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Brian Block's $4 million bonus was tied to a key metric at ARCP

June 23, 2017

Brian Block's $4 million bonus at American Realty Capital Properties depended in part on the value of a key earnings metric with which he is accused of tampering. The compensation arrangements of Mr. Block are "fair game" to be allowed into...

Brian Block's lawyer portrays prosecution witness as a liar

June 21, 2017

The defense for Brian Block hit back Tuesday at a key witness in the government's securities fraud case against the former real estate executive, portraying the witness, Lisa McAlister, as a liar who would testify to almost anything to protect...

Brian Block trial witness says Nicholas Schorsch had hand in cooking the books at ARCP

June 20, 2017

A key witness in the trial of Brian Block, the former chief financial officer of a giant real estate investment trust once controlled by Nicholas Schorsch, suggested Monday that Mr. Schorsch had a hand in cooking the company's books by directing...

ARCP's accounting takes center stage at Brian Block's fraud trial

June 17, 2017

A former high-ranking executive at American Realty Capital Properties Inc. testified last week in federal court in New York that in emails and meetings during the spring and summer of 2014 he repeatedly raised the warning of an accounting mistake...

Defense hits key government witness in Brian Block fraud trial

June 16, 2017

The defense for Brian Block, the former chief financial officer for American Realty Capital Properties Inc. who is on trial for securities fraud, continued to work to undercut a key government witness who worked alongside Mr. Block in creating...

Accounting at ARCP center of fraud charges against Brian Block

June 15, 2017

A former high-ranking executive at American Realty Capital Properties Inc. testified on Tuesday afternoon and Wednesday that in emails and meetings in 2014 he repeatedly raised the warning of an accounting mistake in the real estate investment...

NASAA finds 90% of B-Ds have team or process to address senior-fraud issues

June 15, 2017

Some 2,300 cases of suspected senior-related fraud or exploitation were reported to authorities in 2015 by 61 broker-dealers that contributed to a newly-released report on elder fraud by the organization of state securities regulators. The report,...

Trial begins for former CFO of ARCP, Brian Block

June 14, 2017

Did Brian Block, former chief financial officer of a giant real estate investment trust once controlled by Nicholas Schorsch, cook the books in 2014 as he faced pressure to hit financial goals for the company? Or, rather, did Mr. Block act in...

Finra charges former Morgan Stanley broker with misleading client about account size

June 12, 2017

Finra has charged a former Morgan Stanley broker with misleading a client about the size of the client's account, making unauthorized trades and trying to settle the matter directly with the client rather than involving the firm. In a June 9...

Houston-area RIA pleads guilty to $1.9 million mail fraud

June 9, 2017

Lawrence Allen DeShetler, a state-registered investment adviser and certified financial planner from The Woodlands, Texas, has pleaded guilty to mail fraud in federal court and faces a maximum sentence of 20 years. Mr. DeShetler fraudulently...

Texas legislature passes law protecting seniors from financial abuse

May 24, 2017

A law making it more difficult to exploit seniors financially has passed both houses of the Texas Legislature and is on its way to the governor for signature. House Bill 3921 gives banks and securities firms the authority to place a temporary...

Millions go to Madoff fund lawyer, nothing for investors

May 23, 2017

A firm hired by the U.S. to distribute $4 billion to victims of Bernard Madoff's Ponzi scheme has racked up $38.8 million in billings over four years. The investors are still waiting for their first checks, though. The Justice Department disclosed...

Nicholas Schorsch 'highly focused' on cash-flow metric at center of alleged ARCP fraud: Feds

May 18, 2017

Nicholas Schorsch, the former executive chairman of the giant REIT American Realty Capital Properties Inc., now called Vereit Inc., had a keen interest and was "highly focused" on a cash-flow metric that the federal government alleges was at...

Former SEC accountant pleads guilty to illegal securities trading — and then lying about it

May 9, 2017

A former SEC accountant has pleaded guilty to filing false ethics forms in order to conceal his illegal options trading while working at the agency. David R. Humphrey, who worked in the Securities and Exchange Commission's Division of Corporate...

Court enters judgment against Connecticut adviser for Ponzi scheme

May 2, 2017

A federal court in Connecticut has entered a judgment against adviser Mark J. Varacchi and his firm, Sentinel Growth Fund Management, for allegedly stealing $3.95 million of investor assets in a hedge fund Ponzi scheme. The court also entered...

Passwords to become passé as more firms back biometrics

May 2, 2017

Financial advisers and their clients increasingly will find they need to keep fewer passwords top of mind as new technologies move financial services firms to safer forms of identity authorization, such as biometrics. "There's a big wave in...

Jailed former LPL rep faces SEC fraud charges

April 27, 2017

Thomas Edward Andrews, a former broker with LPL Financial in rural Utah who's now in federal prison, has been charged by the SEC with defrauding 23 investors. Also included in the charge is his former assistant, Scott Christensen, who also is...

Finra bars former UBS broker

April 27, 2017

A former broker with UBS in New Albany, Ohio, has agreed to a Finra letter of acceptance, waiver and consent barring him from the securities industry. According to the Financial Industry Regulatory Authority Inc., Ronald Broadstone allegedly...

Consultant tells advisers to start early to help clients deal with issues surrounding aging

April 25, 2017

The best time to help clients deal with issues pertaining to aging is before any decline begins, according to an expert who specializes in training financial advisers and other professionals in such situations. Amy Florian, CEO of Corgenius,...

Former RIA gets year probation for obstructing SEC investigation into referral fee

April 21, 2017

An investment adviser barred from the industry for making referral payments to an attorney for access to a wealthy client was sentenced in federal court in Boston on Thursday to a year of probation, according to the U.S. Attorney's Office. John...

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