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Jayme Sickert, the Director of Compliance at First Liberty Building and Mortgage- a non-bank lending company based in Newnan at the second below FBI investigation- beforehand held a well-known role in one more collapsed investment firm with similarities to First Liberty. Sickert beforehand served because the National Gross sales Director of the Atlanta-based Cornerstone Ministries Investments (CMI), a Christian-based precise property investment company that went bankrupt in 2008 and was then investigated. He was additionally a registered representative for Wellstone Securities, a tightly connected brokerage company affiliated with CMI. 

Wellstone Securities functioned as a distribution and sales arm for CMI securities, enlisting brokers and advisors to market CMI investment products.. Whereas the two firms were intertwined, most customers did now not stamp that when they were investing in CMI they were working with Wellstone Securities because the broker-supplier.

The investments made thru CMI were high-risk and exhibited Ponzi-luxuriate in traits, as funds from new customers were being allegedly used to pay returns to earlier ones Although CMI had been bancrupt for years, it continued to promote securities thru Wellstone- an operation in which Sickert performed a key role.

Sickert allegedly profited hundreds and thousands of bucks from these transactions. Consistent with the financial wretchedness filings, he insisted that customers convert their CMI holdings into brokerage accounts, below the pretense that this was the most procure option for his or her investments. These accounts were opened thru Wellstone Security, from which Sickert obtained commissions of as a lot as 4% from every bond renewal. With every conversion, Sickert increased his have monetary attend.

This twin-role raised concerns about a battle of passion. Consistent with the financial wretchedness court paperwork, Sickert was able to behave as an insider for both firms in a system which might per chance well enjoy been deceitful to prospects.

“As an insider of Cornerstone, he had an obligation to the company to maximize the quantity of money raised from every personal. As a registered representative of Wellstone Securities, he had a private motivation to decrease the quantity nonetheless by Cornerstone to the tune of his

5% commission,” the story said.

Sickert was later named in civil suits after the firm’s collapse, facing allegations of breach of fiduciary obligation, fraud, securities fraud, negligent misrepresentation and spurious transfer. Whereas no prison costs would be introduced towards him, civil settlements were reached.

Now, questions are resurfacing about Sickert’s past in light of First Liberty Building and Mortgage’s collapse. Such a being: What does the hiring course of leer luxuriate in for First Liberty that allowed Sickert to be employed despite dubious history within the investment alternate? As both the Georgia Secretary of Teach place of living of work and FBI investigate the firm’s failure and uncertainty relating to prospects’ funds, Sickert’s involvement will most likely face scrutiny- in particular due to his controversial history.