Broker-dealer accused of securities fraud

A Lawrence insurance agent is accused in three separate lawsuits of violating Kansas securities and consumer protection laws.

The lawsuits were filed in Douglas County District Court against John H. Schmidt. Also named as defendants are New York Life Insurance Co. and NYLife Securities Inc.

Schmidt was a broker-dealer for New York Life at the time of the incidents alleged in the lawsuits between 1985 and January 2001.

Gaylon D. Albright, Topeka, is seeking recovery of $40,800 paid for beneficial interest in a promissory note from Intermountain Marketing Associates, L.L.C.

Brian C. Krenning and Stacey L. Krenning, South Elgin, Ill., are seeking recovery of $135,000 paid for interest in three promissory notes with IMA.

Alan D. Combs, Herington, executor of the estate of Madeline L. Moore, and Craig S. Combs, Herington, are seeking recovery of $90,855 in IMA promissory notes. The notes were purchased by Moore.

The lawsuits also seek thousands of additional dollars in damages. They allege Schmidt misrepresented the securities and omitted information in making the sales.

Schmidt couldn’t be reached for comment Friday afternoon.