Theft, Fraud, Misrepresentation and Negligent Supervision FINRA Arbitration and Litigation Attorney, Russell L. Forkey, Esq.

November, 2011:

Gary Harrison Lane (CRD #713745, Registered Representative, Reno, Nevada) submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Lane consented to the described sanction and to the entry of findings that he converted to his personal use a total of $4.93 million in checks from customers who Lane misled into believing they were investing in U.S. Treasury bonds and/or corporate bonds. The findings stated that instead of investing the customers’ money, Lane deposited checks drawn on the customers’ accounts into his relative’s account to effectuate the conversion of the customers’ funds without their authorization. The findings also stated that Lane, in furtherance of his scheme and in an effort to disguise his conversion, made a total of more than $736,000 in payments to some of the affected customers by cash payments or by transferring funds from his relative’s account to a bank account bearing the name of the United States from which cashier’s checks were issued to the customers. The findings also included that Lane created and provided his customers with fictitious receipts and typed certifications purporting to confirm his customers’ non-existent investments in U.S. Treasury bonds and/or corporate bonds. (FINRA Case #2011027048601).