reports. The former stockbroker, Martin T. Wegener, worked for New England Financial, which is owned by insurance giant Metropolitan Life Insurance Company (MetLife).According to the records maintained by the Financial Industry Regulatory Authority (FINRA), as well as a statement provided to an area news outlet by New England Securities, Mr. Wegener's employment as a registered representative with New England Financial was recently terminated.

Mr. Wegener is accused of defrauding his clients by misusing the investors' money and creating fake account statements to hide the fraud, according to the news reports. It has been reported that clients of Mr. Wegener have allegedly suffered millions of dollars in investment losses.

Although it has been reported that the SEC is conducting its own regulatory investigation, investors should be aware that the role of the SEC is not to recover investors' losses but rather to enforce its regulatory powers. In order to recover investment losses suffered as a result of stockbroker fraud, investors must pursue a private legal action.

Legal claims for recovery of investment losses by customers of brokerage firms are generallyrequired to be pursued through mandatory arbitration through FINRA. Investors who are victims of the alleged stockbroker fraud carried out by Martin Wegener are encouraged to consult with an experienced securities arbitration law firm to evaluate their rights.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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