Results for "fraud"

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Chattanooga pension fund accuses Wells Fargo of fraud in revenue sharing

May 10, 2018

The Chattanooga, Tenn., Fire and Police Pension Fund intends to file a whistleblower complaint with the Securities and Exchange Commission and Commodity Futures Trading Commission against Wells Fargo, its custodian and trustee, alleging potential...

Finra bars broker it was investigating for taking customer funds

May 10, 2018

The Financial Industry Regulatory Authority Inc. has barred former broker James Knee for failing to take part in a hearing looking into his activities at two former employers, Ameriprise and Voya. Finra said it was investigating allegations...

Financial abuse against the elderly most often committed by those closest to them

May 8, 2018

Financial fraud against the elderly is most often perpetrated by those closest to the victims: family members, friends or other trusted individuals, according to a new survey. While 68% of older investors believe that a stranger would be the...

Fidelity reportedly fires about 200 for abusing employee benefit

May 7, 2018

Fidelity Investments has fired about 200 employees who were accused of abusing company benefits, according to a person familiar with the matter. Fidelity had a program which reimbursed workers for 20% of the purchase of computer equipment up...

How criminals steal $37 billion a year from America's elderly

May 3, 2018

Marjorie Jones trusted the man who called to tell her she'd won a sweepstakes prize, saying she could collect the winnings once she paid the taxes and fees. After she wired the first payment, he and other callers kept adding conditions to convince...

Sanctioned Ponzi scheme salesmen keep shilling planning, advice

May 3, 2018

Recent sanctions by state securities regulators against unlicensed brokers who sold pieces of an alleged billion-dollar real estate Ponzi scheme highlight a perennial problem the financial advice industry continues to ignore: insurance agents,...

SEC bars former assistant over alleged misappropriation of funds

May 3, 2018

The Securities and Exchange Commission has barred former advisory firm assistant Lauramarie Colangelo from working at any type of firm the agency regulates after a federal court ruled in its favor in a case against her employer. Between 2012...

Chicago adviser Daniel H. Glick sentenced to 12 1/2 years for fraud

April 23, 2018

Daniel H. Glick, a Chicago-based investment adviser, was sentenced to 12 1/2 years in prison and ordered to pay $5.2 million in restitution in a criminal case stemming from a civil action by the SEC. In March 2017, the Securities and Exchange...

Hopi Tribe wins $2 million arbitration against Carolina Capital

April 20, 2018

In what may be a pyrrhic victory, a Finra arbitration panel has awarded the Hopi Tribe $2 million in compensatory damages against Carolina Capital Markets in a case involving securities fraud, among other charges. According to the Financial...

SEC bars adviser charged with stealing more than $1 million from clients

April 17, 2018

The Securities and Exchange Commission has barred Scott Newsholme, an unregistered investment adviser, after he pleaded guilty last week in federal court to wire fraud, aggravated identity theft and aiding and abetting preparation of false tax...

Adviser facing 20-year prison sentence settles with SEC

April 13, 2018

Former financial adviser Daniel Glick, who has already pled guilty to wire fraud in a parallel criminal case, has settled a civil suit brought by the Securities and Exchange Commission in which he agrees to help recover stolen assets now located...

Maryland attorney general bars unregistered adviser

April 11, 2018

An unregistered investment adviser has been barred by the Maryland attorney general's office for "dishonest and unethical trade practices" that included selling unregistered securities by fraudulent means. According to the Securities Commissioner...

Finra bars former OneAmerica broker for stealing customer's money

April 10, 2018

The Financial Industry Regulatory Authority Inc. has barred Domingo Gonzalez, a former broker with OneAmerica Securities, for depositing money entrusted to him into his own account and then spending the money. Finra said that Mr. Gonzalez, who...

UBS, broker to pay $805,000 in Finra award

April 10, 2018

A hearing panel of the Financial Industry Regulatory Authority Inc. has awarded a customer of UBS broker Michael James Keane $805,120, the latest in a series of payments he has faced in the past several years to satisfy client complaints. Finra...

SEC charges Texan with running $2.4 million Ponzi scheme

April 9, 2018

The Securities and Exchange Commission has charged two Texas companies and their principals with running a $2.4 million Ponzi scheme and defrauding seniors in a related, $1.4 million stock offering. The SEC's complaint alleges that from 2010...

Court orders Georgia RIA to disgorge $169,000 in fraud case

April 6, 2018

A federal district court in Washington, D.C., has ordered Ikenna "Ike" Ikokwu, a Cumming, Ga.-based RIA, to pay a civil penalty of $80,000, and — along with his companies, Winning the Money Game with Ike, and Winning the Money Game — to...

$8B jury 'message' to JPMorgan for mismanaging estate will likely be lowered

April 5, 2018

Irelsie Alvarez said she and fellow jurors wanted to send JPMorgan Chase & Co. a message with their startling $8 billion verdict in a Dallas probate case -- an award that's destined to be reduced to no more than $90 million. She concluded at...

Barred financial planner, pastor busted for selling bogus bonds to elderly

March 30, 2018

A Shreveport, La., financial planner and a Houston pastor are facing both criminal and civil charges for allegedly running a scheme that bilked $3.4 million from at least 29 mostly elderly investors by selling them interests in "pre-Revolutionary...

SEC shuts down $5 million adviser scam

March 29, 2018

The Securities and Exchange Commission entered a default judgment against DaRayl D. Davis, a self-styled "financial coach" who took $5 million from church members and their friends in a fraudulent bond scam. From at least 2003 to 2017, Davis...

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...

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