Results for "fraud"

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Pastor and pal indicted over fraudulent financial planning

June 19, 2018

A federal court in Michigan has unsealed an indictment charging Larry A. Holley of Grand Blanc, Mich., and Patricia Enright of Flint, Mich., with conspiracy to commit wire and mail fraud, wire fraud, mail fraud and money laundering. The two...

SEC charges eight in $102 million Ponzi scheme

June 19, 2018

The Securities and Exchange Commission brought charges against five men and three connected entities on Tuesday for allegedly perpetrating a $102 million Ponzi scheme that defrauded more than 600 investors. The SEC claims two of the defendants...

SEC charges insurance agent with $1.27 million Ponzi scheme

June 22, 2018

The Securities and Exchange Commission has charged James Hocker, a Bellefonte, Penn., insurance agent, with engaging in a Ponzi scheme that targeted unsophisticated retail investors. After selling insurance policies, according to the SEC's complaint,...

Hedge fund scam artist targets the middle class

June 1, 2018

Investment scams that hit working people or the middle class typically are pretty prosaic. They include church scams, such as a pastor cloaking his phony investment pitch in holy talk, or what are known as affinity frauds, in which the person...

Finra bars former Morgan Stanley manager for failing to supervise Home Shopping Network magnate's account

June 18, 2018

The Financial Industry Regulatory Authority Inc. has barred the former manager of Morgan Stanley's Palm Harbor, Fla., office from working in a supervisory capacity and fined him $75,000 for failing to supervise a broker who churned the account...

Stan Lee: Estate planning takeaways from the Marvel legend's elder-abuse saga

June 15, 2018

Financial advisers can draw some key estate-planning lessons from the controversy surrounding Stan Lee, the 95-year-old Marvel Comics legend whose vast fortune is allegedly under attack from financial predators. Mr. Lee, who co-created such...

SEC bars New Jersey RIA over securities, adviser fraud

June 11, 2018

The Securities and Exchange Commission has barred New Jersey adviser Larry Werbel, who in September 2017 pled guilty to one count of conspiracy to commit securities fraud and one count of investment adviser fraud. Mr. Werbel, a resident of Milburn,...

RIA sentenced to 57-month prison term for theft barred by SEC

June 14, 2018

The Securities and Exchange Commission has barred Eric Erb, a former registered investment adviser and principal of Erb Capital Management, based in Babylon, N.Y. In August 2017, Mr. Erb pleaded guilty to one count of wire fraud, and this past...

Regulators gunning for brokers and advisers who sold $1.2 billion Ponzi

June 6, 2018

Securities regulators have started to hit brokers and advisers who sold Woodbridge promissory notes with a variety of disciplinary actions, including fines, suspensions and disbarment. In December, The Woodbridge Group of Companies and its founder,...

Finra bars former Bancorp rep for taking almost $106,000 from client

June 5, 2018

The Financial Industry Regulatory Authority Inc. has barred former U.S. Bancorp Investments broker John Douglas Wade of Buena Park, Calif., for converting more than $200,000 from the clients' accounts to his own use. Mr. Wade, who is not now...

NY Attorney General Underwood files 99-count criminal indictment against investment adviser

May 30, 2018

Former Sterne Agee adviser Dean Mustaphalli is facing a 99-count criminal indictment that charges him with securities fraud, grand larceny, forgery and a scheme to defraud. If convicted, Mr. Mustaphalli faces up to 20 years in prison. According...

Former Royal Alliance broker arrested, charged with fraud

May 24, 2018

A former Royal Alliance broker could face up to 20 years in prison for allegedly stealing more than $4 million over several years from four elderly clients. Gary Basralian, a Springfield, N.J.-based broker who resigned from Royal Alliance in...

Financial schemes against seniors are most often committed by people closest to them

May 19, 2018

There are plenty of scams that strangers come up with to trick the elderly into giving up their money, but most financial schemes against seniors are committed by those who are closest to the victims: family, friends and caregivers. While that...

SEC enforcement officials say they focus on quality, not quantity, of cases

May 16, 2018

Securities and Exchange Commission officials told lawmakers Wednesday that even though total enforcement actions declined last year, it doesn't mean the agency is going soft. In fiscal 2017, the SEC brought 754 enforcement actions, down from...

SEC charges former Long Island broker with $8 million scam

May 31, 2018

The Securities and Exchange Commission has charged former Long Island, N.Y., broker Steven Pagartanis with defrauding long-standing customers in an $8 million investment scam. The Suffolk County district attorney's office also filed criminal...

Jordan Belfort, 'Wolf of Wall Street,' falling behind on restitution

May 16, 2018

Jordan Belfort, the "Wolf of Wall Street," isn't just a con, he's also a deadbeat, prosecutors say, and they want him to pay up. For those who've forgotten, Mr. Belfort operated a penny-stock boiler room on New York's Long Island called Stratton...

Three plead guilty to defrauding Native American tribe, investors

May 16, 2018

Gary Hirst, already sentenced to 6 1/2 years in prison for fraud in another case, has pled guilty to four fraud-related counts in connection with a scheme to defraud a Native American tribal entity and several investment advisory clients. On...

Finra bars former Pruco broker for diverting $47,700 from clients

May 8, 2018

The Financial Industry Regulatory Authority Inc. has barred former Pruco broker Vaughn Lee Andrews-McKay for misappropriating $47,748.19 from two clients and forging signatures on checks taken from one of them. Mr. Andrews-McKay, who was discharged...

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...

Regulators wave 8 red flags to ID financial abusers

November 2, 2017

State regulators outlined ways that financial advisers can spot potential abuse by guardians who are managing the finances of incapacitated clients. Guardians have a legal obligation to act in their client’s best interests. The guidance from...

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