Results for "fraud"

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New York RIA head sentenced to 13 years for Ponzi scheme

August 1, 2019

The head of a suburban New York RIA, Hector May, who pleaded guilty last December to stealing $11.5 million from investors in a Ponzi scheme, has been sentenced to 13 years in prison and ordered to pay $8.4 million in restitution. (More:​...

Dawn Bennett sentenced to 20 years in federal prison

July 31, 2019

Former financial adviser Dawn Bennett was sentenced on Wednesday to 20 years in federal prison for her conviction on 17 federal charges related to a $20 million Ponzi scheme. Ms. Bennett, 56, who formerly operated Bennett Financial Group Services...

Former Wells Fargo adviser barred for noncooperation with inquiry into misuse

July 25, 2019

The Financial Industry Regulatory Authority Inc. has barred Robert F. Montes, a former Wells Fargo adviser, for failing to cooperate with an inquiry concerning his possible misuse of customer funds. (More: Finra bars no-show former Cetera rep)...

Schorsch, AR Capital to pay $60 million to settle SEC charges

July 16, 2019

Nicholas Schorsch, the former nontraded real estate investment trust czar who in his heyday raised billions of dollars annually from retail investors, and his firm AR Capital agreed to pay $60 million in penalties to settle Securities and Exchange...

SEC charges unlicensed Tennessee 'broker' for involvement with Ponzi scheme

July 16, 2019

The Securities and Exchange Commission has charged Henry J. "Trae" Wieniewitz, III and his Knoxville, Tenn. Wieniewitz Financial, for unlawfully offering and selling securities of the Woodbridge Group of Companies and 1 Global Capital. (More:​...

Former Beverly Hills rep found guilty of $200 million fraud scheme

July 15, 2019

Former Beverly Hills stockbroker and B-D owner Todd Ficeto, 52, of Marion, Ohio, has been found guilty on several counts of participating in a stock manipulation scheme designed to pump up the reported profits of hedge funds that fraudulently...

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...

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...

SEC files charges in alleged $19.3 million fraud offering huge returns

June 28, 2019

The Securities and Exchange Commission filed charges Friday against a Long Island, N.Y., man and an investment partnership for defrauding investors of more than $19.3 million. In its complaint, the agency alleges that from 2013 through December...

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...

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...

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