Results for "fraud"

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Real estate fraudsters to repay $30 million to investors

March 28, 2018

The Securities and Exchange Commission reached a settlement with the operators of a California-based real estate fraud scheme that raised more than $66 million from approximately 300 investors, many of them retail investors. According to the...

SEC blasts Wedbush for ongoing failure to supervise

March 27, 2018

The Securities and Exchange Commission has charged Wedbush Securities Inc. with failing to supervise a broker and ignoring "numerous red flags" that she was involved in a long-running pump-and-dump scheme. In a release, the SEC said its action...

Finra bars former Morgan Stanley adviser over hearing no-show

March 27, 2018

The Financial Industry Regulatory Authority Inc. has barred former Morgan Stanley broker Matthew Singer for failing to appear at a hearing in connection with a Finra investigation. The regulator was looking into whether Mr. Singer and others...

Lisa McAlister, former ARCP exec, avoids prison

March 27, 2018

The former chief accounting officer for American Realty Capital Properties Inc. escaped a prison sentence after prosecutors said she was instrumental in the conviction of the firm's CFO in an accounting scandal that led to the unraveling of...

Finra bars no-show former broker fired over fund sales

March 27, 2018

The Financial Industry Regulatory Authority, Inc. has barred Lawrence Fawcett, Jr., a former broker with WestPark Capital, for failure to appear at a hearing looking into his trading activity. In December, Mr. Fawcett consented to a Finra finding...

Finra bars former Fortune Financial rep over document denial

March 23, 2018

The Financial Industry Regulatory Authority has barred former Fortune Financial broker Michael Giokas for failure to provide information in connection with his October 2017 arrest on fraud charges. Shortly before his arrest, Mr. Giokas resigned...

Bank of America to pay $42 million to NY over electronic trading probe

March 23, 2018

Bank of America Corp.'s corporate and investment banking division agreed to pay $42 million to settle a New York state probe into a so-called masking scheme in which it misled clients about who was seeing and filling their orders and who was...

Brokers must pay clients $845,000 arbitration award

March 23, 2018

Two former brokers involved in a stock fraud scheme have been ordered by a Finra arbitration panel to pay $845,000 to two clients they defrauded. Christopher Cervino and Larry Werbel were involved in a scheme to inflate the market for the shares...

Former Minnesota broker indicted for precious metals scam

March 14, 2018

A federal court in Minnesota has indicted David Thomas Rougier, a former broker, on one count each of mail fraud and wire fraud in connection with a scam that purported to buy gold and silver. According to the indictment, Mr. Rougier took approximately...

SEC revokes registration of DMS Advisors over fraud

March 8, 2018

The Securities and Exchange Commission has revoked the license of DMS Advisors of Leesport, Penn. The firm, headed by Peter Kohli, had been a registered investment adviser since 2012 and served as investment adviser to four emerging-market mutual...

Sen. Warren introduces bill targeting unpaid Finra arbitration awards

March 6, 2018

[Correction: Finra chief executive Robert W. Cook testified before a House Financial Services subcommittee in September 2017, not before the Senate Banking Committee meeting of last year referenced in this story. He was not present at that meeting.]...

Court orders wife of Massachusetts adviser to disgorge $518,000

February 21, 2018

In a case going back more than three years, a federal court in Massachusetts has ordered Shawnet Thibeault to pay disgorgement and interest totaling $518,062 for her role in a fraud that allegedly involved her husband, investment adviser Daniel...

Finra issues Investor Alert warning about scams that offer Finra 'guarantees' ​

February 16, 2018

In a brazen effort to camouflage their fraud, financial scam artists are now claiming that Finra is guaranteeing their "opportunities." In an Investor Alert, the Financial Industry Regulatory Authority has warned investors to beware of scams...

Adviser charged with defrauding investors out of $1 million in 26-year-old real estate fraud

February 14, 2018

An adviser in Massachusetts has been charged by state regulators with a real estate scheme that defrauded investors out of at least $1 million over the past 26 years. In addition to charging Thomas T. Riquier with violating state securities...

Cybersecurity officers moving up the organizational chart

February 14, 2018

Cybersecurity has moved out of the server room and into the board room. The chief information security officers at financial institutions are increasingly being thrust into the organizational spotlight as concerns with data security grow, according...

SEC closes book on Brian Block, former Schorsch associate, with $160,000 fine

February 14, 2018

Brian Block, a former associate of one-time real estate czar Nicholas Schorsch, has agreed to a $160,000 civil penalty and a permanent ban from serving as a director and officer for violating securities rules, the Securities and Exchange Commission...

Tough tax season for victims of Social Security hack

February 13, 2018

As if discovering that someone fraudulently claimed Social Security benefits on your account wasn't bad enough, victims of recent identity theft now have to contend with another bureaucratic headache: 1099 forms documenting reportable income...

New York adviser sentenced to six months for insider trading

February 13, 2018

Tibor Klein, a Long Island, N.Y., investment adviser, was sentenced to six months in prison on Monday after pleading guilty to insider trading in connection with Pfizer Inc's $3.6 billion acquisition of King Pharmaceuticals Inc. in 2010. U.S....

Deutsche Bank Securities to pay $4.45 million over mortgage-backed securities

February 12, 2018

Deutsche Bank Securities Inc. has agreed to pay nearly $4.5 million over allegations the firm misled customers who bought commercial mortgage-backed securities, boosting its profits at the expense of clients, according to the Securities and...

SEC charges two Boston-area former Morgan Stanley reps with fraud

January 31, 2018

The Securities and Exchange Commission has filed an enforcement action in federal court in Boston, charging two former Morgan Stanley reps with stealing nearly half a million dollars of assets from several clients, along with other breaches...

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