Leslie Clark Stipek
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Stipek Securities, LLC |
| 10-3-2007 - Les Stipek's bankruptcy has been discharged and there is no financial recourse for victims. |
| MICHAEL KELLY ARRESTED BY FBI Michael Eugene Kelly was arrested by the FBI on December 22, 2006 in Florida. He was denied bail and is currently in the Metropolitan Correctional Center in Chicago attempting to avoid indictment. |
| Please see About Michael Kelly for more information |
| Les Stipek claimed to be a financial planner and sold fraudulent investments to hundreds of victims. Investors that trusted Les with their 401Ks, pensions and life savings lost almost all of their money. The SEC, DOC or other government agencies have shut down 16 of the 19 investments offered by Les. The remaining 3 investments are operated solely by Les and are currently under investigation. The masterminds of 11 of the failed investments are now in jail and the assets that could be found have been seized and returned to the investors. The majority of the money is either hidden away or has been spent by the perpetrators living a life of luxury. If the victims were lucky, they received 18% of their initial investment. Almost all of their life savings is gone. |
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The Victims There are almost 300 devastated retirees that worked hard their entire life saving money and now have nothing. The average investor lost between $200,000 and $500,000 of their retirement nest egg. Some have come out of retirement to return to the work for survival. Others still don't know what they will do. They have no income, no savings and can't afford to live. |
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The Bankruptcy Les is currently filing bankruptcy claiming he has no money left. In the last 8 years Les had $6 million of income and he has lived a life of luxury at the expense of hundreds of investors. His children were on the payroll making up to $200,000 a year working 20 hours a week from home. In bankruptcy court Les admitted refinancing his house, his son's condo and his daughter's house in the last year taking $1 million in cash for himself. He claims he spent it all on living expenses and has nothing left. |
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The Investments Stipek represented to investors that the investments he offered were safe and not risky. In fact, the investments were very risky and investors lost over three million dollars on their investments, some losing their entire life savings while Stipek received millions in commission payments from these investments. Stipek told investors they could withdraw their principal investment amount after a specified minimum number of years. In fact, investors were unable to withdraw any of their principal investment. Stipek told investors they would receive a specified return on their investment for a specified number of years. In fact, only some investors received a few of the promised interest payments. Others received no payments at all. None of the investors received the full amount promised. Stipek continued to offer and sell investments after cease and desist orders had been served on them. |
| The Facts Stipek claimed to be a Certified Public Account, when in fact he has never held such a license. Les Stipek represented to potential investors that he is a financial planner, when in fact he has never held such a license. Stipek conducted unlicensed broker-dealer activity through Stipek Financial Services, LLC, which is not a registered broker-dealer in the state of California. Stipek sold viaticals in California which is a violation of state law Stipek took over $280,000 from California investors following the issuance of the cease and desist order. 13 of the 16 investments Les offered have been fraudulent. 3 of the remaining investments are managed by Stipek and are not paying as promised. |
| Les Stipek denies all wrong doing and claims that he had no knowledge of the fraudulent investments he represented. To date, Les has not been charged or convicted of any crimes related to his investments. |
| If you invested with Les Stipek and lost money, you may be entitled to a portion of the money that you invested. Please see the details page for the investments in which you participated. Contact the receiver, attorney or investigator working on the case. |
| If you invested with Les Stipek and didn't lose money, we'd really like to talk to you because we haven't found anybody yet! |