Financial Adviser Lester Burroughs Guilty Plea to Wire Fraud

Lester Burroughs Was Criminally Indicted and Plead Guilty Misappropriation of Client’s Funds

Financial Advisor Lester William Burroughs, also known as Chad Burroughs, allegedly engaged in violation of Title 18 of the United States Code Section 1343 before the United States District Court for the District of Connecticut for misrepresentation of investments, pled guilty to one count of wire fraud, executed a scheme to defraud his investment clients that resulted in him misappropriating approximately $575,000 from three investors according to a Pending Criminal Complaint under review by investor rights attorneys Alan Rosca and Paul Scarlato.

The aforementioned Pending Criminal Complaint was filed on December 4, 2019 and Burroughs plead guilty before U.S. District Judge Victor Bolden in Bridgeport, CT and could face a maximum term of imprisonment of 20 years.

Investor rights attorneys Alan Rosca and Paul Scarlato, of the Rosca Scarlato LLC law firm, are investigating activity related to Lester Burroughs’ alleged violation of United States Securities Law, misappropriation of investment clients funds , violation of FINRA rules, and his scheme to defraud investors.

Investors who believe they may have lost money in activity related to Lester Burroughs’ alleged violation of United States Securities Law, misappropriation of investment clients funds, violation of FINRA rules and his scheme to defraud investors, are encouraged to contact attorneys Alan Rosca and Paul Scarlato with any useful information or for a free, no obligation discussion about their options.

Lester Burroughs was BARRED by the United States Securities and Exchange Commission

A Final Regulatory Order was made on January 14, 2020 by the United States Securities and Exchange Commission barring Lester Burroughs from any capacity as a Broker, Dealer, Investment Adviser, Municipal Security Dealer, Municipal Advisor or NRSRO indefinitely starting on January 14, 2020. Burroughs plead guilty to executing a scheme to defraud his investment client that resulted in his misappropriation of approximately $575,000, FINRA reports.

A Pending Customer Dispute alleges that Lester Burroughs has a investment client that has requested to be added as a victim and is requesting assistance in the recovery of her lost principal, FINRA details.

Said Pending Complaint was filed on December 21, 2019, FINRA reports.

A second pending customer dispute alleges elder abuse, misappropriation and unsuitable investments. This pending dispute was filed on December 20, 2019, FINRA reports.

Lester Burroughs was Discharged from Employment of Lincoln Investment Planning, LLC

Lester Burroughs was discharged from his employer, Lincoln Investment Planning LLC on December 6, 2019, when they became aware of the charges filed by the United States Securities and Exchange Commission and United States Attorney’s Office wherein Burroughs plead guilty to one count of wire fraud in the sale of fictitious insurance contracts to four individuals, FINRA states.

Lester Burroughs has Civil actions pending for his scheme to defraud retail investors from at least November 2012 to at least January 2019, Burroughs misappropriated advisory client money for his own personal use, created and sold fictitious investment products to clients and engaged in a Ponzi-like schemed by paying back some advisory clients with money stolen from other advisory clients. He defrauded at least five clients and has failed to return at least $560,000 to three of his clients. Burroughs violated or in the alternative aided and abetted violation of and unless retrained and enjoined will continue to violate the Investment Advisors act of 1940 FINRA states.

Burroughs, therefore, allegedly violated FINRA Rules, and was Barred by SEC on January 14, 2020, FINRA states.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.

Securities Lawyer Investigating

The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Lester Burroughs’ alleged violation of United States Securities Law and violation of FINRA rules. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorneys Alan Rosca and Paul Scarlato, securities lawyers have represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Lester Burroughs’ alleged violation of United States Securities Law, and violation of FINRA rules, may contact attorneys Alan Rosca and Paul Scarlato for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, pscarlato@rscounsel.law or through the contact form on this webpage

DISCLAIMER

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 matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.

If you believe you lost money as a result of investment-related fraud or misconduct, please contact our law firm for a free, no-obligation evaluation of your recovery options.

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