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Aug 08 2017

North Dakota Securities Department Settles with Questar over Rep’s 15-Year Ponzi Scheme

The North Dakota Securities Department reached a $2.4 million settlement with broker-dealer Questar Capital Corporation for victims of a 15-year Ponzi scheme run by former securities representative Kevin Wanner of Bismarck.

Wanner served as a general securities representative at Questar, doing business under the trade name Precision Financial Services, from December 2012 until he was fired in December 2015 following a cease and desist order issued by the North Dakota Securities Department. He was later barred by FINRA for failing to provide information and appear for testimony in an investigation into his termination from Questar.

According to the complaint, 66 North Dakotans were allegedly victimized by the scheme, which involved the sale of fictitious brokered time certificates of deposit, and unregistered interests in pooled investment vehicles.

“Financial crime can have devastating consequences for investors,” said Commissioner Karen Tyler. “As a result of this settlement between the Securities Department and Questar, victims of Kevin Wanner’s Ponzi scheme will see their financial security restored.”

In addition to seeking restitution for investors, the Department made a criminal referral of evidence of Wanner’s allegedly fraudulent conduct to the U.S. Attorney’s office.

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Article by: The DI Wire

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