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ZAMANSKY LLC INVESTIGATING LPL INVESTMENT HOLDINGS AND NRP FINANCIAL FOR AIDING $150 MILLION MINNESOTA PONZI SCHEME

Zamansky LLC is investigating NRP Financial Inc., a broker-dealer that has been sued by a receiver in Minnesota for its alleged role in aiding a $150 million Ponzi scheme. NRP’s assets were bought a year and a half ago by LPL Investment Holdings Inc. According to the lawsuit, which was filed Thursday in U.S. District Court in Minneapolis, NRP Financial Inc. “assisted in the proliferation of one of the largest Ponzi schemes in Minnesota’s history.” Victims of the scheme were told that they would receive annual returns of 10% to 12% with little or no risk to the principal. News of the receiver’s suit has been widely reported by the local and national press, including in the Investment News on January 6, 2012.

The suit accuses NRP of failing to supervise its former broker, Jason Bo-Alan Beckman, as he raised $47.3 million for the scheme from at least 143 investors. In July, Mr. Beckman was charged with 13 felony counts related to the alleged scheme, with the charges including aiding and abetting wire fraud, aiding and abetting money laundering and conspiracy.

LPL said in July 2010 it was buying the assets of NRP Financial’s parent, National Retirement Partners Inc. LPL later revealed it paid $27 million in the deal, with the the primary assets coming from the broker-dealer. It now takes the position that it has no liabilities in connection with it purchase.

Zamansky LLC is investigating the details of the fraud as well as whether victims can seek damages outside the receiver’s proceeding.

If you are a victim of this scheme or have information that could be helpful in our investigation, please contact Jake Zamansky at (212) 742-1414 orjake@zamansky.com.

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