Corporate & Securities Law

SNSFE Investigates LPL Broker Stephen Walker For Failed Aspen Exploration Investments

By James Eccleston

Lawyers at SNSFE are investigating financial adviser Stephen Walker of Rock Island, Illinois.  Walker, who has been temporarily banned from selling investment securities in the state, used to be an investment adviser for Linsco Private Ledger.  He maintained an office in Sterling. 

According to sources, Walker sold $25 million worth of oil and gas investments to at least 25 Illinois, Iowa and Wisconsin residents.  According to sources, clients got virtually nothing back.  Walker reportedly began soliciting clients in 2005 to invest in oil wells run by Aspen Exploration Inc., based in Plano, Texas.  According to sources, Walker sold investments in the oil and gas venture without disclosing the risks involved.  The clients claim the investments were unregistered securities.  Walker allegedly told his clients that investing in Aspen was an "excellent opportunity" and a "very rare opportunity."  Walker told one investor he could expect a return of 20 times his original investment, and the investments were not speculative.  He used high-pressure tactics, according to sources, such as telling clients that they had only 24 hours to invest.  The broker also allegedly told investors to take out loans to invest in Aspen.

Those with information or questions about this investigation should contact lawyers at SNSFE.

Full post as published by FinancialCounsel on May 30, 2008 (boomark / email).