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LPL FINANCIAL AND NRP FINANCIAL- INVESTIGATION OVER ASSISTANCE PROVIDED TO THE $194 MILLION MINNESOTA CURRENCY TRADING PONZI SCHEME

Zamansky LLC (“Zamansky”) announces that it is investigating two brokerage firms, LPL Financial Inc. (“LPL”) and NRP Financial Inc. (“NRP”) over assistance provided to the second-largest Ponzi scheme in Minnesota history.  In April 2010, Trevor Cook pled guilty to a $194 million running a fraudulent currency trading program by which he defrauded 700 or more elderly and blue collar investors of their savings.

On June 11, 2012, three men were found guilty by a jury of helping fraudster Cook.   Jason “Bo” Beckman, who operated as Oxford Private Client Group, was convicted of a variety of fraud and money-laundering charges.  Beckman and Oxford Private Client Group raised at least $47.3 million from at least 143 investors from August 2006 to July 2009, through a fraudulent, unregistered securities offering in a purported foreign currency trading venture.  Beckman lied to investors that their money would be invested in the currency program, held in a segregated account, and that they would receive guaranteed returns of 10-12% per year with little or no risk. Instead, Beckman misappropriated the money for his scheme.

In addition, Gerald Durand, an entrepreneur and former coin dealer, was convicted of fraud and money-laundering, and tax charges, and Patrick Kiley, whose “Follow the Money” radio talk-show program lured the most investors, was found guilty of fraud and money laundering counts.

Zamansky is investigating whether LPL or NRP assisted Beckman, or had responsibility to supervise his activities.  Zamansky is also investigating any other assistance that LPL or NRP may have provided to the fraudulent schemes run by Cook, Beckman, Durand, Kiley or Christopher Pettengill who also pled guilty recently.

If you were a victim of the fraud by Beckman, Cook, Durand, Kiley or Pettengill and wish to discuss your rights, or have other information to assist the investigation, please contact Jake Zamansky at (212) 742-1414, or by email at jake@zamansky.com.

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