Results for "fraud"

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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 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 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...

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,...

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...

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...

Hedge fund scam artist targets the middle class

June 1, 2018

Investment scams that hit working people or the middle class typically are pretty prosaic. They include church scams, such as a pastor cloaking his phony investment pitch in holy talk, or what are known as affinity frauds, in which the person...

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...

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...

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...

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...

SEC charges Virginia firm with $5 million Ponzi scheme

July 3, 2018

The Securities and Exchange Commission charged a Virginia investment adviser firm and its owner with operating a nearly $5 million Ponzi scheme. The SEC was granted an order to freeze the assets in more than 30 brokerage and bank accounts controlled...

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...

Alexander Capital, censured by SEC, will pay $411,000 for failure to supervise

June 29, 2018

The Securities and Exchange Commission has censured Alexander Capital, a New York-based broker-dealer, and charged two of its managers with failing to supervise three brokers who churned accounts and made unsuitable recommendations and unauthorized...

Morgan Stanley to pay $3.6 million penalty for failure to supervise adviser

June 29, 2018

Morgan Stanley has agreed to a settlement with the SEC in which it will pay a $3.6 million penalty for its failure to protect four advisory clients from the actions of one of its representatives, who misused or misappropriated approximately...

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...

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