His alleged victim is not identified in the complaint, but is described as a 69-year-old who met Nannen at a retirement seminar he ran.
View full sizeGerald Nannen EAST LONGMEADOW - An East Longmeadow insurance and securities broker has been administratively charged with fraud by the Secretary of the Commonwealth's securities division, which alleges Gerald W. Nannen was self-dealing and cheating.
According to a 62-page complaint released by William F. Galvin's office on Thursday, Nannen, president of Senior Financial Advisors in East Longmeadow, borrowed $90,000 from one client and failed to repay it while advising him to invest in Texan oil wells in which Nannen had a hidden financial interest.
"His obligation to these clients of his is to get the best opportunity for investment that he could, not to look for opportunities to make money off them or through hidden investments," Galvin said. "We don't need people like this in this business. Oftentimes people are trusting and have the right to be trusting."
A call to Nannen's office for comment was not returned; it is not clear whether he has retained a lawyer.
His alleged victim is not identified in the complaint but is described as a 69-year-old who met Nannen at a retirement seminar he ran.
"Client 1" ultimately received a $1 million settlement from an unspecified lawsuit, and Nannen began hitting him up for loans, according to the complaint, in exchange for promissory notes with 50 percent annual interest.
Galvin said his focus is to bar Nannen from the industry and to recoup the alleged victim's lost investment money.
Nannen will be subject to an administrative hearing, not yet scheduled, but the administrative charges out of Galvin's office do not preclude criminal prosecution.