Goodman & Nekvasil P.A., May Recover Losses on Keyport Oil or Other Investments – Hugh Monroe Dyson Jr. (Hugh Dyson) Fired by Ameriprise Financial Services, Inc. and Barred from Securities Industry
From 2009 until Hugh Dyson’s firing in 2012, Hugh Dyson was licensed with Ameriprise Financial Services, Inc. According to FINRA’s records, Hugh Dyson was fired by Ameriprise Financial Services, Inc. on April 19, 2012. Ameriprise Financial Services, Inc. reported to FINRA that Hugh Dyson was terminated after admitting to misappropriating funds by offering a fraudulent investment outside the firm called “Keyport Oil.”
Subsequent to Hugh Dyson’s firing by Ameriprise Financial Services, Inc., FINRA investigated Hugh Dyson and brought a disciplinary action against Hugh Dyson. Hugh Dyson was censured, barred from the securities and investment banking industry and ordered to pay $740,000 plus interest in restitution to customers by the Financial Industry Regulatory Authority (FINRA) on November 15, 2012. FINRA reports that Hugh Dyson consented to the sanctions and to the entry of findings that Hugh Dyson solicited several individuals to invest in an entity (Keyport Oil) that Hugh Dyson formed and made representation that the investors’ funds would be used for activities relating to oil and gas extraction. According to FINRA, the investors collectively gave Hugh Dyson more than $740,000 to invest in the entity (Keyport Oil). According to FINRA, Hugh Dyson deposited the funds he received from the investors into a bank account that Hugh Dyson opened under the name of Hugh Dyson’s entity (Keyport Oil) and Hugh Dyson was the only authorized signatory on the account. According to FINRA, although the entity’s (Keyport Oil) professed business was oil and natural gas exploration, Hugh Dyson never spent any of the investors’ funds toward this purpose and Hugh Dyson did not disclose this fact to any of the investors.
According to FINRA, when Hugh Dyson solicited the investors to invest in the entity (Keyport Oil), Hugh Dyson represented that it would pay quarterly distributions to the customers from revenues generated by the entity’s (Keyport Oil) oil and natural gas activities. According to FINRA, Hugh Dyson wrote distribution checks to the investors, drawn on the entity’s account, and wrote checks drawn on the entity’s (Keyport Oil) account for Hugh Dyson’s personal expenses, without disclosing this fact to any of the investors. According to FINRA, at various times, Hugh Dyson deposited his personal funds into the entity’s (Keyport Oil) account, for the purpose of enabling it to make its distributions to the investors. According to FINRA, the funds from the account paid out as distributions to the investors were either received from the investors themselves or from Hugh Dyson and Hugh Dyson did not disclose this fact to any of the investors.
If you lost any money on Keyport Oil or other investments with Hugh Dyson, you may be able to recover your losses from Ameriprise Financial Services, Inc. This is because Ameriprise Financial Services, Inc. had a duty to supervise Hugh Dyson.
If you lost money on Keyport Oil or other investments with Hugh Dyson and believe 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 Ameriprise Financial Services, Inc. concerning Hugh Dyson’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 Keyport Oil or other investments with Hugh Dyson 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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