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SEC bars rep sentenced for securities fraud

September 19, 2017

The Securities and Exchange Commission Inc. has barred former broker Gerald Cocuzzo for his role in a $131 million market manipulation scheme involving the shares of ForceField Energy. In July, Mr. Cocuzzo, of Delray Beach, Fla., was sentenced...

SEC bars two advisers for cherry-picking clients' trades

September 13, 2017

The Securities and Exchange Commission has barred two state-registered RIAs for allocating trades in client accounts in ways that benefitted the advisers at the expense of clients. California-registered investment adviser Jeremy Licht, who did...

Finra could consider allowing holds on transactions if elder fraud suspected

September 13, 2017

Finra is weighing an expansion of a rule to protect seniors from fraudulent disbursements from brokerage accounts to include fraudulent transactions as well, according to an executive at the regulatory organization. The Finra rule in question...

Jailed broker Mark David Holt loses $477,000 Finra arbitration

September 12, 2017

Mark David Holt, a former broker currently in prison, has lost a $477,000 Finra arbitration decision to two former clients who had alleged he mismanaged their accounts. The claimants, Peter Izmirian and Sandra Ingwaldson, filed their arbitration...

Hackers were likely targeting credit card numbers in Equifax heist

September 8, 2017

The criminals who targeted Equifax Inc. and pulled off one of the biggest hacks in history probably had a less aggressive goal than accessing consumers' personal data: stealing their credit card numbers. According to a person familiar with the...

Finra bars former National Planning rep

September 7, 2017

The Financial Industry Regulatory Authority Inc. has barred William Glaser for failing to provide information connected to circumstances surrounding his termination from National Planning Corp. The firm terminated Mr. Glaser's registration on...

Dawn Bennett's alleged Ponzi a sign of dark times

September 7, 2017

"Double, double, toil and trouble, fire burn and cauldron bubble," are lines recited famously by the Three Witches in Shakespeare's "Macbeth," but notorious financial adviser Dawn Bennett has allegedly been calling on similar dark forces to...

Radio host arrested for ripping off investors of millions in alleged fake-ticket scam

September 6, 2017

Sports radio host Craig Carton was arrested and charged with ripping off investors of millions of dollars in an alleged fake concert-ticket scam, with U.S. regulators saying he used the money to pay off gambling debts. The arrest is the latest...

Ex-Morgan Stanley broker pleads not guilty to insider trading

September 5, 2017

A longtime Morgan Stanley broker and financial adviser pleaded not guilty to trading on secret tips about pending mergers and acquisitions leaked by a Bank of America Corp. consultant. Michael Siva, 55, got the information from a close friend,...

Finra panel awards Edward Jones $340,000 in estate dispute

September 1, 2017

A Finra arbitration panel in Memphis, Tenn. has found that a military man acting as power of attorney for a client of Edward Jones should reimburse the firm for the damages it paid to the client, who is deceased. In its award, the Financial...

SEC charges ex-Connecticut rep with $1 million fraud

September 1, 2017

The SEC has charged Leon Vaccarelli, a former broker who had been affiliated with The Investment Center in Waterbury, Conn., with persuading several elderly customers to invest with him and then spending their money on his own living and business...

Finra fines ex-Morgan Stanley rep for secretly settling with client

September 1, 2017

A South Florida broker who Finra said settled a dispute with a client without saying anything to his then-employer has been fined $10,000 and suspended for 15 days. The Financial Industry Regulatory Authority alleges that Lewis Robinson, who...

SEC charges Navellier & Associates with fraud

August 31, 2017

The Securities and Exchange Commission announced fraud charges Thursday against Navellier & Associates, a Reno, Nevada, investment adviser, as well as Louis Navellier, its founder and chief investment officer. Louis Navellier began publishing...

Wells Fargo increases fake-account estimate 67% to 3.5 million

August 31, 2017

Wells Fargo & Co. said employees created two-thirds more bogus accounts than initially thought, a sign the bank is still struggling to move past a scandal that sparked record fines and congressional investigations. An outside review found an...

Former HSBC broker barred for alleged senior scam

August 29, 2017

The Financial Industry Regulatory Authority Inc. has barred former HSBC Securities broker Jaime R. Rodriguez in connection with a charge that he took $200,000 from an elderly and legally blind customer and used the money to purchase two apartments...

Connecticut RIA gets five years for scam

August 29, 2017

A federal judge in Connecticut has sentenced adviser Aaron Johnson to five years in prison for defrauding 19 clients in his investment business of $620,000, and ordered him to pay full restitution. Mr. Johnson, 37, was arrested on Feb. 17, 2016,...

New charges against Dawn Bennett allege a $20 million scheme to defraud 46 investors

August 28, 2017

Like a soap opera, the saga of barred broker Dawn J. Bennett just keeps getting more lurid. Last time the former Barron's billion-dollar adviser made news was in July 2016, when the SEC barred her from the securities industry and ordered her...

SEC gets court to freeze assets of former LPL broker

August 25, 2017

The Securities and Exchange Commission has obtained an emergency court order and asset freeze preventing former LPL broker Sonya Camarco from further dissipating stolen client assets. Ms. Camarco, who also has been known as Sonya Fatchett, was...

Finra bars former AXA rep

August 24, 2017

John P. Correnti, a former registered representative at AXA Advisors, has been barred by Finra for failing to provide testimony and documents connected with an investigation into possible rule violations. According to the Financial Industry...

SEC bars former broker imprisoned for $1.1 million fraud

August 23, 2017

Paul Elvidge, a former broker with Seacoast Investor Services and Cape Securities in Port St. Lucie, Fla., has been barred from the securities industry, the Securities and Exchange Commission said in an administrative proceeding. Mr. Elvidge...

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