Government Employees Conned Into Investment That Never Existed
Operating through his benefits consulting firm, Federal Employee Benefits Group, Inc., and his registered investment adviser, F&S Asset Management Group, Inc., Kenneth Wayne McLeod conned investors out of $34 million to support his lavish lifestyle by conducting retirement seminars across the country. He solicited government employees to invest money in a government bond fund that didn’t exist. Later, the Jacksonville financial adviser committed suicide when the federal authorities were zeroing in on him. Fortunately for those harmed by McLeod’s wrongdoings, the brokerage firm that he worked for, Lincoln Financial Securities Corporation, had a duty to adequately supervise his activity during the time in question when the money was stolen from the victims and converted to his own use.
If your organization has been fraudulently enticed into such a scheme, contact our securities law firm at 1-800-259-9010 for a confidential, no obligation consultation.