Results for "fraud"

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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 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...

Determining if a message from Social Security is a scam

September 19, 2018

A financial adviser contacted me recently to ask if the email he received from the Social Security Administration reminding him to review his estimated benefits statement online was valid. "Does Social Security send out these types of emails,...

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 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...

Finra fines Citigroup $100,000 for overcharging clients

September 10, 2018

Citigroup Global Markets Inc. has been fined $100,000 by the Financial Industry Regulatory Authority Inc. for failing to properly supervise the sale of mutual funds to certain retirement plan and charitable organization customers. According...

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...

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....

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,...

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...

Brokers, advisers and insurance agents implicated in alleged $100 million investment fraud

August 23, 2018

Dozens of financial intermediaries — including stockbrokers, financial advisers, financial planners and insurance agents — are being sued for an alleged investment fraud that attorneys claim cost more than 1,000 investors, many of whom were...

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 charges two firms in municipal bond 'flipping' scheme

August 14, 2018

The U.S. Securities and Exchange Commission alleged that two firms committed fraud by snapping up municipal bonds floated in new debt offerings and quickly unloading them for a profit. The agency Tuesday alleged that from at least 2009 to 2016,...

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 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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