Results for "fraud"

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SEC charges five unlicensed salespeople in Woodbridge Ponzi

August 20, 2018

The Securities and Exchange Commission's charges Monday that five unregistered salespeople in South Florida unlawfully sold securities in a massive $1.2 billion Ponzi scheme underscores a significant threat facing investors, particularly the...

SEC charges two firms in municipal bond 'flipping' scheme

August 14, 2018

The U.S. Securities and Exchange Commission alleged that two firms committed fraud by snapping up municipal bonds floated in new debt offerings and quickly unloading them for a profit. The agency Tuesday alleged that from at least 2009 to 2016,...

Tax-credit investigation may trip up Wells Fargo

August 13, 2018

As much as Wells Fargo & Co. wants the public to believe it has put its troubled past behind it, yet another legal tangle shows it still doesn't have a handle on its own questionable behavior. In the latest turn of events, the Department of...

SEC bars unregistered adviser who pled guilty to securities fraud

August 10, 2018

The Securities and Exchange Commission has barred Melvin Wimmer Jr., an unregistered investment adviser in South Carolina, who pled guilty to one count of securities fraud in May. Mr. Wimmer, who headed Cornerstone Capital of Greenwood, "knowingly...

SEC charges former UBS broker with $4 million scam

August 10, 2018

The Securities and Exchange Commission has charged John Maccoll, a former broker with UBS in Birmingham, Mich., with running an investment scam in which he stole nearly $4 million from customers. According to the SEC's complaint, Mr. Maccoll...

SEC bars former adviser, orders him to pay $1.58 million

August 10, 2018

The Securities and Exchange Commission has barred Jinesh P. Brahmbhatt, who owned Jade Private Wealth Management, a now defunct state-licensed investment adviser, for his conflicts of interests in connection with recommending that his clients...

Unregistered advisers linked to latest alleged South Florida lending fraud

August 7, 2018

The Securities and Exchange Commission and the U.S. Attorney's office are investigating an alleged $283 million loan fraud that was sold, at least in part, through a network of unregistered brokers and financial advisers. On July 27, two lenders...

Former Madoff customers argue it wasn't a Ponzi

August 3, 2018

Scores of Bernard Madoff's former customers are pushing for access to a massive database of trading records and other documents seized from the con man's now-defunct securities firm to advance a fringe theory about the epic fraud: It wasn't...

SEC bars former COO of advisory firm for misuse of customer funds

August 2, 2018

The Securities and Exchange Commission has barred the former chief operating officer of an investment advisory firm for misusing customer funds. Gilbert Fluetsch was the COO of California-based Hoplon Financial Group from 2010 to May 2014. The...

Wells Fargo to pay $2 billion settlement to end loan probe

August 1, 2018

Ten years after faulty mortgages upended the global financial system, Wells Fargo & Co. agreed to pay $2.09 billion to settle a U.S. probe into its creation and sale of loans that contributed to the disaster. The long-anticipated penalty, announced...

SEC freezes assets of group charged with $55 million Ponzi scheme

July 27, 2018

The Securities and Exchange Commission froze the assets of a Denver-based group of companies and their principal, and charged the group with defrauding at least 150 investors in a $55 million Ponzi scheme. Daniel B. Rudden and a group of companies...

SEC charges Cape Cod RIA with $3 million fraud

July 20, 2018

The Securities and Exchange Commission has charged Cape Cod RIA Kimberly Pine Kitts with defrauding seven clients and stealing more than $3 million from their accounts. From 2011 to 2017, when a client questioned Ms. Kitts about her dwindling...

Former Morgan Stanley rep who took $450,000 from clients barred by SEC

July 18, 2018

The Securities and Exchange Commission has barred former Morgan Stanley broker Cornelius Peterson, who has pleaded guilty to investor adviser fraud and bank fraud. The former broker and investment adviser was employed by Morgan Stanley in Boston...

William Galvin: Infinex Investments fined $125,000

July 18, 2018

Infinex Investments has settled with Massachusetts securities regulators for failing to adequately supervise agents who were selling high-commission securities products, including real estate investment trusts and variable annuities, primarily...

SEC charges RIA and CEO with putting $19 million of client money into risky investments

July 18, 2018

The SEC on Wednesday charged an investment advisory firm based in Litchfield, Conn., and its CEO with putting $19 million of investor money, including elderly clients' retirement savings, in unsuitable, illiquid investments and secretly pocketing...

Social Security scam alert

July 17, 2018

Here's the latest identity theft scam to warn your clients about: suspicious phone calls that claim to be from the Social Security Administration. Don't fall for it, warned Gale Stallworth Stone, acting inspector general of the SSA. In one case,...

Former broker receives extra jail time for defrauding own mother

July 17, 2018

A former stockbroker convicted of defrauding his elderly mother, ex-girlfriends and a military veteran out of $360,000 will get as many as four years added to his sentence for an earlier $5.4 million securities fraud scheme, New York's attorney...

Former Stifel broker barred for taking $205,000 from a client

July 13, 2018

The Financial Industry Regulatory Authority Inc. has barred Mitchell Yanow, a former broker with Stifel, Nicolaus, for using a customer's blank checks to pay for his own expenses. According to Finra, Mr. Yanow took at least $205,586 of the 87-year-old...

House introduces bill targeting elder financial abuse

July 10, 2018

The House Financial Services Committee will vote Wednesday on a bill to establish an interdivisional task force at the Securities and Exchange Commission to protect senior investors. Introduced by Rep. Josh Gottheimer, D-N.J., the National Senior...

Finra arbitrator awards $1.5 million in damages to oil and gas investor

July 6, 2018

A Finra arbitrator has ordered Texas E&P Partners and its principal, Mark Plummer, to pay a former customer $1 million in punitive damages and $521,000 in compensatory damages. The customer, Eli Garza, claimed the firm and Mr. Plummer breached...

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