Results for "fraud"

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Financial schemes against seniors are most often committed by people closest to them

May 19, 2018

There are plenty of scams that strangers come up with to trick the elderly into giving up their money, but most financial schemes against seniors are committed by those who are closest to the victims: family, friends and caregivers. While that...

SEC enforcement officials say they focus on quality, not quantity, of cases

May 16, 2018

Securities and Exchange Commission officials told lawmakers Wednesday that even though total enforcement actions declined last year, it doesn't mean the agency is going soft. In fiscal 2017, the SEC brought 754 enforcement actions, down from...

Three plead guilty to defrauding Native American tribe, investors

May 16, 2018

Gary Hirst, already sentenced to 6 1/2 years in prison for fraud in another case, has pled guilty to four fraud-related counts in connection with a scheme to defraud a Native American tribal entity and several investment advisory clients. On...

Jordan Belfort, 'Wolf of Wall Street,' falling behind on restitution

May 16, 2018

Jordan Belfort, the "Wolf of Wall Street," isn't just a con, he's also a deadbeat, prosecutors say, and they want him to pay up. For those who've forgotten, Mr. Belfort operated a penny-stock boiler room on New York's Long Island called Stratton...

California RIA William Jordan settles with SEC on fraud charges

May 16, 2018

Adviser William Jordan of Orange County, Calif., has settled charges made by the Securities and Exchange Commission that he perpetrated a multi-million-dollar fraud on his clients. In his settlement, Mr. Jordan consented to a permanent injunction....

Finra bars former Pruco broker for diverting $47,700 from clients

May 8, 2018

The Financial Industry Regulatory Authority Inc. has barred former Pruco broker Vaughn Lee Andrews-McKay for misappropriating $47,748.19 from two clients and forging signatures on checks taken from one of them. Mr. Andrews-McKay, who was discharged...

Financial abuse against the elderly most often committed by those closest to them

May 8, 2018

Financial fraud against the elderly is most often perpetrated by those closest to the victims: family members, friends or other trusted individuals, according to a new survey. While 68% of older investors believe that a stranger would be the...

Finra bars broker it was investigating for taking customer funds

May 10, 2018

The Financial Industry Regulatory Authority Inc. has barred former broker James Knee for failing to take part in a hearing looking into his activities at two former employers, Ameriprise and Voya. Finra said it was investigating allegations...

SEC bars former assistant over alleged misappropriation of funds

May 3, 2018

The Securities and Exchange Commission has barred former advisory firm assistant Lauramarie Colangelo from working at any type of firm the agency regulates after a federal court ruled in its favor in a case against her employer. Between 2012...

How criminals steal $37 billion a year from America's elderly

May 3, 2018

Marjorie Jones trusted the man who called to tell her she'd won a sweepstakes prize, saying she could collect the winnings once she paid the taxes and fees. After she wired the first payment, he and other callers kept adding conditions to convince...

Chattanooga pension fund accuses Wells Fargo of fraud in revenue sharing

May 10, 2018

The Chattanooga, Tenn., Fire and Police Pension Fund intends to file a whistleblower complaint with the Securities and Exchange Commission and Commodity Futures Trading Commission against Wells Fargo, its custodian and trustee, alleging potential...

Sanctioned Ponzi scheme salesmen keep shilling planning, advice

May 3, 2018

Recent sanctions by state securities regulators against unlicensed brokers who sold pieces of an alleged billion-dollar real estate Ponzi scheme highlight a perennial problem the financial advice industry continues to ignore: insurance agents,...

Fidelity reportedly fires about 200 for abusing employee benefit

May 7, 2018

Fidelity Investments has fired about 200 employees who were accused of abusing company benefits, according to a person familiar with the matter. Fidelity had a program which reimbursed workers for 20% of the purchase of computer equipment up...

Hopi Tribe wins $2 million arbitration against Carolina Capital

April 20, 2018

In what may be a pyrrhic victory, a Finra arbitration panel has awarded the Hopi Tribe $2 million in compensatory damages against Carolina Capital Markets in a case involving securities fraud, among other charges. According to the Financial...

SEC bars adviser charged with stealing more than $1 million from clients

April 17, 2018

The Securities and Exchange Commission has barred Scott Newsholme, an unregistered investment adviser, after he pleaded guilty last week in federal court to wire fraud, aggravated identity theft and aiding and abetting preparation of false tax...

Adviser facing 20-year prison sentence settles with SEC

April 13, 2018

Former financial adviser Daniel Glick, who has already pled guilty to wire fraud in a parallel criminal case, has settled a civil suit brought by the Securities and Exchange Commission in which he agrees to help recover stolen assets now located...

Maryland attorney general bars unregistered adviser

April 11, 2018

An unregistered investment adviser has been barred by the Maryland attorney general's office for "dishonest and unethical trade practices" that included selling unregistered securities by fraudulent means. According to the Securities Commissioner...

SEC charges Texan with running $2.4 million Ponzi scheme

April 9, 2018

The Securities and Exchange Commission has charged two Texas companies and their principals with running a $2.4 million Ponzi scheme and defrauding seniors in a related, $1.4 million stock offering. The SEC's complaint alleges that from 2010...

$8B jury 'message' to JPMorgan for mismanaging estate will likely be lowered

April 5, 2018

Irelsie Alvarez said she and fellow jurors wanted to send JPMorgan Chase & Co. a message with their startling $8 billion verdict in a Dallas probate case -- an award that's destined to be reduced to no more than $90 million. She concluded at...

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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