Results for "fraud"

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Bitcoin frenzy sparks Finra cryptocurrency warning

December 21, 2017

The Financial Industry Regulatory Authority Inc. has issued an investor alert warning investors to beware of potential stock scams in connection with companies associated with cryptocurrencies, such as bitcoin, that tout high returns. "Unrealistic...

LPL loses $462,000 arbitration claim stemming from broker who ran Ponzi scheme

December 20, 2017

LPL Financial lost a $462,000 arbitration claim on Tuesday involving a former broker who is in jail for running a Ponzi scheme. A three-person Finra Dispute Resolution panel ruled that LPL was liable to pay three sets of clients $332,000 in...

SEC charges Washington state RIA with multi-million dollar fraud

December 20, 2017

The Securities and Exchange Commission has charged Snohomish, Wash.-based investment adviser Ronald A. Fossum Jr. with fraud, saying he misappropriated fund assets he controlled and misrepresented the financial condition of the funds and his...

Broker accepted kickbacks for IPO access: SEC

December 19, 2017

A broker was charged Tuesday by the Securities and Exchange Commission with illegally accepting more than $1 million in undisclosed kickbacks for giving certain clients preferential access to lucrative IPOs, enabling them to reap major profits...

SEC charges Indiana RIA with misleading investors

December 15, 2017

The Securities and Exchange Commission has charged Louis G. Mohlman, Jr. and two of the RIA firms he owns with engaging in conflicted transactions and misleading investors. According to the SEC's complaint, between 2012 and 2015, Mr. Mohlman...

SEC bars New York adviser for fraud

December 15, 2017

The Securities and Exchange Commission has barred Justin D. Meadlin from the securities industry for using false and misleading information "to induce prospective investors and clients to invest money" with him and his firm, New York-based Hyaline...

Finra bars former MML broker for refusing on-record testimony

December 14, 2017

The Financial Industry Regulatory Authority has barred Brian Michael Travers, a former Long Island, N.Y.-based broker with MML Investors Services, for refusing to appear for on-the-record testimony in connection with a Finra investigation. In...

NASAA: Promissory notes top investor complaints

December 13, 2017

Promissory notes are the most frequently identified source of investor complaints or investigations, cited by 74% of state securities regulators in a survey conducted by the North American Securities Administrators Association, which released...

SEC charges former Philadelphia broker with fraud

December 11, 2017

The Securities and Exchange Commission has charged ex-broker Paul W. Smith with operating a long-running investment advisory fraud. The SEC's complaint, filed in federal court in Philadelphia, alleges that from 1991 to 2016 Mr. Smith raised...

Legislation to combat elder financial abuse advances in Senate

December 6, 2017

Legislation that would give financial advisers civil liability protection when reporting suspected financial abuse of seniors advanced in the Senate on Tuesday. The Senior Safe Act was approved by the Senate Banking Committee as part of a larger...

SEC charges two former brokers with churning

December 6, 2017

The Securities and Exchange Commission has charged two former brokers—Zachary S. Berkey of Centereach, N.Y., and Daniel T. Fischer of Greenwich, Conn.—with churning the accounts of 10 clients at Four Points Capital Partners, a New York-based...

SEC charges adviser in Dawn Bennett fraud case

December 5, 2017

In connection with its fraud case against Dawn J. Bennett, the Securities and Exchange Commission has charged Bradley C. Mascho, a Maryland-based financial adviser and the onetime chief financial officer of DJB Holdings, with aiding and abetting...

Woodbridge bankruptcy burns advisers and real estate investors

December 5, 2017

Already under investigation by the Securities and Exchange Commission, the Woodbridge Group of Companies, a luxury real estate developer, last week missed payments on notes sold to investors and Monday filed Chapter 11 bankruptcy. Based in Sherman...

Former H.D. Vest broker barred for noncooperation

November 22, 2017

The Financial Industry Regulatory Authority has barred former H.D. Vest broker Brian Royster for failure to provide information in connection with its investigation of his activities with clients. On January 12, 2017, H.D. Vest terminated Mr....

Adviser Daniel Glick charged with ripping off elderly, including his in-laws

November 22, 2017

The United States Attorney's Office in Chicago has charged investment adviser Daniel H. Glick with one count of wire fraud, saying that he misappropriated at least $5.2 million from clients and financial institutions. The SEC is involved in...

New York financier Lynn Tilton faces new fraud charges over distressed companies

November 16, 2017

After being cleared of wrongdoing in a case by the U.S. Securities and Exchange Commission, New York financier Lynn Tilton faces new claims over how she ran her distressed companies in a lawsuit by three funds she once created and managed to...

SEC charges former Georgia adviser with $1.86 million elder fraud

November 14, 2017

The SEC has filed charges against Georgia-based Jay Costa Kelter, a former investment adviser and broker, for defrauding three retired clients out of more than $1.86 million. From September 2013 through 2016, Kelter made misrepresentations to...

Ex-Merrill rep suspended, fined $10,000 over expense reports

November 9, 2017

The Financial Industry Regulatory Authority has fined former Merrill Lynch representative Sandy Galuppo $10,000 and suspended him for one year for submitting dozens of business expense reimbursement requests that were not compliant with the...

Finra panel bars broker for defrauding elderly client

November 9, 2017

The Financial Industry Regulatory Authority has barred broker Hank Mark Werner of Northport, N.Y., for fraudulently churning and excessively trading the accounts of a blind, elderly widow and for making unsuitable recommendations. The Finra...

Clayton: SEC targets 'complex, hidden fees'

November 8, 2017

Securities and Exchange Commission Chairman Jay Clayton said on Wednesday the agency is targeting complex and hidden fees that can harm investors — both through enforcement and by clarifying disclosure requirements. In a speech at a Practising...

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