Officials: Breard's clients will be reimbursed
SEATTLE -- Dozens of people who lost their life savings after investing with Kirkland stockbroker Rhonda Breard might get their money back.
The state told KOMO News ING Financial Services will reimburse the clients under one condition.
According to the Department of Financial Institutions, Breard's 38 clients must document their losses, which totals near $9 million.
Investors who filed complaints against Breard should expect a settlement letter from ING.
Breard ran her securities transactions through ING Financial Services. When asked about its involvement, ING sent KOMO News the following statement:
"ING Financial Partners continues to cooperate with authorities and is focused on moving toward a resolution for impacted clients."
"I think it speaks volumes to their concern about their potential liability," said attorney Steve Berman, who is representing several investors who claim they lost money to Breard.
Berman accuses Breard of stealing from his clients, and blames ING for not catching it. He says an annual audit should have spotted irregularities, and insists if ING doesn't straighten out the problem, he'll see them in court.
"Not only do you replace the initial investment, but you replace what that money would have earned if it had been invested," said Berman.
New court documents show the feds have frozen Breard's assets, including her properties assessed at $5 million.
Gordon Overbye, who lost $800,000 to Breard, says he's looking forward to hearing from ING.
"They need to get really active, because they look like idiots," he said. "Word goes out nationally that ING is not taking care of its investments, they're going to be in big trouble. They need to put this story to bed."
ING found the alleged fraud when an investor tipped off the company. The feds say ING performed a surprise audit and found a locked cabinet in Breard's Kirkland office loaded with altered customer statements.
Breard is expected to plead guilty, according to a source.
The state told KOMO News ING Financial Services will reimburse the clients under one condition.
According to the Department of Financial Institutions, Breard's 38 clients must document their losses, which totals near $9 million.
Investors who filed complaints against Breard should expect a settlement letter from ING.
Breard ran her securities transactions through ING Financial Services. When asked about its involvement, ING sent KOMO News the following statement:
"ING Financial Partners continues to cooperate with authorities and is focused on moving toward a resolution for impacted clients."
"I think it speaks volumes to their concern about their potential liability," said attorney Steve Berman, who is representing several investors who claim they lost money to Breard.
Berman accuses Breard of stealing from his clients, and blames ING for not catching it. He says an annual audit should have spotted irregularities, and insists if ING doesn't straighten out the problem, he'll see them in court.
"Not only do you replace the initial investment, but you replace what that money would have earned if it had been invested," said Berman.
New court documents show the feds have frozen Breard's assets, including her properties assessed at $5 million.
Gordon Overbye, who lost $800,000 to Breard, says he's looking forward to hearing from ING.
"They need to get really active, because they look like idiots," he said. "Word goes out nationally that ING is not taking care of its investments, they're going to be in big trouble. They need to put this story to bed."
ING found the alleged fraud when an investor tipped off the company. The feds say ING performed a surprise audit and found a locked cabinet in Breard's Kirkland office loaded with altered customer statements.
Breard is expected to plead guilty, according to a source.