Former NEXT Financial advisor Douglas Simanski, of Johnstown, Pennsylvania, will pay $3.9 million to settle SEC charges against him and 
The SEC complaint and criminal proceedings stem from allegations that Simanski violated antifraud provisions of federal securities laws by raising over $3.9 million from clients, telling them they were investing in “tax free” securities. Instead, Simanski allegedly used the money to pay back other investors and kept the money for himself. Simanski’s victims were mostly retired and/or elderly investors, according to the SEC complaint.
Simanski allegedly told investors they were investing in a fixed rate investment, a rental car company, or one of two coal mining companies in which he claimed to have an ownership interest. He is alleged to have told the investors to write checks payable to personal accounts he opened in his wife’s name.
Simanski’s FINRA BrokerCheck report reveals a staggering twenty-six disclosures since 2016. Mr. Simanski has received a lifetime ban from the securities industry as a result of the most recent allegations.
If you lost money as a result of an investment which was unsuitable or was misrepresented to you by Douglas Simanski or NEXT Financial, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.