Securities Arbitration Lawyers BlogFormer Independent Financial Group Broker Under Investigation for Allegedly Stealing Client Funds and Unsuitable Recommendations
Silver Law Group is investigating FINRA-barred broker John Vernon Heath (CRD# 2331052) for stealing client funds and recommending unsuitable investments.
Heath was employed most recently at Independent Financial Group, LLC in Bloomington, Minnesota. Independent Financial Group then discharged Heath after he admitted to wrongfully taking client funds, according to his FINRA BrokerCheck report. Shortly thereafter, FINRA permanently barred Heath from securities industry for failing to respond to FINRA’s request for information.
The State of Minnesota Department of Commerce (“MDOC”) commenced a formal criminal action against Heath on the allegations. In the MDOC complaint, the MDOC alleges that Heath stole the identity of an elderly client and used the client’s funds on various personal expenditures totaling $78,744.54.