The Securities and Exchange Commission has barred a former Questar Capital registered representative currently serving 11 years in prison for his role in perpetrating a 15-year Ponzi scheme that defrauded multiple investors out of more than $3 million.
Kevin Wanner was accused of operating a fraudulent scheme between 2000 and 2015 in which he defrauded his investment clients out of more than $3 million by intentionally providing false information and counterfeit documents, including sham account statements, tax documents, and account summaries, to create the appearance that certain investments were legitimate when they were not.
He served as a general securities representative at Questar, doing business under the trade name Precision Financial Services, from December 2012 until he was fired in December 2015 following a cease and desist order issued by the North Dakota Securities Department.
In August 2017, the North Dakota Securities Department reached a $2.4 million settlement with Questar, and he was later barred by FINRA for failing to provide information and appear for testimony in an investigation into his termination.
In December 2017, Wanner pled guilty in federal court to one count of mail fraud and was sentenced to 11 years and three months in prison and ordered to forfeit $3.1 million and pay restitution of approximately $550,000.
In addition to Questar, Wanner was associated with several broker-dealers and investment advisers during his 26-year career, including Woodbury Financial, Usallianz Securities, Raymond James, LM Financial Partners, Merrill Lynch, and Sunamerica Securities.