WAUKESHA, Wisc. (CN) – An 83-year old retiree claims Clements Financial Services, run by husband and wife team Paul and Tina Clements, persuaded him to invest $850,000 in shady and unregistered companies, that Paul Clements “bought” his $200,000 life insurance policy for $11,000, and then came over to help him “‘clean out’ his files and become a bit more organized,” and removed from his home computer the files describing the shady investments.
The plaintiff also claims that Paul Clements never told him, while all this was happening, that Clements insurance had been revoked in December 2006, that his securities license was censured in July 2006 and revoked in March 2009, or that Tina Clements had never held a securities license and that her insurance license was revoked in April this year.
The plaintiff also sued KW Chambers & Co., a registered securities broker dealer for whom Paul Clements allegedly worked.
The Clementses and their company are based in Prairie du Chien.
The plaintiffs are represented in Waukesha County Court by Godfrey & Kahn of Madison.