Results for "fraud"

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Two small broker-dealers are down — and out

October 10, 2019

Two small broker-dealers with different business models, one for retail reps and the other a wholesaler of alternative and real estate funds, are closing their doors. The former B-D, Taylor Capital Management, is potentially facing dozens if...

Investigation into 403(b) costs, sales could be an A+ for teachers

October 3, 2019

New York's investigation 403(b) plan costs and sales tactics used by insurers is welcome action from regulators that will hopefully be accompanied by long-overdue reforms and financial relief for vulnerable consumers. The exploited consumers...

Ex-LPL broker arrested, charged with running Ponzi scheme

October 2, 2019

A former LPL Financial broker, James T. Booth, was arrested Monday morning in Norwalk, Conn., for allegedly fraudulently obtaining almost $5 million from clients and using it to pay personal and business expenses. From 2013 through 2019, Mr....

SEC orders hybrid to return nearly $1.5 million over share-class violations

October 2, 2019

The Securities and Exchange Commission has ordered Founders Financial Securities, a Towson, Md.-based hybrid, to distribute $1,475,465 to harmed investors as part of a settlement involving the sale of inappropriate mutual fund share classes....

Former California RIA barred, slapped for $1.2 million by SEC

September 25, 2019

A U.S. District Court in California has entered a settled final judgment against the defunct Strong Investment Management and its owner, Joseph B. Bronson, both of whom the SEC charged previously with securities fraud for their involvement in...

Russian hacker pleads guilty to huge data thefts from JPMorgan

September 24, 2019

A Russian hacker admitted Monday that he executed the largest known cyberattack against a U.S. bank, pleading guilty to charges that he stole data on more than 80 million clients of JPMorgan Chase & Co. and other institutions that netted hundreds...

Phony adviser with $172 million in client assets had lots of baggage

September 24, 2019

For more than a decade, Marcos Tamayo posed as an investment adviser, and he apparently had a lot of success playing the part. Remarkably, when Mr. Tamayo's business was shut down by the state of Nevada in 2017, he had 900 clients and $172 million...

Finra fines J.P. Morgan $1.1 million for failing to disclose broker misconduct in timely manner

September 16, 2019

The Financial Industry Regulatory Authority Inc. has fined J.P. Morgan Securities $1.1 million for not reporting internal reviews or allegations of broker misconduct in a timely manner. From January 2012 to April 2018, Finra found 89 instances...

SEC charges RIA with fiduciary failures

September 16, 2019

McDermott Investment Advisors and chief executive Dean McDermott have been charged by the Securities and Exchange Commission with defrauding clients by charging improper transaction costs related to unit investment trusts. According to the civil...

Finra bars ex-Janney broker for stealing $411,000 of client's cash

September 10, 2019

A former broker for Janney Montgomery Scott has been barred from the brokerage industry for stealing $411,000 in cash from a client's account. The broker, Apostolos Pitsironis, electronically transmitted the cash from a client's securities account...

Finra bars ex-Morgan Stanley broker for refusing to hand over requested documents

September 10, 2019

Finra barred a former Morgan Stanley broker from the brokerage industry for refusing to furnish documents and information around his alleged theft of client money. Morgan Stanley had fired the broker, Michael Barry Carter, July 30 for allegedly...

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...

Investment adviser arrested and charged in $105 million securities fraud

August 27, 2019

An investment adviser was arrested Tuesday in connection with a $105 million securities fraud in Pennsylvania. Brenda Smith, 59, of Philadelphia was charged with four counts of wire fraud and one count of securities fraud. If convicted, she...

Vanguard supervisor sentenced to four years for fraud

August 23, 2019

This story has been updated to include information from an article posted Sept. 16 by the Philadelphia Inquirer. A former employee of the Vanguard Group was sentenced to four years in prison yesterday for a $2.1 million fraud scheme he perpetrated...

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...

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