Stock fraud lawyers are currently investigating claims on behalf of investors who suffered losses as a result of their investment with Bruce Harada, a former financial advisor for ING Financial Partners/ING Financial Advisors LLC. Reportedly, Harada has been charged with one count of money laundering and two counts of securities fraud. According to the accusations, Harada allegedly stole over $2 million from a minimum of 21 victims in Hawaii. At the time of the theft, Harada reportedly managed compensation plans for retired and active employees of ING, and was acting as an independent financial adviser for the firm.
According to securities arbitration lawyers, brokerage firms have an obligation to adequately supervise financial advisors in their employ. They must ensure that agents comply with any applicable securities laws. ING may be liable for losses suffered by investors as a result of Harada’s actions if it can be proven that the firm failed to execute adequate supervision of Harada.
The FINRA Broker Report (CRD) for Bruce Harada states that he was working for ING Financial Partners/ING Financial Advisors LLC from January 2007 until the end of May 2012. Harada worked out of ING’s Honolulu, Hawaii office. Furthermore, the CRD indicates that before working for ING, Harada worked, from March 1999 through December 2006, for Financial Network Investment Corporation. In addition, stock fraud lawyers say Harada is the subject of 9 ongoing customer complaints. ING has terminated his employment for “violation of firm’s policies and procedures regarding the handling of customer funds.”
If you suffered losses as a result of your investment with Bruce Harada, you may have a valid securities arbitration claim against ING, regardless of whether Harada is capable of returning the money he allegedly stole. To find out more about your legal rights and options, contact a securities arbitration lawyer at The Law Office of Christopher J. Gray at (866) 966-9598 for a no-cost, confidential consultation.