Results for "fraud"

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SEC bars ex-Transamerica broker who took $583,000 from clients

July 8, 2019

The Securities and Exchange Commission on Friday barred a former Transamerica Financial Advisors Inc. broker who was charged last summer by the U.S. Attorney's office with securities and bank fraud in taking $583,000 from his clients. The broker,...

SEC bars unregistered adviser attempting to serve professional athletes

July 3, 2019

The Securities and Exchange Commission has barred and issued a cease-and-desist order to a Washington, D.C., man who attempted to lure professional athletes as clients while not being registered as an investment adviser. Daryl Davis hasn't been...

Former LPL broker with ties to ex-con charged with fraud

July 3, 2019

The Securities and Exchange Commission on Monday charged former LPL Financial broker Kerry L. Hoffman with fraudulently selling $3.3 million of unregistered securities with the help of a childhood friend who had previously been convicted of...

Finra bars broker accused of stealing $1 million from clients

July 2, 2019

Finra has barred a former LPL Financial broker for taking at least $1 million from clients for his personal use. The broker, James Thomas Booth, took the funds from several customers over a five-year period through May 2019, according to a Finra...

Finra arbitration panel awards client $967,000 in churning, fraud, negligence case

June 28, 2019

An arbitration panel of the Financial Industry Regulatory Authority Inc. has awarded investor Frederick Blake $966,708 in total damages in a case involving Legend Securities, its CEO Anthony Fusco and three of the defunct New York firm's registered...

Finra suspends broker over Woodbridge-related sales

June 27, 2019

The Financial Industry Regulatory Authority Inc. has suspended Jeffrey P. Schwebach, a former Independent Financial Group broker, for selling promissory notes without the permission of his firm and despite a firm prohibition of their sale. (More:...

SEC charges founder of bankrupt New Jersey RIA with fraud

June 25, 2019

The Securities and Exchange Commission has charged Donald S. LaGuardia Jr., a founder and managing principal of L-R Managers, for misappropriating approximately $2.6 million from investors and then concealing part of the misappropriation through...

SEC wins churning case against Long Island broker

June 21, 2019

Donald Fowler, a Long Island broker charged by the Securities and Exchange Commission with excessive trading of customer accounts, has lost his day in court. New York jurors have found Mr. Fowler liable on all counts of the SEC's charges, finding...

SEC bars Virginia state investment adviser over Ponzi scheme

June 21, 2019

The Securities and Exchange Commission has barred Edward Moody Jr., an investment adviser registered with the state of Virginia, for operating a Ponzi scheme that defrauded investors. (More:​ Woodbridge Group execs charged with criminal fraud...

SEC bars broker for churning clients' accounts through firm

June 13, 2019

The Securities and Exchange Commission has barred former broker Jovannie Aquino, charging him with churning clients' accounts through his firm at the time, New York-based Windsor Street Capital. Mr. Aquino is no longer employed in the securities...

Wells Fargo to pay $385 million in auto insurance scam

June 7, 2019

Wells Fargo & Co. agreed to pay at least $385 million to customers who say they were signed up for auto insurance without their knowledge or consent when they took out a car loan. (More: Wells Fargo sees 'possible' legal losses rising by $500...

SEC orders Pennsylvania Ponzi operator to disgorge $1.5 million

June 4, 2019

The Securities and Exchange Commission has obtained a final judgment against James E. Hocker, a Bellefonte, Pa., insurance agent charged with stealing nearly $1.5 million in a Ponzi scheme targeting retail investors. (More: SEC charges insurance...

SEC, NASAA and Finra issue Senior Safe Act fact sheet

May 24, 2019

The Securities and Exchange Commission, the North American Securities Administrators Association and the Financial Industry Regulatory Authority Inc. have issued a fact sheet to help raise awareness of the Senior Safe Act. The act, signed into...

SEC files amended complaint in Woodbridge Ponzi scheme case

May 23, 2019

In an amended complaint filed in the U.S. District Court in Los Angeles, the Securities and Exchange Commission has widened its case against Woodbridge Securities to include 16 additional unlicensed individuals and financial firms who it charges...

SEC bars four 'advisers' for selling unregistered Woodbridge securities

May 22, 2019

The Securities and Exchange Commission has barred four unlicensed "advisers" for selling unregistered securities from Woodbridge Group of Companies. The barred individuals are Randy Rodberg of Mesa, Ariz.; Andrew Costa of Fort Lauderdale, Fla.;...

Whistle-blower Ted Siedle sees pensions as hotbed for fraud

May 10, 2019

Ted Siedle has a bleak outlook about U.S. retirement security. That's the case particularly with public pensions, which Mr. Siedle suggests are essentially hotbeds for fraud and theft. Mr. Siedle is a bit of an authority on the subject — he...

Retirement investors win $1.8 million arbitration against Raymond James for penny-stock sales

May 7, 2019

Retirement investors won a $1.8 million Finra arbitration award against Raymond James in a case involving penny stock investments in energy companies. A three-person, all-public Financial Industry Regulatory Authority Inc. arbitration panel...

Federal appeals court rules against advisers on disclosure failure

May 6, 2019

A federal court recently ruled a Texas investment advisory firm failed to disclose conflicts related to the sale of mutual funds, but it also said it didn't do so willfully — vacating the civil penalties and sending the case back to the Securities...

Second financial adviser identified as part of college admissions scandal

May 2, 2019

The widening college admissions scandal has ensnared its second financial adviser with the revelation that Morgan Stanley fired a Southern California adviser for not cooperating with an internal investigation. The Morgan Stanley broker, Michael...

SEC charges San Diego-area adviser with $7 million Ponzi scheme

April 29, 2019

The Securities and Exchange Commission has charged a San Diego-area adviser with operating a Ponzi scheme that defrauded his investment advisory clients out of $7 million. The SEC alleges that Christopher D. Dougherty and his firm, C&D Professional...

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