Results for "fraud"

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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...

SEC charges Navellier & Associates with fraud

August 31, 2017

The Securities and Exchange Commission announced fraud charges Thursday against Navellier & Associates, a Reno, Nevada, investment adviser, as well as Louis Navellier, its founder and chief investment officer. Louis Navellier began publishing...

Connecticut RIA gets five years for scam

August 29, 2017

A federal judge in Connecticut has sentenced adviser Aaron Johnson to five years in prison for defrauding 19 clients in his investment business of $620,000, and ordered him to pay full restitution. Mr. Johnson, 37, was arrested on Feb. 17, 2016,...

Former HSBC broker barred for alleged senior scam

August 29, 2017

The Financial Industry Regulatory Authority Inc. has barred former HSBC Securities broker Jaime R. Rodriguez in connection with a charge that he took $200,000 from an elderly and legally blind customer and used the money to purchase two apartments...

New charges against Dawn Bennett allege a $20 million scheme to defraud 46 investors

August 28, 2017

Like a soap opera, the saga of barred broker Dawn J. Bennett just keeps getting more lurid. Last time the former Barron's billion-dollar adviser made news was in July 2016, when the SEC barred her from the securities industry and ordered her...

SEC gets court to freeze assets of former LPL broker

August 25, 2017

The Securities and Exchange Commission has obtained an emergency court order and asset freeze preventing former LPL broker Sonya Camarco from further dissipating stolen client assets. Ms. Camarco, who also has been known as Sonya Fatchett, was...

Finra bars former AXA rep

August 24, 2017

John P. Correnti, a former registered representative at AXA Advisors, has been barred by Finra for failing to provide testimony and documents connected with an investigation into possible rule violations. According to the Financial Industry...

SEC bars former broker imprisoned for $1.1 million fraud

August 23, 2017

Paul Elvidge, a former broker with Seacoast Investor Services and Cape Securities in Port St. Lucie, Fla., has been barred from the securities industry, the Securities and Exchange Commission said in an administrative proceeding. Mr. Elvidge...

Morgan Stanley broker among five arrested in $5 million insider trading case

August 17, 2017

A Morgan Stanley broker was among five people arrested in connection with an insider trading ring that generated more than $5 million of profits over a three-year period. Michael Siva of West Orange, N.J. and a broker at Morgan Stanley's Morristown,...

SEC suspends former ARCP accounting officer Lisa McAlister

August 17, 2017

The Securities and Exchange Commission has permanently suspended Lisa McAlister, the former chief accounting officer of American Reality Capital Properties Inc. In a settlement in which she consented to the agency's findings, the SEC said that...

Energy funds adviser settles with SEC over fees

August 15, 2017

The SEC settled with the investment adviser for four private oil and gas funds over the miscalculation and inadequate disclosure of approximately $1.1 million in management fees and $449,000 in management-related expenses. The firm, Denver-based...

Finra expels Hallmark Investments and bars CEO for fraud

August 14, 2017

Finra has expelled New York-based Hallmark Investments, Inc. and barred its CEO Steven G. Dash, in connection with a scheme to sell shares of stock to customers at fraudulently inflated prices. The Financial Industry Regulatory Authority Inc....

Court orders RIA to pay nearly $2 million for defrauding athletes

August 10, 2017

The Securities and Exchange Commission has obtained a final judgement against Pittsburgh, Pa.-based financial adviser Louis Martin Blazer III, who was accused of taking money without permission from the accounts of several professional athletes....

Finra bars former Edward Jones broker for no-show at hearing on client gifts

August 7, 2017

The Financial Industry Regulatory Authority Inc. has barred former Edward Jones broker James V. Marino for failing to appear at a hearing about allegations related to his acceptance of gifts and use of a client's credit card for his own benefit....

7 of Hollywood's worst Wall Street scoundrels

August 2, 2017

When it comes to Wall Street villains, Hollywood leans hard on the clichés for its fictional characters. The new Netflix series "Ozark" is just the latest example of how the entertainment industry has shone a negative light on the world of finance.

SEC charges four former reps with fraud for VA sales targeting federal employees

July 31, 2017

An earlier version of this story incorrectly implied that the former brokers charged were registered with another securities firm when the allegations occured. The Securities and Exchange Commission has charged four former Atlanta-area brokers...

SEC bars adviser to Tim Duncan and obtains judgment

July 14, 2017

The Securities and Exchange Commission has barred Charles A. Banks IV from the securities industry and obtained a judgment against the former Atlanta-based investment adviser to retired basketball star Tim Duncan. According to the SEC's complaint,...

Former broker gets 30 months for defrauding investors

July 12, 2017

A federal court in Boston has sentenced Stephen Eubanks of Hingham, Mass., to 30 months in prison for defrauding investors of $437,000. Mr. Eubanks, who also was ordered to pay that sum in restitution to the more than 20 people he defrauded,...

SEC charges 13 with fraud in $14 million pump-and-dump scheme

July 12, 2017

The Securities and Exchange Commission brought fraud charges Wednesday against 13 individuals, many of them former brokers, for an alleged pump-and-dump scheme that generated roughly $14 million in illegal gains. Defendants in two Long Island-based...

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