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Ex-Merrill Lynch broker pleads guilty to $8.7 million bank fraud

April 19, 2017

A veteran Merrill Lynch broker based in St. Paul, Minn., pleaded guilty to two counts of bank fraud at the end of last month for his part in an elaborate, long-running scheme that bilked two banks out of $8.7 million. The broker, Jeffrey Kluge,...

Supreme Court to hear financial adviser case involving disgorgement

April 17, 2017

The Supreme Court will hear arguments Tuesday in a case brought by a financial adviser that could determine whether there are limits on how much advisers have to pay the Securities and Exchange Commission in disgorgements. The case, Kokesh v....

Finra arbitration panel awards Wilbanks Securities investor $1 million for misleading sales pitch on variable annuity

April 14, 2017

Finra arbitrators awarded an investor more than $1 million for what she alleges was a Wilbank Securities Inc. broker's misleading sales pitch about a variable annuity that over-promised and under-delivered. Grace S. Huitt won a total of $1,073,440...

Former LPL broker sentenced to 3 1/2 years in prison for robbing elderly, infirmed client

April 12, 2017

A federal court in Hartford, Conn., has found a former broker guilty of stealing $1.2 million from a client and sentenced him to prison for 41 months and ordered him to pay restitution. Robert N. Tricarico, 60, who began his career as an adviser...

Be vigilant about scams and fraud involving elder clients

April 3, 2017

With the aging of baby boomers, advisers are warned to be vigilant about financial elder abuse, fraud and scams. The National Adult Protective Service Agency reports that more than one in 10 (11%) of seniors have been financially abused or exploited...

SEC bars ex-LPL broker already serving 12-year prison sentence

March 31, 2017

The Securities and Exchange Commission on Thursday filed an order to bar a former LPL Financial broker, Thomas Caniford, who pled guilty in state court in Canton, Ohio, in 2016 to 135 counts, including securities fraud, publishing false statements...

Lessons advisers have learned on preventing elder financial abuse

March 31, 2017

Sixty-two percent of financial advisers surveyed by InvestmentNews have seen or suspected financial abuse of an elderly client at least once, but 56% of those respondents did not report their concerns. Here are some of the lessons advisers have...

Finra bars broker charged in NY pension fund hookers, strippers and drug scandal

March 29, 2017

The Financial Industry Regulatory Authority Inc. has barred one of the brokers charged in December for participating in a "pay-for-play" bribery scheme involving the $184 billion New York State Common Retirement Fund, one of the largest public...

Broker, RIA found guilty of $15 million stock fraud

March 24, 2017

In a case involving 100 investors who lost more than $15 million, broker Christopher Cervino of Franklin Lakes, N.J., and Sheik F. Kahn, a registered investment adviser in Las Vegas, Nev., have been found guilty of securities fraud by a federal...

Community bank B-D fined for selling seniors unsuitable investments

March 23, 2017

Investment Professionals Inc., a broker-dealer based in San Antonio, Texas, has been ordered by the Massachusetts Securities Division to pay a $100,000 fine for having sold unsuitable investment products to senior citizens. IPI, whose representatives...

Adviser gets seven years for Ponzi scheme

March 20, 2017

Patrick Churchville, the owner and president of ClearPath Wealth Management in Providence, R.I., has been sentenced to seven years in federal prison for a Ponzi scheme that defrauded investors of $21 million. The Securities and Exchange Commission...

How advisers can protect clients' data from fraud

March 16, 2017

Financial advisers work with their clients on a large volume of high-value transactions, which generally contain sensitive information, including Social Security numbers, account numbers, personal information and more. As wealth management services...

Con artist gets 15 months for defrauding broker-dealers

March 7, 2017

Nathanial D. Ponn has been sentenced to 15 months in prison for crafting a scheme that defrauded several brokerage firms, the SEC said in a release. A federal court in Massachusetts ordered Mr. Ponn to pay over $20,000 in restitution to three...

Help protect clients from scam attacks

March 7, 2017

The Securities and Exchange Commission is holding advisers to higher standards of care related to cybersecurity. Yet, while we put more and more protections in place, our clients are facing ever increasing scam attacks, whether through the internet...

RIA Marc Broidy pleads guilty to stealing $1.5M from clients

March 3, 2017

Marc Broidy, the founder and chief executive of Broidy Wealth Advisors in Los Angeles, has pleaded guilty in federal court to withdrawing $640,000 in excess management fees from client accounts and misappropriating more than $865,000 worth of...

Finra bars rep for $15M in unauthorized trades for retiree ​

March 1, 2017

Craig David Dima, formerly a registered representative with K.C. Ward Financial in Ronkonkoma, N.Y., has been barred from the securities industry for making unauthorized and unsuitable trades totaling approximately $15 million in a 73-year-old...

Former Wells Fargo broker barred for parking fraud

February 21, 2017

Thomas James Stewart is now barred from the securities industry for what best may be described as "parking fraud." Mr. Stewart, formerly a broker with Wells Fargo Advisors, used the firm's parking garage stamp without authorization to validate...

Most financial fraud victims share specific character traits: AARP survey

February 17, 2017

Investors most susceptible to fraud typically exhibit an unusually high degree of confidence in unregulated investments and tend to trade more actively than the general investor population, according to survey results from AARP. More of the...

Washington RIA found guilty of ripping off Mike Tyson

February 7, 2017

The second shoe has dropped in the case of Brian Ourand, a former registered investment adviser in Washington, D.C. Mr. Ourand, the former president of SFX Financial Advisory Management Enterprises Inc., was found guilty by the Securities and...

Hamilton ticket investor sues BD over its due diligence in alleged $81 million Ponzi

February 7, 2017

An investor in the alleged $81 million Ponzi scheme involving the purchase and resale of tickets to such high demand shows as Adele and the Broadway musical Hamilton has filed a complaint against a broker-dealer, claiming the firm made repeated...

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