Results for "fraud"

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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...

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...

Guggenheim accused of using cash from annuity unit to fund CEO's purchase of LA Dodgers

July 2, 2018

Guggenheim Partners is facing a class-action lawsuit claiming it defrauded annuity investors by saddling an insurance affiliate with high-risk assets and diverting cash from its insurance operations in part to pay for CEO Mark Walter's 2012...

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...

Bank of America contributed to $102 million Ponzi scheme: lawsuit

June 26, 2018

Bank of America Corp. was accused in a lawsuit of providing more than 100 accounts used to perpetrate what the U.S. regulators called a $102 million Ponzi scheme. The class-action suit filed on behalf of people who lost money follows a complaint...

Buzz Aldrin dust-up highlights the challenges facing older clients

June 25, 2018

Financial advisers working with elderly clients should take heed of the legal brouhaha involving former astronaut Buzz Aldrin and two of his children. Mr. Aldrin, 88, who set foot on moon during the 1969 Apollo 11 mission, has gone to court...

SEC charges insurance agent with $1.27 million Ponzi scheme

June 22, 2018

The Securities and Exchange Commission has charged James Hocker, a Bellefonte, Penn., insurance agent, with engaging in a Ponzi scheme that targeted unsophisticated retail investors. After selling insurance policies, according to the SEC's complaint,...

SEC charges eight in $102 million Ponzi scheme

June 19, 2018

The Securities and Exchange Commission brought charges against five men and three connected entities on Tuesday for allegedly perpetrating a $102 million Ponzi scheme that defrauded more than 600 investors. The SEC claims two of the defendants...

Pastor and pal indicted over fraudulent financial planning

June 19, 2018

A federal court in Michigan has unsealed an indictment charging Larry A. Holley of Grand Blanc, Mich., and Patricia Enright of Flint, Mich., with conspiracy to commit wire and mail fraud, wire fraud, mail fraud and money laundering. The two...

Finra bars former Morgan Stanley manager for failing to supervise Home Shopping Network magnate's account

June 18, 2018

The Financial Industry Regulatory Authority Inc. has barred the former manager of Morgan Stanley's Palm Harbor, Fla., office from working in a supervisory capacity and fined him $75,000 for failing to supervise a broker who churned the account...

Stan Lee: Estate planning takeaways from the Marvel legend's elder-abuse saga

June 15, 2018

Financial advisers can draw some key estate-planning lessons from the controversy surrounding Stan Lee, the 95-year-old Marvel Comics legend whose vast fortune is allegedly under attack from financial predators. Mr. Lee, who co-created such...

RIA sentenced to 57-month prison term for theft barred by SEC

June 14, 2018

The Securities and Exchange Commission has barred Eric Erb, a former registered investment adviser and principal of Erb Capital Management, based in Babylon, N.Y. In August 2017, Mr. Erb pleaded guilty to one count of wire fraud, and this past...

Former Schorsch REIT reaches $90 million settlement with Vanguard

June 12, 2018

Vereit Inc., a net lease real estate investment trust, has agreed to pay mutual fund giant Vanguard $90 million as part of a settlement stemming from an accounting scandal four years ago when the company was controlled by Nicholas Schorsch,...

SEC bars New Jersey RIA over securities, adviser fraud

June 11, 2018

The Securities and Exchange Commission has barred New Jersey adviser Larry Werbel, who in September 2017 pled guilty to one count of conspiracy to commit securities fraud and one count of investment adviser fraud. Mr. Werbel, a resident of Milburn,...

Regulators gunning for brokers and advisers who sold $1.2 billion Ponzi

June 6, 2018

Securities regulators have started to hit brokers and advisers who sold Woodbridge promissory notes with a variety of disciplinary actions, including fines, suspensions and disbarment. In December, The Woodbridge Group of Companies and its founder,...

Finra bars former Bancorp rep for taking almost $106,000 from client

June 5, 2018

The Financial Industry Regulatory Authority Inc. has barred former U.S. Bancorp Investments broker John Douglas Wade of Buena Park, Calif., for converting more than $200,000 from the clients' accounts to his own use. Mr. Wade, who is not now...

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...

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