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Broker/dealer, Florida credit union face investment fraud allegations

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Broker/dealer, Florida credit union face investment fraud allegations

A couple is seeking more than $350,000 in damages against Waverly, Iowa-based broker/dealer CUNA Brokerage Services Inc. and Delray Beach, Fla.-based IBM Southeast Employees' CU over alleged investment fraud, according to a press release from their law firm.

Former IBM employee Edward Ray Jr. and Yvonne Ray filed a lawsuit in Georgia's Cobb County State Court against the credit union and Stacy Jamison, a representative of the broker-dealer, as well as a FINRA arbitration against CUNA Brokerage Services seeking damages in excess of $350,000 as a result of the alleged fraud. The Rays claim the credit union referred them to CUNA Brokerage Services, where financial advisers Jamison along with Christopher Parris met with them in 2016 and convinced the couple to transfer more than $300,000. The Rays allege that the money was sent to another company, United RL Capital Services, that was owned and controlled by Parris.