Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating multiple claims that advisor Chris Kubiak (Kubiak) has engaged in a misappropriation scheme. Kubiak, formerly registered with Calton & Associates, Inc. (Calton) and American Global Wealth Management, Inc. (American Global Wealth) operating out of McDonough, Georgia and Brookfield, Wisconsin respectively has been accused by customers and the Department of Justice (DOJ) of engaging in securities fraud and misappropriating funds.
In October 2018 FINRA barred Kubiak after he consented to the sanction and to the entry of findings that he converted customer funds. FINRA found that four customers, including three seniors, gave funds to Kubiak totaling approximately $270,000 to invest on their behalf. FINRA found that instead Kubiak deposited the funds into his personal bank account and then used them for his own personal use such as gambling and to paying for personal medical bills.
In March 2019 the DOJ announced charges against Kubiak include seven counts of wire and mail fraud concerning Kubiak’s scheme where he arranged to make withdrawals or to liquidate the investment accounts of his elderly clients. The DOJ indictment identifies a total of six clients from whom he is alleged to have wrongfully misappropriated approximately $370,000 over a five year period.