29 Apr Harry Stokes Defrauded Investors out of Millions Through His Ponzi Scheme
Harry Stokes orchestrated a Ponzi scheme and defrauded investors out of millions of dollars, according to a complaint filed in North Carolina state court.
Stokes was licensed to sell investment products and owned an insurance firm, Contemporary Benefits Design, located in Monroe, North Carolina.
Stokes admitted to one of his former clients and two of his former colleagues that the Blackburg Financial mutual fund he recommended to his customers was non-existent and that he planned to pay his clients back out of his personal assets, but did not have the funds to do so, according to the complaint.
A few days after confessing to the Ponzi scheme, Stokes killed himself.
Stokes allegedly told investors that Blackburg Financial earned a fixed 5.99% each year and sent statements to investors that their investments were growing.
Stokes allegedly defrauded dozens of investors, including his family and close friends.
It would have been difficult for investors to determine Stokes conducted a fraudulent scheme because National Financial Partners purchased Contemporary Benefits Design in 2006. National Financial Partners manages $10 billion in assets and is generally we regarded across the country.
Attorneys Jason Kane and Joe Peiffer are preparing to take action against National Financial Partners on behalf of investors who lost money as a result of the alleged scheme perpetrated by Stokes.
The Peiffer Wolf securities often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses in connection with their investments with Harry Stokes. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of their investments with Harry Stokes may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.