Goodman & Nekvasil P.A, May Recover Investor Losses – Gary Michael Strange (Gary Strange) Formerly Licensed with Cambridge Investment Research, Inc.
From 2015 until 2016, Gary Strange was licensed with Cambridge Investment Research, Inc. Gary Strange was previously licensed with Princor Financial Services Corporation.
FINRA reports that Gary Strange was named last month in a FINRA disciplinary action. FINRA alleges that Gary Strange borrowed a total of $153,506.57 through two loans from Gary Strange’s securities customers while Gary Strange was associated with a member firm, despite the firm’s written procedures prohibiting them. The complaint alleges that Gary Strange never provided the firm with notice of either the first or second loan. The complaint alleges that Gary Strange accepted the second loan less than four months after the firm fined and reprimanded Gary Strange for obtaining financial assistance from another customer. The complaint also alleges that Gary Strange made an unsuitable recommendation to one of the customers that Gary Strange borrowed from, that she liquidate her securities holdings in a mutual fund in order to make the second loan to Gary Strange, as well as liquidating her holdings in the mutual fund in order to roll the funds from the 401(k) account to a new IRA at another broker dealer. The complaint alleges that Gary Strange instructed the customer to transfer the funds into a bank account in his wife’s name to prevent the firm from detecting the second loan. The complaint states that the customer incurred taxes and penalties of at least $43,790.
FINRA reports a civil suit was filed alleging sales practice violations against Gary Strange. The civil suit alleged that Gary Strange and Gary Strange’s spouse induced the client to loan them funds from her retirement account and misrepresented the reasons the assets were needed, when the funds would be returned to the client, and how the tax consequences would be handled (401(k)). The civil suit was settled for $55,000.
If you lost any money on investments with Gary Strange, you may be able to recover your losses from Cambridge Investment Research, Inc. and/or Princor Financial Services Corporation. This is because Cambridge Investment Research, Inc. and Princor Financial Services Corporation. had a duty to supervise Gary Strange.
If you lost money on investments with Gary Strange, 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 Cambridge Investment Research, Inc. and/or Princor Financial Services Corporation., concerning Gary Strange’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 $170 million on behalf of victimized investors. If you lost money on any investments with Gary Strange 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.
Keywords: FINRA, Gary Michael Strange, Cambridge Investment Research, Princor Financial, SEC, Fraud, Attorney, Broker, Brokerage, Firm, Brokerage Firm, Invest, Lawyer, Securities Lawyer, Goodman and Nekvasil, Nekvasil, Goodman, Investor, Investment, Financial, Financial Services, Securities