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SEC charges adviser with stealing from clients, committing identity fraud on elderly

September 29, 2017

The Securities and Exchange Commission has leveled fraud charges against an investment adviser and his operations manager, accusing them of stealing approximately $378,000 from clients. The SEC's complaint alleges that Tarek D. Bahgat, a former...

SEC charges barred broker with masterminding $6 million real estate scam

September 29, 2017

The Securities and Exchange Commission has charged former broker Leonard Vincent Lombardo, his company and his business partner in an alleged real estate investment scheme that took $6 million from retirees and other investors. The SEC alleges...

Colorado indicts former LPL rep on securities fraud, theft charges

September 27, 2017

Colorado has indicted former LPL broker Sonya Camarco on six counts of securities fraud and seven counts of theft. She is accused of diverting more than $850,000 in client funds for personal use between January 2013 and May. On Aug. 9, she was...

SEC creates cyber unit to eye firms and task force for investor protection

September 26, 2017

The Securities and Exchange Commission has created a cyber unit to target cyber-related misconduct, as well as a retail strategy task force aimed at helping and protecting individual investors. The agency said its new cyber unit will focus the...

Finra awards $1.5 million to victims of broker fraud

September 26, 2017

Finra arbitrators have awarded two clients of former broker Christopher Thomas Tolmacs $1.2 million in compensatory damages and $300,000 in punitive damages based on "willful wanton misconduct, conversion of funds and securities fraud." In its...

SEC says Colorado RIA lied about experience and past performance

September 25, 2017

The Securities and Exchange Commission has charged Moses Investment Co. and its owner, Michael Moses, with fraud for lying numerous times to investors while raising money for a proprietary hedge fund. From approximately November 2013 to April...

SEC bars rep sentenced for securities fraud

September 19, 2017

The Securities and Exchange Commission Inc. has barred former broker Gerald Cocuzzo for his role in a $131 million market manipulation scheme involving the shares of ForceField Energy. In July, Mr. Cocuzzo, of Delray Beach, Fla., was sentenced...

Finra could consider allowing holds on transactions if elder fraud suspected

September 13, 2017

Finra is weighing an expansion of a rule to protect seniors from fraudulent disbursements from brokerage accounts to include fraudulent transactions as well, according to an executive at the regulatory organization. The Finra rule in question...

SEC bars two advisers for cherry-picking clients' trades

September 13, 2017

The Securities and Exchange Commission has barred two state-registered RIAs for allocating trades in client accounts in ways that benefitted the advisers at the expense of clients. California-registered investment adviser Jeremy Licht, who did...

Jailed broker Mark David Holt loses $477,000 Finra arbitration

September 12, 2017

Mark David Holt, a former broker currently in prison, has lost a $477,000 Finra arbitration decision to two former clients who had alleged he mismanaged their accounts. The claimants, Peter Izmirian and Sandra Ingwaldson, filed their arbitration...

Hackers were likely targeting credit card numbers in Equifax heist

September 8, 2017

The criminals who targeted Equifax Inc. and pulled off one of the biggest hacks in history probably had a less aggressive goal than accessing consumers' personal data: stealing their credit card numbers. According to a person familiar with the...

Finra bars former National Planning rep

September 7, 2017

The Financial Industry Regulatory Authority Inc. has barred William Glaser for failing to provide information connected to circumstances surrounding his termination from National Planning Corp. The firm terminated Mr. Glaser's registration on...

Dawn Bennett's alleged Ponzi a sign of dark times

September 7, 2017

"Double, double, toil and trouble, fire burn and cauldron bubble," are lines recited famously by the Three Witches in Shakespeare's "Macbeth," but notorious financial adviser Dawn Bennett has allegedly been calling on similar dark forces to...

Radio host arrested for ripping off investors of millions in alleged fake-ticket scam

September 6, 2017

Sports radio host Craig Carton was arrested and charged with ripping off investors of millions of dollars in an alleged fake concert-ticket scam, with U.S. regulators saying he used the money to pay off gambling debts. The arrest is the latest...

New trustee deal boosts total recovery for Madoff victims to $12.7 billion

September 6, 2017

The Irish investment fund that helped open a floodgate of European cash for Bernard Madoff's bogus securities firm in the early 1990s agreed to pay $687 million to victims of the fraud to resolve a trustee's lawsuit — the biggest settlement...

Ex-Morgan Stanley broker pleads not guilty to insider trading

September 5, 2017

A longtime Morgan Stanley broker and financial adviser pleaded not guilty to trading on secret tips about pending mergers and acquisitions leaked by a Bank of America Corp. consultant. Michael Siva, 55, got the information from a close friend,...

SEC charges ex-Connecticut rep with $1 million fraud

September 1, 2017

The SEC has charged Leon Vaccarelli, a former broker who had been affiliated with The Investment Center in Waterbury, Conn., with persuading several elderly customers to invest with him and then spending their money on his own living and business...

Finra fines ex-Morgan Stanley rep for secretly settling with client

September 1, 2017

A South Florida broker who Finra said settled a dispute with a client without saying anything to his then-employer has been fined $10,000 and suspended for 15 days. The Financial Industry Regulatory Authority alleges that Lewis Robinson, who...

Finra panel awards Edward Jones $340,000 in estate dispute

September 1, 2017

A Finra arbitration panel in Memphis, Tenn. has found that a military man acting as power of attorney for a client of Edward Jones should reimburse the firm for the damages it paid to the client, who is deceased. In its award, the Financial...

Wells Fargo increases fake-account estimate 67% to 3.5 million

August 31, 2017

Wells Fargo & Co. said employees created two-thirds more bogus accounts than initially thought, a sign the bank is still struggling to move past a scandal that sparked record fines and congressional investigations. An outside review found an...

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