A Dallas County Grand Jury recently indicted Sarah Helen Hancock in connection with allegations that she committed fraud while working as an investment adviser at Hancock-Smith, LLC.
The indictment follows a Disciplinary Order handed down by the Texas State Securities Board in 2016 revoking Hancock’s registration as an investment advisor representative in the state.
According to the Securities Board Disciplinary Order, Sarah Helen Hancock’s clients allowed her to automatically deduct the investment management fees due from their respective accounts from January 2007-December 2009. During this time period, Hancock withdrew over $1.6 million from one client’s account. The actual amount due to Hancock for management fees was less than $45,000.
The Texas Securities Commissioner also found that Hancock faked invoices to at least one client in an attempt to conceal her fraud.
As the Order stated, “Respondent’s withdrawals of funds from clients’ accounts as investment management fees in excess of the amounts that Respondents were actually due and misrepresentations of portfolio valuations on invoices for Client A, constituted fraudulent business practices.”
If you believe that you may have suffered financial losses due to the misconduct of a financial professional, we may be able to help. Our lawyers will review your investments, analyze your specific situation, and provide you with our opinion as to whether or not you may have a viable claim, free of charge. Please contact us for more information.
