Our Law Firm is investigating potential claims against ING Financial Partners on behalf of customers of Rhonda Breard (“Breard”) and Breard & Associates Wealth Management. Rhonda Breard, who was registered with ING Financial Partners (NYSE: ING) until February 10, 2010, is alleged to have vanished along with millions of dollars of her clients’ money. Breard was a licensed broker in Arizona, Michigan, Nevada, New Mexico, North Carolina, Oregon, Washington, West Virginia, and Wyoming. It has been reported that securities regulators and other agencies are investigating Breard’s practices.
Breard has built her career on targeting wealthy clients. Now, some of those clients have reported that they have lost everything. Clients of Breard say that they received statements in the mail which showed that the money they invested with her had been deposited into an ING account. However, it appears that some of those documents may have been falsified or altered in some way.
Breard is said to have lived a lavish lifestyle, all, apparently, at the expense of her investors. She owned several homes, one in an area known as “The Garden of Eden,” as well as a residence in Redmond, Washington worth approximately $5 million. She also owned eight cars, three jet skies, six snowmobiles and a motor home.
Breard’s Kirkland, Washington office has been shut down, her firm’s website is “under construction” and her Facebook page has been removed. Reports have surfaced that Breard may have attempted to take her own life on February 10, 2010, the very same day ING terminated her registered representative status with the firm.
A review of Breard’s securities license reveals a history of several customer complaints as well as regulatory actions, dating back to the early 1990s. These include a censure, fine and suspension by the NASD, as well as several customer complaints regarding the sale of private placements, failure to follow instructions and unauthorized trading. These are all potential “red flags” under the law. Under NASD Rules, ING Financial Partners was obligated to properly supervise the practices and activities of Breard during the time that she was registered with the firm. Breard had been registered with ING Financial Partners since February of 2002. Accordingly, ING may be liable for failing to supervise Breard’s activities and responsible for compensating investors who lost money investing with Breard.
As such, KlaymanToskes plans to assist victims of Breard and ING Financial Partners in securities arbitration claims before the Financial Industry Regulatory Authority (FINRA).