Results for "fraud"

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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...

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...

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.]...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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

January 22, 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 last week was sentenced to one year and...

Former RIA gets year probation for obstructing SEC investigation into referral fee

April 21, 2017

An investment adviser barred from the industry for making referral payments to an attorney for access to a wealthy client was sentenced in federal court in Boston on Thursday to a year of probation, according to the U.S. Attorney's Office. John...

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 rep for $15M in unauthorized trades for retiree ​

March 1, 2017

Craig David Dima, formerly a registered representative with K.C. Ward Financial in Ronkonkoma, N.Y., has been barred from the securities industry for making unauthorized and unsuitable trades totaling approximately $15 million in a 73-year-old...

Former ARCP accounting officer Lisa McAlister expected to testify at ex-CFO Brian Block's securities fraud trial

January 11, 2017

Lisa McAlister, the former chief accounting officer of a giant real estate investment trust once controlled by Nicholas Schorsch, may be testifying against the REIT's past chief financial officer, Brian Block in June at his pending trial for...

Former registered representative in Texas arrested for internet Ponzi scheme

December 21, 2016

A former registered rep in Texas, who promoted himself as a financial maven through radio advertising and financial seminars in the Dallas-Fort Worth area, was arrested on Monday following his indictment on charges related to the multi-million-dollar...

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