Goodman & Nekvasil P.A, May Recover Investor Losses – Barkley JW Lundy Jr. a.k.a Mike Lundy Jr. (Mike Lundy) Barred from Securities Industry and Fired by PFS Investments Inc.
From 1992 until Mike Lundy’s firing in 2014, Mike Lundy was licensed with PFS Investments Inc. According to FINRA records, Mike Lundy was fired on August 14, 2014. PFS Investments Inc. reported to FINRA that Mike Lundy was fired after the firm obtained information indicating that Mike Lundy may have mishandled customer funds.
Subsequent to Mike Lundy’s firing, FINRA brought a disciplinary action against Mike Lundy in 2017. FINRA reports that Mike Lundy consented to a bar from the securities industry. Mike Lundy consented to the entry of findings that Mike Lundy received funds from at least 20 customers of Mike Lundy’s member firm and deposited those funds into Mike Lundy’s personal bank accounts. The findings stated that Mike Lundy transferred funds from Mike Lundy’s personal account and then back into at least three firm customers’ bank accounts and then further transferred funds into each of those customers’ firm accounts. The findings stated that Mike Lundy then arranged for each of those customers to purchase additional shares of mutual funds held by the customers. Mike Lundy represented to each of the customers that the fund movements were akin to “dividend reinvestments’ in their mutual funds. The findings also state that Mike Lundy provided at least one customer with a fabricated tax document bearing falsified information.
FINRA reports that Mike Lundy was sentenced to 5 years of imprisonment after pleading guilty to making and subscribing a false tax return, and sentenced to 3 years of imprisonment after pleading guilty to wire fraud. The two sentences run concurrently. Upon release from imprisonment Mike Lundy will be on supervised release for three years. Mike Lundy was ordered to pay an assessment of $200 and restitution of $1,626,070.96.
If you lost any money on investments with Mike Lundy, you may be able to recover your losses from PFS Investments Inc. This is because PFS Investments Inc. had a duty to supervise Mike Lundy.
If you lost money on investments with Mike Lundy, and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against PFS Investments Inc., concerning Mike Lundy’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you lost money on any investments with Mike Lundy and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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