Investigation into Potential Recovery of Philip Mark Cain Investment Losses

FOR IMMEDIATE RELEASE
Chicago, Illinois, United States of America (Free-Press-Release.com) December 16, 2011 -- The White Law Group is investigating the potential for recovery of losses resulting from investment with Philip Mark Cain through FINRA arbitration. According to multiple news outlets the former Tucson area financial advisor has plead guilty to defrauding investors out of more than $1.4 million. In March, A grand jury indicted Mr. Cain on 31 counts including “mail fraud, wire fraud, money laundering, and structuring transactions to evade currency reporting requirements.” He was arrested on February 25, 2011.

According to the US Attorney’s office Philip M. Cain “solicited funds from his clients to be invested in structured notes from Deutsche Bank.” However, it is alleged “that the defendant deposited over $1.4 million of client funds into his bank accounts at JPMorgan Chase and did not at any time invest the funds with Deutsche Bank.” It also appears that Mr. Cain withdrew a significant portion of the funds in the JPMorgan accounts for his own personal use. U.S. Attorney Dennis K. Burke was quoted saying, “This defendant took people’s hard earned money and used it to support an extravagant lifestyle, until the wheels came off his scheme…”

According to Philip Mark Cain’s Financial Industry Regulatory Authority (FINRA) CRD, he was registered with FINRA member firms from March 1996 until March of this year. He was registered with Ameriprise Financial Services from 03/1996 until 08/2006 (and also briefly with IDS Life Insurance for 4 months in 1996). He was then registered with Commonwealth Financial Network from 08/2006 until 09/2010. Finally, he was registered with H. Beck Inc. from 09/2010 until 03/2011.

When a registered broker conducts business outside of the firm he is registered with, that activity may be considered “selling away.” If a registered broker “sells away” from his firm, the firm may still be liable for negligent supervision of their broker agent and may be responsible for investment losses in a FINRA dispute resolution claim.

If you invested with Philip Mark Cain while he was registered with a FINRA member brokerage firm, suffered investment losses and would like to speak to a securities attorney about your potential to recover losses through FINRA arbitration please call our Chicago office at 312-238-9650.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.

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