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Nicholas Radke Barred During Investigation into Unapproved Private Securities Transaction, Elder Abuse Fraud Lawsuit

FINRA barred former MML Investors Services (Irvine, CA) broker Nicholas Randolph Radke after he failed to cooperate with an investigation into allegations that he participated in a private securities transaction without firm approval. In August 2018, the estate of a deceased client of Radke's filed a lawsuit alleging fraud and elder abuse.

AWC #2018059899901

According to the fraud lawsuit, Radke (CRD #2610246) had access to an elderly customer's bank account, with court records indicating that a series of checks payable to Radke were drawn from this same bank account while associated with his previous firm, American Independent Securities Group of Lake Oswego, Oregon.

The record also indicates that Radke entered into a promissory note for $250,000 with the decedent, whom the plaintiff categorized as "a vulnerable person...old, in ill health and unable to take in and make meaningful decisions concerning his finance."

The elderly customer died just 11 days after Radke purportedly issued this promissory note; furthermore, a $250,000 check drawn on the customer's account and payable to Radke was not negotiated until two days after the client's death.

The suit claims that Radke and transaction management company Escrow Leaders committed fraud by issuing the promissory note, then failing to pay any money back to the client or his estate.

If you have invested with Nicholas Randolph Radke or with any broker or financial adviser who engaged in unapproved private securities transactions, issued a promissory note and failed to pay pursuant to its terms, or otherwise fraudulently failed to keep a financial promise, thus harming your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

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