Doug Peterson

Nebraska Attorney General

AGO Announces June Court Hearing on the Appointment of a Receiver for Omaha-Based Investment Advisor Firms

Nebraska Attorney General Doug Peterson today announced a June 6th court hearing on the appointment of a receiver for Omaha-based investment advisor firms BWM Advisors, LLC, and Bonnett Financial Services, LLC. The firms, which do business under the name Bonnett Wealth Management, and their President, Jerome P. “Joe” Bonnett, recently had nearly $47.5 million in assets under management and are the subject of an ongoing investigation by the Nebraska Department of Banking and Finance.

The Attorney General’s Office last week filed a complaint in Douglas County District Court alleging various violations of the Nebraska Securities Act by Bonnett and his firms. The complaint requested an injunction to prevent securities violations and a court-appointed receiver to take control of and account for the firms’ assets. In an emergency hearing held Friday, the court entered a temporary restraining order and an asset freeze to protect client funds.

The hearing on the State’s request for a receiver will be held on Monday, June 6, 2016, at 1:15 PM, before District Judge Duane Dougherty in Courtroom #503 of the Douglas County Courthouse. The Notice of Hearing is attached here.

The case is pending in Douglas County District Court and is titled State of Nebraska ex rel Mark Quandahl, Director of Banking and Finance, v. BWM Advisors LLC, Bonnett Financial Services LLC, and Jerome P. Bonnett, Case No. CI-16-4196. The State’s complaint is available here and the emergency restraining and asset freeze order is available here.