Results for "fraud"

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

November 13, 2018

Stan Lee, the creative juggernaut behind many of Marvel Comics' iconic superheroes, died Monday at Cedars-Sinai Medical Center in Los Angeles. He was 95. The following is a recent InvestmentNews story about the controversy surrounding Mr. Lee's...

Finra finds Commonwealth Financial overcharged these investors

November 12, 2018

Commonwealth Financial Network becomes the latest firm caught up in Finra's focus on overcharging retirement plan investors via mutual fund share classes. The Financial Industry Regulatory Authority Inc. found that over eight years through July...

Finra arbitrators award $1 million to retirement investors in fraud involving Texas REIT

November 9, 2018

Finra arbitrators awarded eight retirement investors more than $1 million in a case involving unsuitable investments in a Texas real estate investment trust. The plaintiffs alleged that IMS Securities Inc., a now-defunct brokerage that operated...

Former Next Financial broker settles charges he ran $3.9 million fraud

November 5, 2018

The Securities and Exchange Commission said Friday that a former Next Financial Group Inc. broker has agreed to settle charges that he operated a $3.9 million fraud. The SEC had charged the broker, Douglas Simanski, with operating a long-running...

Former LPL broker sentenced to 20 years for stealing from clients

November 2, 2018

Former LPL Financial broker Sonya Camarco was sentenced on Oct. 31 to 20 years in prison for stealing $1.8 million from her clients. Ms. Camarco, 46, received 10 years for one count of securities fraud and 10 years for one count of theft over...

SEC enforcement actions involving advisers jump in 2018

November 2, 2018

Securities and Exchange Commission enforcement actions involving registered investment advisers and investment companies increased 31.7% for its fiscal year ending in September, according to the SEC enforcement division report on its annual...

CEO in Woodbridge Ponzi scheme fined $120 million by SEC

November 1, 2018

Robert Shapiro, the former chief executive officer of Woodbridge Group of Companies, agreed to pay $120 million to the Securities and Exchange Commission to settle allegations he defrauded investors in a $1.2 billion real estate Ponzi scheme...

Finra bars broker who took wife's cash to pay brother's debt

November 1, 2018

The Financial Industry Regulatory Authority Inc. on Wednesday barred a former RBC Capital Markets broker who took $5,000 from his then-wife's retirement account and used it to pay a debt for his brother, according to the Finra settlement. The...

Finra bars another broker who sold Woodbridge Ponzi

October 31, 2018

Finra has barred another broker who did not cooperate with an investigation into a real estate Ponzi scheme. The Financial Industry Regulatory Authority Inc. on Tuesday barred Dennis Ferwerda for failing to provide documents and information...

Couple indicted for stealing $14.5 million from retirement plans

October 25, 2018

A Dallas federal grand jury indicted a couple Wednesday for allegedly stealing $14.5 million from retirement plans they ran and using the funds for business and personal expenses. Jeffrey Richie, 53, and Wendy Richie, 58, co-owners of Vantage...

Remember Bernie Madoff? Big time financial fraud is back

October 24, 2018

Ten years ago this December, Bernard Madoff, known as a "broker's broker" to many on Wall Street, told his sons that his business was one big, $65 billion lie. It turned out that Mr. Madoff wasn't the only financial adviser stealing from clients....

Finra bars broker accused of taking client cash to gamble, pay medical bills

October 19, 2018

Finra has barred a broker who allegedly took $270,000 in client money and used it to gamble and pay for medical bills. The broker, Chris R. Kubiak, deposited the funds of four clients, three of whom were senior citizens, into his own personal...

Dawn Bennett found guilty of $20 million Ponzi scheme

October 17, 2018

Former financial adviser Dawn Bennett was convicted Wednesday in federal court in Maryland of 17 charges related to a $20 million Ponzi scheme. Ms. Bennett, 56, was found guilty of all charges, including conspiracy, securities fraud, wire fraud,...

State regulators brought hammer down on unregistered advisers more than registered ones in 2017

October 10, 2018

State securities regulators brought more enforcement actions in 2017 against unregistered financial advisers than against those who were registered, an indication in part of the rising number of digital currency fraud cases. In its 2018 enforcement...

After setting up phony accounts, ex-Wells Fargo broker stole money

October 10, 2018

The Financial Industry Regulatory Authority Inc. on Tuesday barred a former Wells Fargo Advisors broker, who was also a Wells Fargo Bank employee, who stole $2,226 after opening phony accounts using the names of clients. Based in Hilton Head...

Unregistered South Carolina adviser get 6 years in prison for fraud

October 4, 2018

Melvin Wimmer, an unregistered investment adviser in South Carolina who pled guilty to one count of securities fraud in May, was sentenced Tuesday to 75 months in prison. He was also ordered to pay more than $3 million in restitution to clients....

Settlements at old Schorsch REIT could cost shareholders $730 million

October 3, 2018

Vereit Inc., a net lease real estate investment trust, could be on the hook for as much as $730 million in settlement payments stemming from an accounting scandal four years ago when the company was controlled by Nicholas Schorsch, the former...

Merrill Lynch no longer will accept penny stock trades

September 28, 2018

With the Securities and Exchange Commission cracking down on penny stocks, Merrill Lynch recently told its clients and financial advisers that it is putting restrictions on the purchase and sale of a large swath of low-priced securities. "To...

SEC bars Texas adviser for cheating more than 40 investors

September 26, 2018

The Securities and Exchange Commission said on Tuesday it had barred an investment adviser it had earlier charged with lying to dozens of investors in connection with a multi-million-dollar offering fraud. The adviser, Thomas J. Caufield, 59,...

Ladenburg chairman Phillip Frost steps down

September 21, 2018

Dr. Phillip Frost, who was charged this month with fraud, said Thursday evening that he was retiring as non-executive chairman of Ladenburg Thalmann Financial Services Inc. Dr. Frost and nine other individuals were charged Sept. 7 in a Securities...

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