The securities fraud attorneys at Meyer Wilson are currently investigating claims against former broker Clark Gardner (CRD# 2930356).
The Financial Industry Regulatory Authority (FINRA) and the U.S. Securities and Exchange Commission (SEC) have permanently barred former Cetera Advisors LLC broker Clark S. Gardner (CRD# 2930356) “from acting as a broker and investment adviser, or otherwise associating with firms that sell securities or provide investment advice to the public.”
According to FINRA, Gardner was given a check for $243,000 by a customer for an investment opportunity. Rather than invest the money on the customer’s behalf, Gardner allegedly deposited the check directly into his personal bank account, using the funds for his own personal use. FINRA also alleged that he worked as an agent for a real estate investment company without his firm’s knowledge or consent, something he was expressly forbidden from doing according to the firm’s policies and procedures. Gardner allegedly facilitated a customer’s $150,000 real estate property investment through the company, and received a $20,000 commission for facilitating the transaction.
Without admitting or denying the findings, Gardner signed a Letter of Acceptance, Waiver and Consent consenting to FINRA’s sanctions on September 4, 2014.
Gardner pleaded guilty to four counts of securities fraud, a second degree felony, in violation of Utah Code Ann. § 61-1-1, and was sentenced to a suspended term of not less than one year or more than fifteen years in the Utah State Prison, as well as seven years of probation, and was ordered to pay an as of yet undetermined amount in restitution.
Gardner last worked for Cetera Advisors based out of Orem, UT, in 2014, when he was fired over undisclosed outside business activity and sales of an unapproved product.
If you lost money investing with former Cetera Advisors broker Clark Gardner, contact Meyer Wilson today for a free case consultation to discuss your potential claim. Our securities fraud attorneys handle all of our cases on a contingency fee basis, so you won’t owe us any fees unless we successfully help you recover your losses.