INVESTOR WARNING! Donald Toomer from Las Vegas, Nevada
WARNING! Donald Toomer from Las Vegas, Nevada
Have you lost money with financial advisor Donald Toomer of Las Vegas, Nevada? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Donald S. Toomer. FINRA barred Toomer from the securities industry after he failed to respond to a FINRA investigation. FINRA was investigating Toomer after he was indicted for securities fraud and also subject of a civil securities complaint by the Securities and Exchange Commission (SEC).
The SEC alleged that Donald Toomer, along with other co-defendants, manipulated the securities of NXT Nutritional Holdings (NXTH), Clear-Lite Holdings (CLRH), and Mesa Energy Holdings (MSEH) from 2008 to 2011. It was alleged that Toomer helped artificially raise the price of these stocks by having his customers at Wells Fargo purchase the shares. After the price of these shares went up, Toomer and the other defendants sold their shares, thereby manipulating the stock price and profiting from it. This is often referred to as a “pump-and-dump” scheme.
Donald Toomer was a financial advisor and registered representative of Wells Fargo Advisors from September 2005 to December 2015. He worked at a branch office in Las Vegas, Nevada.
Brokerage firms like Wells Fargo Advisors have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Ann Arbor, Chicago, and the Seattle and Portland area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Nevada in the past. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Wells Fargo Advisors.
Click to view: Toomer, Donald SEC Complaint
Click to view: Toomer, Donald FINRA Order
Click to view: Toomer BrokerCheck 10.6.16
HAVE YOU LOST MONEY WITH DONALD TOOMER OR WELLS FARGO ADVISORS?
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Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.