JEFFERSON, NORTH CAROLINA Did you lose money with broker David Simmons, formerly of Lincoln Financial Securities in Jefferson, North Carolina? We are looking into allegations made against Simmons, who, along with Michael Kohn and Catherine Chollet, were charged with conspiring to defraud the United States by promoting a fraudulent tax scheme called the Gain Elimination Plan (“GEP”), according to the US Attorney for the Western District of North Carolina.

The US Attorney’s office alleges that David Shane Simmons provided false information on insurance applications for their clients in connection with the Gain Elimination Plan. This allegedly caused the insurance company to issue over $200 million in insurance policies based on false application information.

David Simmons was affiliated with Lincoln Financial Securities from 2011 to September 2021, and worked in Jefferson, North Carolina.

Lincoln Financial Securities has an obligation to adequately monitor the conduct of their advisors. If Lincoln Financial Securities failed to do so, it can be responsible for investor losses.

Our securities arbitration law firm has represented over 1,000 investors who lost money because of financial advisor misconduct. We represent investors throughout the country, including investors in North Carolina and South Carolina.

View Simmons, d BrokerCheck 11.21.22

If you lost money with David Simmons or Lincoln Financial Securities, contact the law firm of ISRAELS & NEUMAN at (720) 599-3505 or (206) 795-5798 for a Free evaluation of your case.