Results for "fraud"

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Former Minnesota broker indicted for precious metals scam

March 14, 2018

A federal court in Minnesota has indicted David Thomas Rougier, a former broker, on one count each of mail fraud and wire fraud in connection with a scam that purported to buy gold and silver. According to the indictment, Mr. Rougier took approximately...

SEC revokes registration of DMS Advisors over fraud

March 8, 2018

The Securities and Exchange Commission has revoked the license of DMS Advisors of Leesport, Penn. The firm, headed by Peter Kohli, had been a registered investment adviser since 2012 and served as investment adviser to four emerging-market mutual...

Sen. Warren introduces bill targeting unpaid Finra arbitration awards

March 6, 2018

[Correction: Finra chief executive Robert W. Cook testified before a House Financial Services subcommittee in September 2017, not before the Senate Banking Committee meeting of last year referenced in this story. He was not present at that meeting.]...

Court orders wife of Massachusetts adviser to disgorge $518,000

February 21, 2018

In a case going back more than three years, a federal court in Massachusetts has ordered Shawnet Thibeault to pay disgorgement and interest totaling $518,062 for her role in a fraud that allegedly involved her husband, investment adviser Daniel...

Finra issues Investor Alert warning about scams that offer Finra 'guarantees' ​

February 16, 2018

In a brazen effort to camouflage their fraud, financial scam artists are now claiming that Finra is guaranteeing their "opportunities." In an Investor Alert, the Financial Industry Regulatory Authority has warned investors to beware of scams...

Adviser charged with defrauding investors out of $1 million in 26-year-old real estate fraud

February 14, 2018

An adviser in Massachusetts has been charged by state regulators with a real estate scheme that defrauded investors out of at least $1 million over the past 26 years. In addition to charging Thomas T. Riquier with violating state securities...

Cybersecurity officers moving up the organizational chart

February 14, 2018

Cybersecurity has moved out of the server room and into the board room. The chief information security officers at financial institutions are increasingly being thrust into the organizational spotlight as concerns with data security grow, according...

SEC closes book on Brian Block, former Schorsch associate, with $160,000 fine

February 14, 2018

Brian Block, a former associate of one-time real estate czar Nicholas Schorsch, has agreed to a $160,000 civil penalty and a permanent ban from serving as a director and officer for violating securities rules, the Securities and Exchange Commission...

New York adviser sentenced to six months for insider trading

February 13, 2018

Tibor Klein, a Long Island, N.Y., investment adviser, was sentenced to six months in prison on Monday after pleading guilty to insider trading in connection with Pfizer Inc's $3.6 billion acquisition of King Pharmaceuticals Inc. in 2010. U.S....

Tough tax season for victims of Social Security hack

February 13, 2018

As if discovering that someone fraudulently claimed Social Security benefits on your account wasn't bad enough, victims of recent identity theft now have to contend with another bureaucratic headache: 1099 forms documenting reportable income...

Deutsche Bank Securities to pay $4.45 million over mortgage-backed securities

February 12, 2018

Deutsche Bank Securities Inc. has agreed to pay nearly $4.5 million over allegations the firm misled customers who bought commercial mortgage-backed securities, boosting its profits at the expense of clients, according to the Securities and...

SEC charges two Boston-area former Morgan Stanley reps with fraud

January 31, 2018

The Securities and Exchange Commission has filed an enforcement action in federal court in Boston, charging two former Morgan Stanley reps with stealing nearly half a million dollars of assets from several clients, along with other breaches...

This is the No. 1 cybersecurity threat to financial advisers, experts say

January 30, 2018

Phishing, the fraudulent practice of sending emails from supposedly reputable companies in order to get individuals to reveal personal information, is still the biggest cybersecurity threat financial advisers and their clients face in 2018,...

Finra elder-abuse rule could trigger delicate conversations between brokers, clients

January 26, 2018

A new Finra regulation designed to prevent financial exploitation of seniors will spur what could be delicate conversations between brokers and older clients. The rule, which goes into effect on Feb. 5, requires that brokers make a reasonable...

SEC files suit against California hybrid adviser for fraud

January 23, 2018

The Securities and Exchange Commission has filed a suit charging that a hybrid advisory firm in California and its senior managers engaged in fraud and lied to investors in a real estate-related, securities offering fraud. According to the SEC's...

Finra arbitrators award more than $4 million in case against rogue broker

January 23, 2018

Finra arbitrators awarded more than $4 million to a group of investors who say a notorious rogue broker put their retirement savings into risky, unsuitable investments. But the satisfaction of winning the case may be their only reward. In a...

Two sentenced in fraud case for inflating price and trading volume of penny stock

January 22, 2018

This story was updated on March 20, 2018 A broker and investment adviser have been sentenced to prison for their roles in a securities fraud scheme involving the shares of a publicly traded company, VGTel Inc. Broker Christoper "Smitty" Cervino...

SEC bars broker-adviser Frank Mazzola

January 19, 2018

The Securities and Exchange Commission has barred former broker and registered investment adviser Frank Mazzola of Upper Saddle River, N.J., for participating in securities sales when he was no longer registered. The SEC said that from 2009...

State measures to prevent elder financial abuse gaining steam

January 18, 2018

States are increasingly wading into the fight to combat elder financial abuse, the top state securities regulator said Thursday. The North American Securities Administrators Association released a model rule two years ago that mandates that...

Former Investors Capital rep barred by Finra ​

January 17, 2018

The Financial Industry Regulatory Authority has barred Matthew Peregoy, a former broker with Investors Capital, for failing to take part in a hearing looking into his possible misuse of client funds. Finra said that Mr. Peregoy, whose registration...

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