Results for "fraud"

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Finra elder-abuse rule could trigger delicate conversations between brokers, clients

January 26, 2018

A new Finra regulation designed to prevent financial exploitation of seniors will spur what could be delicate conversations between brokers and older clients. The rule, which goes into effect on Feb. 5, requires that brokers make a reasonable...

SEC files suit against California hybrid adviser for fraud

January 23, 2018

The Securities and Exchange Commission has filed a suit charging that a hybrid advisory firm in California and its senior managers engaged in fraud and lied to investors in a real estate-related, securities offering fraud. According to the SEC's...

Finra arbitrators award more than $4 million in case against rogue broker

January 23, 2018

Finra arbitrators awarded more than $4 million to a group of investors who say a notorious rogue broker put their retirement savings into risky, unsuitable investments. But the satisfaction of winning the case may be their only reward. In a...

Two sentenced in fraud case for inflating price and trading volume of penny stock

January 22, 2018

This story was updated on March 20, 2018 A broker and investment adviser have been sentenced to prison for their roles in a securities fraud scheme involving the shares of a publicly traded company, VGTel Inc. Broker Christoper "Smitty" Cervino...

SEC bars broker-adviser Frank Mazzola

January 19, 2018

The Securities and Exchange Commission has barred former broker and registered investment adviser Frank Mazzola of Upper Saddle River, N.J., for participating in securities sales when he was no longer registered. The SEC said that from 2009...

State measures to prevent elder financial abuse gaining steam

January 18, 2018

States are increasingly wading into the fight to combat elder financial abuse, the top state securities regulator said Thursday. The North American Securities Administrators Association released a model rule two years ago that mandates that...

Former Investors Capital rep barred by Finra ​

January 17, 2018

The Financial Industry Regulatory Authority has barred Matthew Peregoy, a former broker with Investors Capital, for failing to take part in a hearing looking into his possible misuse of client funds. Finra said that Mr. Peregoy, whose registration...

Finra bars broker involved with Dawn Bennett

January 16, 2018

The Financial Industry Regulatory Authority Inc. has barred Bradley C. Mascho for failing to appear at a hearing looking into his activities at Western International Securities. Mr. Masco was terminated by the firm, which is based in Pasadena,...

Finra bars fired Ameriprise rep for churning accounts of elderly

January 8, 2018

The Financial Industry Regulatory Authority has barred former broker Larry M. Boggs for excessive and unsuitable trading in the accounts of five elderly clients. Mr. Boggs also improperly exercised discretion in these accounts without written...

Massive investment fraud fueled by slick marketing, hot dinners

January 5, 2018

For almost five years, the SEC said the Woodbridge Group of Companies operated a billion-dollar Ponzi scheme, taking advantage of 8,400 investors, many of them elderly. What is striking about the alleged fraud is that it operated in plain sight....

Bitcoin frenzy sparks Finra cryptocurrency warning

December 21, 2017

The Financial Industry Regulatory Authority Inc. has issued an investor alert warning investors to beware of potential stock scams in connection with companies associated with cryptocurrencies, such as bitcoin, that tout high returns. "Unrealistic...

SEC charges Woodbridge Group with running $1.2 billion Ponzi scheme

December 21, 2017

The Woodbridge Group of Companies and its founder, Robert Shapiro, were charged on Thursday by the Securities and Exchange Commission with running a massive, $1.2 billion Ponzi scheme that targeted 8,400 investors. Formerly based in Boca Raton,...

LPL loses $462,000 arbitration claim stemming from broker who ran Ponzi scheme

December 20, 2017

LPL Financial lost a $462,000 arbitration claim on Tuesday involving a former broker who is in jail for running a Ponzi scheme. A three-person Finra Dispute Resolution panel ruled that LPL was liable to pay three sets of clients $332,000 in...

SEC charges Washington state RIA with multi-million dollar fraud

December 20, 2017

The Securities and Exchange Commission has charged Snohomish, Wash.-based investment adviser Ronald A. Fossum Jr. with fraud, saying he misappropriated fund assets he controlled and misrepresented the financial condition of the funds and his...

Broker accepted kickbacks for IPO access: SEC

December 19, 2017

A broker was charged Tuesday by the Securities and Exchange Commission with illegally accepting more than $1 million in undisclosed kickbacks for giving certain clients preferential access to lucrative IPOs, enabling them to reap major profits...

SEC charges Indiana RIA with misleading investors

December 15, 2017

The Securities and Exchange Commission has charged Louis G. Mohlman, Jr. and two of the RIA firms he owns with engaging in conflicted transactions and misleading investors. According to the SEC's complaint, between 2012 and 2015, Mr. Mohlman...

SEC bars New York adviser for fraud

December 15, 2017

The Securities and Exchange Commission has barred Justin D. Meadlin from the securities industry for using false and misleading information "to induce prospective investors and clients to invest money" with him and his firm, New York-based Hyaline...

Finra bars former MML broker for refusing on-record testimony

December 14, 2017

The Financial Industry Regulatory Authority has barred Brian Michael Travers, a former Long Island, N.Y.-based broker with MML Investors Services, for refusing to appear for on-the-record testimony in connection with a Finra investigation. In...

NASAA: Promissory notes top investor complaints

December 13, 2017

Promissory notes are the most frequently identified source of investor complaints or investigations, cited by 74% of state securities regulators in a survey conducted by the North American Securities Administrators Association, which released...

SEC charges Connecticut hybrid with fraud

December 12, 2017

The Securities and Exchange Commission has charged Westport Capital Markets, a Connecticut-based hybrid, and its principal, Christopher E. McClure, with breaching their fiduciary duties and defrauding advisory clients. The SEC said that Westport...

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