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Secretary of State's Office Secures Nearly $300,000 in Restitution for Fraud Victims
Suspect faces criminal charges
Posted Date: 2/5/2010
Contact: Pam duPré
(775) 684-5748

Suspect faces criminal charges

(Carson City, NV – February 5, 2010) – Sagepoint Financial, Inc., formerly named AIG Financial Advisors, has paid nearly $300,000 in restitution to customers of a former employee as a result of an investment fraud investigation by Secretary of State Ross Miller’s Securities Division.

Investigators say a Clark County man, Bradley Keith Vercnocke, sold unregistered securities and non-AIG approved securities to several victims as part of a fraudulent scheme while employed by AIG Financial Advisors. Because AIG knew Vercnocke had repeatedly violated company procedures beginning as early as April of 2005, but didn’t fire him until March of 2008, the Securities Division determined the company failed to adequately supervise its sales representative and should be responsible for $290,000 in restitution to the customers who sustained losses. The company, which changed its name a year ago, cooperated with the investigation by providing documents and other information, and will not be subject to any further enforcement action as a result of Vercnocke’s actions.

In a separate criminal complaint, Vercnocke is accused of using his position as an AIG sales representative to sell unregistered investments in a company called Intercontitech Corporation. A March preliminary hearing is scheduled in that case.

In other enforcement action this week, the Secretary of State’s Securities Division revoked the Nevada licenses of Jason Marc Pinsky and Kevin Patrick Brennan, both of New York and Robert Earl Messinger of Ohio. The Financial Industry Regulatory Authority (FINRA), a national self-regulatory organization, had suspended the licenses of all three for various violations of FINRA’s conduct rules, which are also adopted under the Nevada Securities Act. To help protect Nevadans from potential investment fraud, the Securities Division subsequently revoked their licenses to conduct business in Nevada. The three men have 15 days to request a hearing before the revocations become permanent.

Secretary of State Ross Miller continues to urge individuals who are approached about investment opportunities to check before they invest. The best way to avoid being the victim of a scam, he says, is to ask the right questions and check with his office to make sure the person making the offer is licensed and the security being offered is properly registered. For more information about securities fraud and smart investing, visit the Securities Center at