John S. Chapman & Associates LLC

Hoyt Block, Ste. 204
700 West St. Clair Ave.
Cleveland, Ohio 44113

Phone: 216-241-8172
              866-220-3300

Fax:       216-241-8175

Email: Contact us


How can we help:

South Carolina Broker Oren Eugene Sullivan Guilty of Fraudulent Investment Scheme


Rock Hill, S.C. broker Oren Eugene Sullivan has pleaded guilty in federal court to perpetrating a multi-million dollar Ponzi scheme.  Sullivan admitted to the federal judge that between 1995 and 2008 he sold fake investments to 35 victims, stealing about $3.7 million from them.

Investigation by the securities law firm of Chapman & Associates determined that Oren Eugene Sullivan told potential victims he could manage their investment accounts and generate safe, above-market returns.  In fact, Sullivan used his customers' funds to finance his life style and pay "dividends" to earlier investors - the typical mark of a Ponzi scheme. FINRA recently barred Sullivan for misappropriating what it said was $3.7 million from more than 30 clients, including 15 widows, two Alzheimer's victims and an individual with developmental impairments.

Chapman & Associates determined that Sullivan perpetrated his fraudulent investment scheme while being a registered broker with NYLife Securities, LLC, a securities broker-dealer.  "Broker-dealers have strict duties to adequately supervise those individuals they license, and ensure they are not selling unregistered, fraudulent securities to the investing public," said John Chapman, a securities attorney.  "Unfortunately, we often find that those in charge with protecting the public and the market integrity do not raise to the task.  Negligent, lax supervision by brokerage firms allows rogue stock brokers to defraud their customers," said Chapman.

Sullivan faces up to 20 years of prison, as well as a fine of up to $250,000, as a result of his illegal acts.  The law firm of Chapman & Associates is preparing to take action on behalf of victimized investors.  If you lost funds invested with Sullivan, contact Chapman & Associates.  Click here for important statements and disclosures regarding this case.