OMAHA (CN) – Sunset Financial Services’ registered rep Bryan Behrens defrauded an investor of $1 million in a Ponzi scheme, the investor claims in Federal Court.
Milo Vacanti says Behrens took his money through Behrens’ company, National Investments. Vacanti says Sunset failed to supervise Behrens, and that Vacanti became aware of the fraud when the SEC sued Behrens in January this year.
Vacanti says that Behrens is not the only agent that Sunset failed to supervise. Vacanti says Sunset is a wholly owned subsidiary of Kansas City Life.
Sunset acknowledged in a Utah court that its rep Greg Simper stole $2.2 million from clients, and it has repaid $1.1 million of that, and a $250,000 fine, Vacanti says.
Sunset also acknowledged that it failed to supervise an agent in Hawaii, and paid restitution and a $50,000 fine for that, the complaint states.
Vacanti says if Sunset had properly supervised Behrens he would not have stolen Vacanti’s $1 million. And he says that Kansas City Life repeatedly honored Behrens for his salesmanship and his “strict ethical conduct.”
Vacanti demands damages for fraud and securities violations. He is represented by Patrick Brookhouser Jr.