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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...

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...

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...

New Jersey broker pleads guilty to six-year elder scam

February 3, 2017

Peter Martorana of Wall, N.J., pleaded guilty Wednesday to laundering more than $500,000 from elderly clients between 2006 and 2013, according to a report in the Asbury Park Press. Mr. Martorana, 62, faces 10 years in prison for what authorities...

SEC charges Connecticut RIA with stealing $3.95M from investors

February 2, 2017

The Securities and Exchange Commission has charged Connecticut-based Sentinel Growth Fund Management and its founder-owner, Mark J. Varacchi, with stealing $3.95 million from investors. In its complaint, the SEC alleges that Mr. Varacchi and...

Even capable seniors vulnerable to fraud, research finds

February 2, 2017

While mild cognitive impairment affecting financial judgment is fairly widespread among those in their 70s, most people can adequately handle normal financial tasks, a new report from the Center for Retirement Research found. Among those with...

Edward Scissorhands slices into business manager with fiduciary lawsuit

February 1, 2017

In a lawsuit that has ramifications for financial advisers grappling with the fiduciary standard, actor Johnny Depp has sued his former business managers, The Management Group in Beverly Hills, Calif., claiming that the firm engaged in “in...

Man accused of $17M 'pump-and-dump' scheme walks free

January 31, 2017

The U.S. took too long to charge an owner of a New York brokerage with orchestrating a $17 million pump-and-dump scheme, a judge ruled in throwing out the indictment. Guy Gentile was accused by the government of buying shares of Raven Gold Corp....

Regulators use big data to turn up enforcement heat

January 30, 2017

Securities regulators are turning to big data to increase their enforcement firepower, a move that could eventually help them more easily uncover breaches of suitability in investment product sales. The Securities and Exchange Commission recently...

Adviser banned for cherry picking trades to reward himself over clients

January 26, 2017

A Massachusetts investment adviser charged with securities fraud has agreed to be banned from the securities industry after the Securities and Exchange Commission uncovered an illegal cherry-picking stock scheme. The SEC filed fraud charges...

Former ARCP accounting officer Lisa McAlister expected to testify at ex-CFO Brian Block's securities fraud trial

January 11, 2017

Lisa McAlister, the former chief accounting officer of a giant real estate investment trust once controlled by Nicholas Schorsch, may be testifying against the REIT's past chief financial officer, Brian Block in June at his pending trial for...

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