Government Employees Lose In Ponzi Scheme

According to the SEC, Kenneth Wayne McLeod solicited government employees to invest in a government bond fund that did not exist. Operating through his benefits consulting firm, Federal Employee Benefits Group, Inc., and his registered investment adviser, F&S Asset Management Group, Inc., he conned investors out of $34 million to support his lavish lifestyle by conducting retirement seminars across the country. The Jacksonville financial adviser committed suicide when the federal authorities were zeroing in on him. Fortunately for those harmed by McLeod’s wrongdoings, the brokerage firm that he worked for, Lincoln Financial Securities Corporation, had a duty to adequately supervise his activity during the time in question when the money was stolen from the victims and converted to his own use.

To learn how you can recover stolen and converted funds used by Kenneth McLeod, contact our securities law firm at 1-800-259-9010.

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