Skip to main content

Exit WCAG Theme

Switch to Non-ADA Website

Accessibility Options

Select Text Sizes

Select Text Color

Website Accessibility Information Close Options
Close Menu
Carlson Law, P.A. Motto
  • Free Consultation
  • ~

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

By submitting this form I acknowledge that form submissions via this website do not create an attorney-client relationship, and any information I send is not protected by attorney-client privilege.

Latest Blog Posts

David Geake: $965K GWG L Bond Complaint Against Chicago Advisor

Chicago financial advisor David Geake (CRD# 3088891) has received an investor complaint six-figure damages relating to the sale of GWG L bonds. Financial Industry Regulatory Authority records show that Mr....

Read More

Frank Mastrosimone: $100K Complaint Against Basking Ridge Advisor

Pruco Securities financial advisor Frank Mastrosimone (CRD# 322615) has received an investor complaint alleging six-figure damages. Financial Industry Regulatory Authority records show that he is a broker and investment advisor...

Read More

Purpetual Wealth Advisor Jim Jones: $400K Investor Complaint

Jasper, Indiana financial advisor Jim Jones (CRD# 5064653) allegedly recommended unsuitable investments, according to pending investor complaints against him. Financial Industry Regulatory Authority records show that he is a broker...

Read More

By submitting this form I acknowledge that form submissions via this website do not create an attorney-client relationship, and any information I send is not protected by attorney-client privilege.

Skip footer and go back to main navigation