ATLANTA—A lawsuit has been filed against CUNA Brokerage Services, IBM Southeast Employees CU and a financial rep that alleges an investment fraud scheme.
The suit was filed by the Doss Firm and O’Dell and O’Neal in what the firms are alleging follows an investigation of the financial rep, Stacy Jamison. The firms said in a statement that Jamison was allegedly involved ina fraud that has continued even after the filing of fraud claims against the three defendants. Also included in this investigation is Christopher A. Parris, an alleged partner with Stacy Jamison, the forms said.
In a statement released by the Doss Firm, it alleged that “former CUNA Brokerage Services customers Edward G. Ray, Jr. and Yvonne M. Ray of Marietta, Georgia, filed a lawsuit in the Cobb County State Court against IBM Southeastern Employees Credit Union and Stacy Jamison, Case No. 18-A-240, as well as a FINRA arbitration against CUNA Brokerage Services, Inc., FINRA Case No. 18-00332, seeking damages in excess of $350,000 as a result of the fraudulent scheme. The complaints allege fraud, violations of the Georgia Securities Act, breach of contract, breach of duty, violations of the Georgia RICO Act, breach of fiduciary duty, constructive fraud, negligent misrepresentation, conspiracy to defraud, aiding and abetting liability, attorneys’ fees and/or punitive damages.”
The allegations by the Doss Firm go on to state, “The complaints allege that the Rays were referred by IBMSECU to meet with CUNA financial advisers to discuss how IBMSECU and CUNA could assist the Rays by transferring and consolidating their retirement assets to CUNA so that they could be better managed under a single umbrella. Mr. Ray worked for IBM for 38 years prior to his retirement in 2012. The fateful meeting occurred on November 18, 2016, at the IBMSECU bank branch in Kennesaw, Georgia, and the financial advisers who attended the meeting were Stacy Jamison and Christopher A. Parris. At the meeting at the IBMSECU branch, Jamison, a CUNA representative, and Parris convinced the Rays to transfer in excess of $300,000. The Rays’ money, however, never made it to their CUNA accounts and were diverted in whole or in part to a company called United RL Capital Services, which was owned and controlled by Christopher Parris, according to public records.”
Jason Doss of the Doss Firm, said in a statement, “Our investigation indicates that the Rays are not the only victims and that this may be a widespread fraudulent scheme spanning over multiple states.”