NDBF Takes Emergency Action Against Omaha Investment Adviser

NDBF Takes Emergency Action Against Omaha Investment Adviser

Wednesday, May 18, 2016

The Nebraska Department of Banking and Finance (“NDBF”) issued an Emergency Order against Jerome P. Bonnett, Jr., a/k/a Joe Bonnett and two of his companies, Bonnett Financial Services, Inc., and BWM Advisors, LLC, Omaha, Nebraska, on May 18, 2016. The Order revoked Bonnett’s registration as an investment adviser representative and suspended the registration of BWM Advisors, LLC, for multiple violations of the Securities Act of Nebraska (“Act”).

In addition, the Nebraska Attorney General’s office, on behalf of NDBF, filed a civil action on May 18, 2016, in Douglas County District Court against Bonnett and his companies alleging violations of the Act and misappropriation of client funds. The lawsuit seeks injunctive relief, freezing of assets, and the appointment of a receiver. On May 20, 2016, the Douglas County District Court granted a Temporary Restraining Order and Asset Freeze against Jerome P. Bonnett, Jr. and the companies named above.

The hearing on the State’s request for a receiver was held June 6, 2016, before Douglas County District Judge Duane Dougherty. Judge Dougherty entered an Order appointing Thomas D. Stalnaker, 1111 N. 102nd Court, Suite 330, Omaha, Nebraska, 68114, as receiver for Bonnett Financial Services, Inc., BWM Advisors, LLC, Omaha, Nebraska, and the Estate of Jerome P. Bonnett, Jr.

NDBF has sent a letter and survey to all known clients of Jerome P. Bonnett, Jr. and the named companies. Responses will be used to assist the receiver. Persons who have not yet returned the surveys are asked to do so promptly. Clients who did not receive the letter are asked to contact NDBF at 402.471.2171.

More information will be posted as it becomes available.

Read the Emergency Order
Read the Court Complaint
Read the Court Order
Read the Order Setting Hearing
Read the Order Appointing Receiver