In the past year we have been involved in investigating Enterprise Trust concerning potential fraud and financial elder abuse related to Enterprise acquiring “discretionary authority” over the accounts of hundreds of elderly investors. For most investors, it is highly inappropriate to open a “discretionary account” — an account wherein the stockbroker or account custodian has authority to execute any trade in the account without authorization from the investor. Discretionary accounts are potentially dangerous and inappropriate in most circumstances, and are particularly susceptible to fraud.
Our firm has worked extensively with the Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA, ” formerly the National Association of Securities Dealers or “NASD”) concerning an investigation of the potential fraud of Enterprise Trust Company, particularly its acquisition of “discretionary authority” over the accounts of hundreds of elderly investors, and subsequent actions.
The SEC thereafter filed a Complaint United States District Court, Northern District of Illinois, wherein the Court entered an Order freezing the assets of Enterprise Trust Company and its principals.
Baldwin Law Group is assisting Enterprise clients in the recovery of their lost funds.
If you have any questions concerning Enterprise Trust Company please contact us toll-free at (888) 326-8191.