Mark Sellers, John Scott Elliott— Alleged Ponzi Scheme

Mark Sellers Allegedly Ran a $10 Million Ponzi Scheme with Purported Assistance from John Scott Elliott to Make Sales of Investments in K.C.-based Selden Companies

Have you or a loved one lost your hard-earned money investing in Selden Companies LLC, a Kansas City, Missouri-area based firm?

Mark Sellers, the owner of Selden Companies LLC, allegedly ran a Ponzi scheme, according to a recent Letter of Acceptance, Waiver, and Consent (AWC) under review by attorney Alan Rosca.

Attorney Alan Rosca, of the RoscaLaw LLC firm, is investigating activity related to Mark Sellers’ alleged Ponzi scheme. Investors who believe they may have lost money in activity related to Mark Sellers’ alleged Ponzi scheme are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Mark Sellers, specifically, allegedly ran a $10 million Ponzi scheme, from December 2007 through at least 2015, and involving about 100 investors through his firm, Selden Companies, LLC

John Elliott Reportedly Terminated by Ameriprise for Alleged Selling Away; Sellers Reportedly Committed Suicide Following an FBI Raid of His Home

The RoscaLaw LLC firm is investigating whether Elliott helped raise funds for Sellers and his Selden Companies scheme from some investors.

John Elliott has been registered as a financial advisor with Ameriprise Financial Services from November 2011 to September of 2016, and was reportedly terminated by Ameriprise for alleged “compliance policy violations related to selling away”, according to the aforementioned reports from Kansas City under review by attorney Alan Rosca.

Selling away is a term which refers to a financial advisor who solicits investments in companies, promissory notes, or other securities that are not pre-approved by the broker’s affiliated firm.

Sellers allegedly made fraudulent misrepresentations to investors that he would implement the funds to buy companies and then turn them around to make a profit, the Action notes. Unfortunately, Sellers then allegedly shot himself Tuesday morning Aug. 2 as FBI agents searched his home, according to reports from Kansas City.

Finally, Sellers and his wife also allegedly spent almost all of the aforementioned invested funds to live a lavish lifestyle including life insurance policies, homes, jewelry, and credit card purchases which have allegedly been laundered through multiple bank accounts, the Action states.

One should also note that, according to the AWC, Mark Sellers neither admitted nor denied the FINRA findings.

Securities Lawyer Investigating

The RoscaLaw firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Mark Sellers’ alleged Ponzi scheme. 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. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions, and has helped recover tens of millions of dollars on behalf of investors.

Investors who believe they lost money as a result of Mark Sellers’ alleged Ponzi scheme may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@roscalaw.com, 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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