Shepherd Smith Edwards & Kantas LLP Investigating Claims Involving Barkley Lundy and PFS Investments, Inc.

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Jan 27, 2015, 12:19 ET

RAPID CITY, S.D., Jan. 27, 2015 /PRNewswire/ -- Lawyers with the Securities Law Firm of SHEPHERD SMITH EDWARDS & KANTAS LLP, www.sseklaw.com, are investigating claims involving Barkley Lundy and PFS Investments, Inc. Barkley Lundy ("Lundy") worked as a broker with PFS Investments, Inc. for roughly 22 years. In September, 2014, Lundy was permanently barred from working as a broker or associating with firms that sell securities to the public.

According to an investigation by the Financial Industry Regulatory Authority ("FINRA"), Lundy misappropriated funds from at least 20 of his customers. Specifically, FINRA found that from at least January 2011 through March 2014, Lundy was taking money from clients and depositing the funds into his personal bank accounts. Lundy then purportedly tracked monthly payments that each customer was owed and made deposits back to the customer accounts from his own personal account(s). It appears that Lundy was creating fake investments for these clients, and then providing the clients these monthly payments to prevent the discovery of the fraud. At least one of those clients received fabricated tax documents from Lundy about this non-existent investment.

Often, misconduct such as what FINRA found Lundy to have been engaged in is very widespread. Lundy may well have been acting improperly with many of his clients in addition to those from whom he was outright stealing. As such, clients of Barkley Lundy should carefully review their accounts to ensure that there were no problems. Contact the law firm of Shepherd, Smith, Edwards & Kantas LLP for an evaluation of your account to determine if you might have a claim to attempt to recover some or all of your losses. All communications will be kept strictly confidential, and you will not be billed in any way for a consultation.

Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. For more than two decades, our firm has represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions.

Contact Info: 866-377-2529

Robert Kantas [email protected]

Aaron Wall [email protected]

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SOURCE Shepherd Smith Edwards & Kantas LLP