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New York financier Lynn Tilton faces new fraud charges over distressed companies

November 16, 2017

After being cleared of wrongdoing in a case by the U.S. Securities and Exchange Commission, New York financier Lynn Tilton faces new claims over how she ran her distressed companies in a lawsuit by three funds she once created and managed to...

SEC charges former Georgia adviser with $1.86 million elder fraud

November 14, 2017

The SEC has filed charges against Georgia-based Jay Costa Kelter, a former investment adviser and broker, for defrauding three retired clients out of more than $1.86 million. From September 2013 through 2016, Kelter made misrepresentations to...

Ex-Merrill rep suspended, fined $10,000 over expense reports

November 9, 2017

The Financial Industry Regulatory Authority has fined former Merrill Lynch representative Sandy Galuppo $10,000 and suspended him for one year for submitting dozens of business expense reimbursement requests that were not compliant with the...

Finra panel bars broker for defrauding elderly client

November 9, 2017

The Financial Industry Regulatory Authority has barred broker Hank Mark Werner of Northport, N.Y., for fraudulently churning and excessively trading the accounts of a blind, elderly widow and for making unsuitable recommendations. The Finra...

Clayton: SEC targets 'complex, hidden fees'

November 8, 2017

Securities and Exchange Commission Chairman Jay Clayton said on Wednesday the agency is targeting complex and hidden fees that can harm investors — both through enforcement and by clarifying disclosure requirements. In a speech at a Practising...

Brian Block sentenced to 18 months in prison

November 8, 2017

Brian Block, the former chief financial officer of American Realty Capital Properties Inc., a firm founded by real estate investor Nicholas Schorsch, was sentenced Wednesday to 18 months in prison, a $100,000 fine and supervised release of three...

Finra bars former AXA broker for no-show

November 7, 2017

The Financial Industry Regulatory Authority has barred Adam Ocner, a former broker with AXA Advisors, for not providing the organization with information it requested. Finra, in a letter of acceptance, waiver and consent, said that it was investigating...

Finra bars two Schorsch-linked ex-salesmen in proxy scam

November 7, 2017

The Financial Industry Regulatory Authority Inc. on Monday barred two former Realty Capital Securities salesmen involved in the 2015 proxy fraud that led to the eventual closing of that firm. Realty Capital was the wholesaling broker-dealer...

SEC investigates potential fraud of $1 billion at California firm

November 3, 2017

The Securities and Exchange Commission has been investigating a southern California real estate and investment company, the Woodbridge Group of Companies, which has raised over $1 billion from investors, to determine whether the company has...

Regulators wave 8 red flags to ID financial abusers

November 2, 2017

State regulators outlined ways that financial advisers can spot potential abuse by guardians who are managing the finances of incapacitated clients. Guardians have a legal obligation to act in their client’s best interests. The guidance from...

Ex-Merrill broker Thomas J. Buck pleads guilty to securities fraud, will pay SEC $5M ​

October 31, 2017

Thomas J. Buck, a former high-producing rep for Merrill Lynch who was fired and then kicked out of the securities industry, pleaded guilty Tuesday to overcharging clients by millions of dollars. He also reached a settlement with the SEC for...

LPL to pay $295,000 for Ponzi scheme probe in North Carolina

October 27, 2017

The state of North Carolina has fined LPL Financial $25,000 and ordered the broker-dealer to reimburse the state $270,000 for the cost of investigating a $1.4 million Ponzi scheme. From May 2012 to December 2014, Charles Fackrell of Booneville,...

Finra awards 13 clients $5 million against rogue broker

October 26, 2017

A Finra arbitrator awarded more than $5 million to a group of 13 investors who claimed that a Georgia-based broker ruined their financial lives. The investors alleged that "their life savings and retirement assets were decimated" due to the...

SEC charges adviser with stealing $9 million intended for charity

October 20, 2017

The Securities and Exchange Commission has charged New York-based adviser John Rogicki with defrauding a non-profit charitable foundation out of $9 million. The SEC alleges that Mr. Rogicki, managing director and chief compliance officer of...

Finra cracks down on faulty variable annuity exchanges

October 10, 2017

Finra is continuing its crackdown on variable annuity misconduct this year, following a blistering year of fines related to VA sales in 2016. Two recent enforcement actions from the Financial Industry Regulatory Authority Inc. demonstrate the...

SEC charges California RIA and its owner with account statement fraud

October 4, 2017

The Securities and Exchange Commission has charged a California advisory shop, Tweed Investment Services Inc., and its owner with fraud for allegedly issuing false and misleading account statements that inflated investment profitability. The...

Ex-broker ordered to pay $550K for bilking investors with modest incomes ​

October 2, 2017

The Securities and Exchange Commission has obtained a final judgment by default against former broker Demitrios Hallas, who was charged with "knowingly or recklessly trading unsuitable investment products" in the accounts of five customers and...

Broker-dealer charged fraudulent markups of up to 270% on water disposal deals: Finra

October 2, 2017

Finra has charged a small broker-dealer that created and sold private placement investments in saltwater disposal wells with defrauding investors by charging exorbitant, undisclosed markups totaling more than $8 million on the deals. Sandlapper...

SEC charges adviser with stealing from clients, committing identity fraud on elderly

September 29, 2017

The Securities and Exchange Commission has leveled fraud charges against an investment adviser and his operations manager, accusing them of stealing approximately $378,000 from clients. The SEC's complaint alleges that Tarek D. Bahgat, a former...

SEC charges barred broker with masterminding $6 million real estate scam

September 29, 2017

The Securities and Exchange Commission has charged former broker Leonard Vincent Lombardo, his company and his business partner in an alleged real estate investment scheme that took $6 million from retirees and other investors. The SEC alleges...

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