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Stockbroker Martin Wegener: What Investors Should Know

On June 14, 2010, the SEC filed a civil action against stockbroker Martin Wegener - a former employee of New England Securities - in connection to an alleged investment scam costing investors millions of dollars.

According to the SEC's complaint, Wegener scammed investors out of at least $6.5 million by convincing them they were investing in legitimate financial products such as stocks, bonds and mutual funds. Instead, the SEC claims Wegener used investors' money for his own benefit.

Wegener, who lives in Grand Rapids, Michigan, is accused of operating the alleged scam from at least March 2007 until March 2010. The SEC says Wegener acted as an unregistered broker and investment adviser, giving his clients purported “brokerage account” statements from a company he owned, Wealth Resources.

The statements were fake. Wegener instead used the monies for personal profit.

New England Securities, where Wegener worked from 1998 to 2010, fired Wegener in May. New England Securities is owned by insurance giant Met Life.

Maddox Hargett & Caruso P.C. is conducting its own investigation of Martin Wegener and New England Financial. If you suffered investment losses because of Wegener's alleged actions, contact our securities fraud team. We can evaluate your situation to determine if you have a claim.