Results for "fraud"

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Chairman should leave Ladenburg Thalmann

September 20, 2018

It's time for Dr. Phillip Frost to resign as non-executive chairman of Ladenburg Thalmann Financial Services Inc., the home of 4,300 retail brokers and financial advisers. The risk to Ladenburg Thalmann's reputation, as well as to the four independent...

SEC charges Michigan-based adviser in $2.7 million investment scam

September 19, 2018

The Securities and Exchange Commission charged a Michigan-based financial adviser with defrauding elderly retirees and other unsophisticated investors out of $2.7 million. ​ According to the SEC, Ernest J. Romer III persuaded at least 30 of...

SEC charges $54 million Louisiana RIA and owners for cherry-picking scheme

September 20, 2018

The Securities and Exchange Commission on Thursday charged a Louisiana-based advisory firm and its two owners — a husband and wife — for defrauding clients via a cherry-picking scheme perpetuated over several years. World Tree Financial...

SEC charges New Jersey-based broker in 'cherry-picking' scheme

September 12, 2018

The Securities and Exchange Commission charged a New Jersey-based broker Wednesday with "cherry-picking" profitable trades for himself and his family at the expense of his clients, a practice that netted him $700,000. Meanwhile, the U.S. Attorney's...

Former HDVest brokers barred for not cooperating in Woodbridge investigation

September 10, 2018

Finra barred two former HD Vest Investment Services brokers who did not cooperate in an investigation of a real estate investment Ponzi scheme. Finra barred Jerry Davis Raines and Donna Lynn Barnard for failing to provide documents and information...

Tax-credit investigation may trip up Wells Fargo

August 13, 2018

As much as Wells Fargo & Co. wants the public to believe it has put its troubled past behind it, yet another legal tangle shows it still doesn't have a handle on its own questionable behavior. In the latest turn of events, the Department of...

SEC charges two brokers for churning that lost clients $3.6 million

September 10, 2018

The Securities and Exchange Commission charged two brokers with excessive trading in client accounts, also known as "churning," which the agency claims resulted in an aggregate $3.6 million in losses for clients and generated $4.6 million in...

Ladenburg chairman charged with fraud by SEC in penny stock scheme

September 10, 2018

Dr. Phillip Frost, the non-executive chairman and largest shareholder of Ladenburg Thalmann Financial Services Inc. has been charged with fraud by the Securities and Exchange Commission for his involvement in a pump-and-dump, penny stock scheme....

RIA charged for not disclosing commissions earned from selling risky tech stock

September 14, 2018

The Securities and Exchange Commission is charging an investment advisory firm with selling $13 million of high-risk securities to public school teachers without disclosing the exorbitant commissions the firm collected. A complaint filed Friday...

SEC files fraud charges against firm for working with barred broker

August 31, 2018

The Securities and Exchange Commission filed charges Thursday against an investment advisory firm for allowing a broker the SEC booted out of the industry to work there. The SEC complaint alleges that Walter F. Grenda Jr. has associated with...

Mychal Kendricks, Cleveland Browns linebacker, charged with insider trading

August 29, 2018

The Securities and Exchange Commission Wednesday charged Cleveland Browns linebacker Mychal Kendricks and a former Wall Street analyst, Damilare Sonoiki, with insider trading. In a statement, Mr. Kendricks admitted wrongdoing, said he cooperated...

State regulators investigating more than 200 ICOs and cryptocurrency investments

August 28, 2018

The North American Securities Administrators Association is investigating more than 200 initial coin offerings and cryptocurrency-related investment products for fraud and other violations of state and provincial securities laws, in an initiative...

'Ludicrous' deal adds insult to financial injury

August 28, 2018

With guaranteed annual returns of 8%, the offer seemed too good to be true. And it was. About 10,000 investors — many of them retirees — were swindled out of $1.2 billion they had sunk into a now-bankrupt real estate developer that federal...

Former Morgan Stanley broker to plead guilty to insider trading

September 6, 2018

A former Morgan Stanley broker plans to plead guilty for trading on secret tips about pending mergers that were leaked by a Bank of America Corp. consultant, prosecutors said. The broker, Michael Siva, was one of seven people charged with securities...

Financial adviser pleads guilty in NCAA basketball corruption case

September 5, 2018

A financial adviser involved in a wide-ranging college basketball corruption and bribery scandal pleaded guilty to three charges related to his efforts to bribe coaches who were then supposed to steer student-athletes toward his firm. Last September,...

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...

SEC charges five unlicensed salespeople in Woodbridge Ponzi

August 20, 2018

The Securities and Exchange Commission's charges Monday that five unregistered salespeople in South Florida unlawfully sold securities in a massive $1.2 billion Ponzi scheme underscores a significant threat facing investors, particularly the...

SEC bars former adviser, orders him to pay $1.58 million

August 10, 2018

The Securities and Exchange Commission has barred Jinesh P. Brahmbhatt, who owned Jade Private Wealth Management, a now defunct state-licensed investment adviser, for his conflicts of interests in connection with recommending that his clients...

SEC charges former UBS broker with $4 million scam

August 10, 2018

The Securities and Exchange Commission has charged John Maccoll, a former broker with UBS in Birmingham, Mich., with running an investment scam in which he stole nearly $4 million from customers. According to the SEC's complaint, Mr. Maccoll...

SEC bars unregistered adviser who pled guilty to securities fraud

August 10, 2018

The Securities and Exchange Commission has barred Melvin Wimmer Jr., an unregistered investment adviser in South Carolina, who pled guilty to one count of securities fraud in May. Mr. Wimmer, who headed Cornerstone Capital of Greenwood, "knowingly...

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