Results for "fraud"

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Alexander Capital, censured by SEC, will pay $411,000 for failure to supervise

June 29, 2018

The Securities and Exchange Commission has censured Alexander Capital, a New York-based broker-dealer, and charged two of its managers with failing to supervise three brokers who churned accounts and made unsuitable recommendations and unauthorized...

Morgan Stanley to pay $3.6 million penalty for failure to supervise adviser

June 29, 2018

Morgan Stanley has agreed to a settlement with the SEC in which it will pay a $3.6 million penalty for its failure to protect four advisory clients from the actions of one of its representatives, who misused or misappropriated approximately...

Bank of America contributed to $102 million Ponzi scheme: lawsuit

June 26, 2018

Bank of America Corp. was accused in a lawsuit of providing more than 100 accounts used to perpetrate what the U.S. regulators called a $102 million Ponzi scheme. The class-action suit filed on behalf of people who lost money follows a complaint...

Buzz Aldrin dust-up highlights the challenges facing older clients

June 25, 2018

Financial advisers working with elderly clients should take heed of the legal brouhaha involving former astronaut Buzz Aldrin and two of his children. Mr. Aldrin, 88, who set foot on moon during the 1969 Apollo 11 mission, has gone to court...

SEC charges insurance agent with $1.27 million Ponzi scheme

June 22, 2018

The Securities and Exchange Commission has charged James Hocker, a Bellefonte, Penn., insurance agent, with engaging in a Ponzi scheme that targeted unsophisticated retail investors. After selling insurance policies, according to the SEC's complaint,...

SEC charges eight in $102 million Ponzi scheme

June 19, 2018

The Securities and Exchange Commission brought charges against five men and three connected entities on Tuesday for allegedly perpetrating a $102 million Ponzi scheme that defrauded more than 600 investors. The SEC claims two of the defendants...

Pastor and pal indicted over fraudulent financial planning

June 19, 2018

A federal court in Michigan has unsealed an indictment charging Larry A. Holley of Grand Blanc, Mich., and Patricia Enright of Flint, Mich., with conspiracy to commit wire and mail fraud, wire fraud, mail fraud and money laundering. The two...

Finra bars former Morgan Stanley manager for failing to supervise Home Shopping Network magnate's account

June 18, 2018

The Financial Industry Regulatory Authority Inc. has barred the former manager of Morgan Stanley's Palm Harbor, Fla., office from working in a supervisory capacity and fined him $75,000 for failing to supervise a broker who churned the account...

Stan Lee: Estate planning takeaways from the Marvel legend's elder-abuse saga

June 15, 2018

Financial advisers can draw some key estate-planning lessons from the controversy surrounding Stan Lee, the 95-year-old Marvel Comics legend whose vast fortune is allegedly under attack from financial predators. Mr. Lee, who co-created such...

RIA sentenced to 57-month prison term for theft barred by SEC

June 14, 2018

The Securities and Exchange Commission has barred Eric Erb, a former registered investment adviser and principal of Erb Capital Management, based in Babylon, N.Y. In August 2017, Mr. Erb pleaded guilty to one count of wire fraud, and this past...

Former Schorsch REIT reaches $90 million settlement with Vanguard

June 12, 2018

Vereit Inc., a net lease real estate investment trust, has agreed to pay mutual fund giant Vanguard $90 million as part of a settlement stemming from an accounting scandal four years ago when the company was controlled by Nicholas Schorsch,...

SEC bars New Jersey RIA over securities, adviser fraud

June 11, 2018

The Securities and Exchange Commission has barred New Jersey adviser Larry Werbel, who in September 2017 pled guilty to one count of conspiracy to commit securities fraud and one count of investment adviser fraud. Mr. Werbel, a resident of Milburn,...

Regulators gunning for brokers and advisers who sold $1.2 billion Ponzi

June 6, 2018

Securities regulators have started to hit brokers and advisers who sold Woodbridge promissory notes with a variety of disciplinary actions, including fines, suspensions and disbarment. In December, The Woodbridge Group of Companies and its founder,...

Finra bars former Bancorp rep for taking almost $106,000 from client

June 5, 2018

The Financial Industry Regulatory Authority Inc. has barred former U.S. Bancorp Investments broker John Douglas Wade of Buena Park, Calif., for converting more than $200,000 from the clients' accounts to his own use. Mr. Wade, who is not now...

Hedge fund scam artist targets the middle class

June 1, 2018

Investment scams that hit working people or the middle class typically are pretty prosaic. They include church scams, such as a pastor cloaking his phony investment pitch in holy talk, or what are known as affinity frauds, in which the person...

SEC charges former Long Island broker with $8 million scam

May 31, 2018

The Securities and Exchange Commission has charged former Long Island, N.Y., broker Steven Pagartanis with defrauding long-standing customers in an $8 million investment scam. The Suffolk County district attorney's office also filed criminal...

NY Attorney General Underwood files 99-count criminal indictment against investment adviser

May 30, 2018

Former Sterne Agee adviser Dean Mustaphalli is facing a 99-count criminal indictment that charges him with securities fraud, grand larceny, forgery and a scheme to defraud. If convicted, Mr. Mustaphalli faces up to 20 years in prison. According...

Former Royal Alliance broker arrested, charged with fraud

May 24, 2018

A former Royal Alliance broker could face up to 20 years in prison for allegedly stealing more than $4 million over several years from four elderly clients. Gary Basralian, a Springfield, N.J.-based broker who resigned from Royal Alliance in...

State regulators launch 'Operation Cryptosweep' to crack down on fraud

May 21, 2018

In a coordinated effort among its member regulators, the North American Securities Administrators Association has launched a series of enforcement actions by state and provincial securities officials in the United States and Canada to crack...

Financial schemes against seniors are most often committed by people closest to them

May 19, 2018

There are plenty of scams that strangers come up with to trick the elderly into giving up their money, but most financial schemes against seniors are committed by those who are closest to the victims: family, friends and caregivers. While that...

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