Switch to ADA Accessible Theme
Close Menu
Free Consultation: 888-976-6111

Douglas Simanski: Altoona, Pennsylvania Financial Advisor Suspended

A disciplinary action taken by the Securities and Exchange Commission against former Altoona, Pennsylvania broker and investment advisor Douglas Simanski (CRD# 2606998) barred him over allegations he defrauded investors and used investor funds for his own personal gain. A former representative of Next Financial Group, Simanski has also received 21 customer complaints that reached settlements.

Filed in November 2018, the SEC order barring Douglas Simanski found that while a representative of Next Financial Group, he participated in a scheme in which he made misrepresentations to his customers to induce them to “send money to him personally to invest in companies that he claimed to own or operate.” FINRA’s findings state that he did not invest these funds as promised, and instead used funds to pay other investors or direct them toward his own personal expenses. In November 2018, he pled guilty to a charge that he violated the Securities Exchange Act of 1934 by defrauding investors and obtaining money and property “by means of false and fraudulent pretenses, representations, and promises,” admitting that he used some investor funds for his own personal ends. He was consequently barred from acting as a broker or investment adviser for an indefinite period.

A 2017 complaint alleged that as a representative of Next Financial Group, Douglas Simanski conducted an investment as an unapproved activity away from the firm. The complaint reached a settlement of $97,000.

A 2017 complaint alleged that as a representative of Next Financial Group, Douglas Simanski made unapproved investments away from the firm. The complaint reached a settlement in 2018 of $440,000.

A 2017 complaint alleged that as a representative of Next Financial Group, he unlawfully diverted funds to an account in his name and used them for his own personal gain. The complaint reached a settlement of $215,000.

A 2016 complaint alleged that as a representative of Next Financial Group, he converted funds and used them for his own personal benefit. The complaint reached a settlement of $140,000.

A 2016 complaint alleged that as a representative of Next Financial Group, he sold fraudulent and unregistered securities. The complaint reached a settlement of $120,000.

Douglas Simanski is currently not registered as a broker or investment advisor. His employment history includes Next Financial Group in Altoona, Pennsylvania and Advantage Capital Corporation in Atlanta, Georgia. He currently holds zero state licenses and has passed three securities industry qualification examinations.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
Latest Blog Posts
  • Metric Rep Brett Ellen Has 6-Figure Investment Complaints

    Las Vegas stockbroker Bret Ellen (CRD# 1460478) allegedly recommended unsuitable investments that caused six-figure losses, per investor complaints reported to...

    Read More
  • Danny Young: 6-Figure Complaint Against Lake City, Adel Rep

    Cetera Advisor Networks representative Danny Young (CRD# 4115155) allegedly recommended risky investments that led to substantial losses, according to a...

    Read More
  • Gerald Brodsky: Barred NYC Rep Has $800k Concord Group Complaint

    Ex-Dinosaur Financial Group representative Gerald Brodsky (CRD# 1172647) was barred by the Financial Industry Regulatory Authority (FINRA) from acting as...

    Read More
  • 7-Figure Complaints Against Long Island Rep Joseph Valdini

    Ex-Aegis Capital stockbroker Joseph Valdini (CRD# 5517610) allegedly caused investors more than $2 million in losses, according to customer complaints...

    Read More
  • Previous
  • Next