Results for "fraud"

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SEC bars adviser to Tim Duncan and obtains judgment

July 14, 2017

The Securities and Exchange Commission has barred Charles A. Banks IV from the securities industry and obtained a judgment against the former Atlanta-based investment adviser to retired basketball star Tim Duncan. According to the SEC's complaint,...

Former broker gets 30 months for defrauding investors

July 12, 2017

A federal court in Boston has sentenced Stephen Eubanks of Hingham, Mass., to 30 months in prison for defrauding investors of $437,000. Mr. Eubanks, who also was ordered to pay that sum in restitution to the more than 20 people he defrauded,...

SEC charges 13 with fraud in $14 million pump-and-dump scheme

July 12, 2017

The Securities and Exchange Commission brought fraud charges Wednesday against 13 individuals, many of them former brokers, for an alleged pump-and-dump scheme that generated roughly $14 million in illegal gains. Defendants in two Long Island-based...

Feds move to undermine CFO Brian Block's defense of inaccurate financial filings at ARCP

June 28, 2017

During cross-examination at his securities fraud trial Wednesday, Brian Block, the former chief financial officer at American Realty Capital Properties Inc., asserted that he wasn't operating in a "silo" when calculating a key accounting metric...

RIA adviser gets two years in prison for cherry-picking trades

June 26, 2017

Michael J. Breton, an adviser at a Waltham, Mass.-based registered investment adviser, has been sentenced to two years in prison and two years of supervised release, and ordered to forfeit $1.33 million and pay restitution in the same amount...

Brian Block's $4 million bonus was tied to a key metric at ARCP

June 23, 2017

Brian Block's $4 million bonus at American Realty Capital Properties depended in part on the value of a key earnings metric with which he is accused of tampering. The compensation arrangements of Mr. Block are "fair game" to be allowed into...

Brian Block's lawyer portrays prosecution witness as a liar

June 21, 2017

The defense for Brian Block hit back Tuesday at a key witness in the government's securities fraud case against the former real estate executive, portraying the witness, Lisa McAlister, as a liar who would testify to almost anything to protect...

NASAA finds 90% of B-Ds have team or process to address senior-fraud issues

June 15, 2017

Some 2,300 cases of suspected senior-related fraud or exploitation were reported to authorities in 2015 by 61 broker-dealers that contributed to a newly-released report on elder fraud by the organization of state securities regulators. The report,...

Accounting at ARCP center of fraud charges against Brian Block

June 15, 2017

A former high-ranking executive at American Realty Capital Properties Inc. testified on Tuesday afternoon and Wednesday that in emails and meetings in 2014 he repeatedly raised the warning of an accounting mistake in the real estate investment...

Houston-area RIA pleads guilty to $1.9 million mail fraud

June 9, 2017

Lawrence Allen DeShetler, a state-registered investment adviser and certified financial planner from The Woodlands, Texas, has pleaded guilty to mail fraud in federal court and faces a maximum sentence of 20 years. Mr. DeShetler fraudulently...

Texas legislature passes law protecting seniors from financial abuse

May 24, 2017

A law making it more difficult to exploit seniors financially has passed both houses of the Texas Legislature and is on its way to the governor for signature. House Bill 3921 gives banks and securities firms the authority to place a temporary...

Nicholas Schorsch 'highly focused' on cash-flow metric at center of alleged ARCP fraud: Feds

May 18, 2017

Nicholas Schorsch, the former executive chairman of the giant REIT American Realty Capital Properties Inc., now called Vereit Inc., had a keen interest and was "highly focused" on a cash-flow metric that the federal government alleges was at...

Former SEC accountant pleads guilty to illegal securities trading — and then lying about it

May 9, 2017

A former SEC accountant has pleaded guilty to filing false ethics forms in order to conceal his illegal options trading while working at the agency. David R. Humphrey, who worked in the Securities and Exchange Commission's Division of Corporate...

Court enters judgment against Connecticut adviser for Ponzi scheme

May 2, 2017

A federal court in Connecticut has entered a judgment against adviser Mark J. Varacchi and his firm, Sentinel Growth Fund Management, for allegedly stealing $3.95 million of investor assets in a hedge fund Ponzi scheme. The court also entered...

Finra bars former UBS broker

April 27, 2017

A former broker with UBS in New Albany, Ohio, has agreed to a Finra letter of acceptance, waiver and consent barring him from the securities industry. According to the Financial Industry Regulatory Authority Inc., Ronald Broadstone allegedly...

Jailed former LPL rep faces SEC fraud charges

April 27, 2017

Thomas Edward Andrews, a former broker with LPL Financial in rural Utah who's now in federal prison, has been charged by the SEC with defrauding 23 investors. Also included in the charge is his former assistant, Scott Christensen, who also is...

Consultant tells advisers to start early to help clients deal with issues surrounding aging

April 25, 2017

The best time to help clients deal with issues pertaining to aging is before any decline begins, according to an expert who specializes in training financial advisers and other professionals in such situations. Amy Florian, CEO of Corgenius,...

Former RIA gets year probation for obstructing SEC investigation into referral fee

April 21, 2017

An investment adviser barred from the industry for making referral payments to an attorney for access to a wealthy client was sentenced in federal court in Boston on Thursday to a year of probation, according to the U.S. Attorney's Office. John...

Ex-Merrill Lynch broker pleads guilty to $8.7 million bank fraud

April 19, 2017

A veteran Merrill Lynch broker based in St. Paul, Minn., pleaded guilty to two counts of bank fraud at the end of last month for his part in an elaborate, long-running scheme that bilked two banks out of $8.7 million. The broker, Jeffrey Kluge,...

Supreme Court to hear financial adviser case involving disgorgement

April 17, 2017

The Supreme Court will hear arguments Tuesday in a case brought by a financial adviser that could determine whether there are limits on how much advisers have to pay the Securities and Exchange Commission in disgorgements. The case, Kokesh v....

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