Dec. 05--News Dickinson,North Dakota 58602 http://ift.tt/1jJVdAv
Andrew Wernette
The Dickinson Press
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Bismarck securities agent ordered to cease and desist
Dickinson North Dakota 1815 1st Street West 58602
BISMARCK -- North Dakota Securities Commissioner Karen Tyler proclaimed a cease-and-desist order for Bismarck securities and insurance agent Kevin D. Wanner, who does business under the trade name Precision Financial Services, a statement read Friday.
Wanner is accused of selling fictitious certificates of deposit, which purport to represent an investment in an FDIC-insured, interest-bearing account issued by various named financial institutions. He is also accused of engaging in fraudulent practices in connection with the offer and sale of securities.
Wanner allegedly sold the investments at above current market rates, and placed investor funds in accounts owned and controlled by him for his own purposes.
The Commissioner also ordered the immediate suspension of Wanner's registration as a securities agent with Questar Capital Corporation pending final determination of the matter after hearing or opportunity for hearing.
Anyone who may have done business with Wanner is urged contact the North Dakota Securities Department.
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