Results for "fraud"

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Former Morgan Stanley, Wells Fargo rep pleads guilty to adviser fraud

September 5, 2019

Elias Hafen, who was fired by Wells Fargo in August 2018 and barred by Finra in October 2018, pleaded guilty in a federal court in New York to investment adviser fraud in connection with having defrauded his clients out of hundreds of thousands...

SEC imposes $8.4 million penalty on digital coin issuers

August 29, 2019

The Securities and Exchange Commission imposed a penalty of $8.4 million and ordered disgorgement of $1.74 million in connection with a settlement with Bitqyck Inc. and its founders, who allegedly defrauded investors in securities offerings...

SEC charges advisory firm, executives with defrauding injured NFL players

August 29, 2019

The Securities and Exchange Commission on Thursday charged Cambridge Capital Group Advisors and two former executives with defrauding former professional football players who had joined a class-action lawsuit against the National Football League...

Finra bars former Allstate broker for using employee's IRA money

August 28, 2019

The Financial Industry Regulatory Authority Inc. has barred former Allstate Financial Services representative Kari Ann Buckles for keeping money she had promised to deposit into an IRA account for an employee. [More: Finra department alleges...

Finra department alleges Allstate rep took $2,500 from widow for trip to Spain, spa massages

August 27, 2019

The Financial Industry Regulatory Authority Inc.'s enforcement department has alleged that Allstate Financial Services rep Jesse Gil converted approximately $2,500 from an 82-year-old widow to whom Mr. Gil was providing financial advice away...

Finra bars former Securities America rep in private-securities sale query

August 27, 2019

The Financial Industry Regulatory Authority Inc. has barred former Securities America rep Bobby Wayne Coburn for failing to appear at a hearing looking into his sales practices. [More: Finra bars no-show former Cetera rep] In March, Securities...

Vanguard supervisor sentenced to four years for fraud

August 23, 2019

A former employee of the Vanguard Group was sentenced to four years in prison yesterday for a $2.1 million fraud scheme he perpetrated while working at the company. Scott Capps, 48, pleaded guilty in March to charges of mail fraud, money laundering...

Dawn Bennett appeals conviction of running $20 million Ponzi

August 22, 2019

After being sentenced to 20 years in prison at the end of last month, former financial adviser Dawn Bennett is seeking an appeal to her conviction on 17 federal charges related to a $20 million Ponzi scheme. Her attorney filed the notice last...

SEC bars Financial Sherpa head for cherry-picking trades

August 21, 2019

The Securities and Exchange Commission has barred James L. Beyersdorf, founder and sole owner of Financial Sherpa Inc., a state-registered investment adviser in Angels Camp, Calif., for cherry-picking options trades in client accounts and pocketing...

Finra fines former Morgan Stanley rep for impersonating a client

August 20, 2019

The Financial Industry Regulatory Authority Inc. has fined former Morgan Stanley broker John Tillotson $5,000 and suspended him for 15 days for impersonating five clients in five phone calls to a mutual fund company so that he could transfer...

Ex-broker in South Florida pleads guilty in Castleberry Financial fraud case

August 19, 2019

A one-time South Florida broker with 15 years of experience in the securities industry pleaded guilty for his role in a $3.6 million investment scheme called Castleberry Financial Services. The former broker, Scott P. Strochak, 58, had worked...

From those who set the standards, much is expected

August 17, 2019

As it states on its website,​ "the mission of the Certified Financial Planner Board of Standards Inc. is to benefit the public by granting the CFP certification and upholding it as the recognized standard of excellence for competent and ethical...

Broker barred for excessive trading that cost clients $1.8 million

August 16, 2019

The brokerage industry's regulator has barred broker Gregory T. Dean from the industry for excessively trading customer accounts, which led to $1.8 million in losses for clients but generated hefty commissions for him. Mr. Dean, formerly registered...

SEC charges California RIA with defrauding clients

August 15, 2019

The Securities and Exchange Commission has charged investment adviser Craig C. Rumbaugh and his firms, Rumbaugh Financial and Desert Strategic Equity, with defrauding clients by deceiving them about the terms of their investments and concealing...

Finra bars another former broker over phony expenses

August 15, 2019

The Financial Industry Regulatory Authority Inc. has barred Brenda Kochel, formerly a broker with Park Avenue Securities, for requesting and obtaining $23,847.24 in reimbursement from the firm's parent company for travel expenses she did not...

SEC charges Massachusetts RIA with fraud

August 13, 2019

The Securities and Exchange Commission has charged registered investment adviser Richard G. Duncan, of East Longmeadow, Mass., with defrauding two retail clients by persuading them to invest over $300,000 in an apparent scam originating in Turkey....

Finra fines former broker $5,000 for trading in deceased clients' accounts

August 9, 2019

The Financial Industry Regulatory Authority Inc. has fined former broker Steve Baptist $5,000 and suspended him for 30 days for making six unauthorized trades in the accounts of two customers who were deceased at the time of the trades. (More:...

Ex-Woodbridge Group CEO Robert Shapiro pleads guilty in $1.3 billion Ponzi scheme

August 8, 2019

Robert Shapiro, the former CEO of Woodbridge Group of Companies, pleaded guilty to running a $1.3 billion fraud that caused more than 7,000 investors to lose money, according to prosecutors. Mr. Shapiro, 61, of Sherman Oaks, California, promised...

New Hampshire law aims to protect vulnerable elderly

August 7, 2019

At the request of its securities regulators, New Hampshire has enacted a law that will take effect on Sept. 8, intended to protect vulnerable adults from financial exploitation. (More: Two women arrested for defrauding elderly California woman)...

Finra bars former Pruco rep for falsifying variable annuity paperwork

August 6, 2019

The Financial Industry Regulatory Authority Inc. has barred former Pruco-registered representative Karen Paek for creating, signing and submitting six fictitious variable annuity applications to meet her minimum production requirements at Pruco....

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