Results for "fraud"

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Former Merrill Lynch star broker Thomas Buck sentenced to 40 months in prison

February 14, 2019

Former Merrill Lynch star broker Thomas Buck was sentenced Wednesday by a federal judge to three years and four months in prison, according to an article in the Indianapolis Business Journal. Mr. Buck, 65, who pleaded guilty to one count of...

Finra bars ex-MML broker who sold $3.5 million of Woodbridge Ponzi

February 14, 2019

The Financial Industry Regulatory Authority Inc. said Wednesday that it had barred a broker who sold close to $3.5 million of promissory notes relating to the Woodbridge Group of Companies, a purported real estate investment fund that turned...

Finra bars former Merrill Lynch rep over falsified daycare expenses

February 11, 2019

The Financial Industry Regulatory Authority Inc. has barred Elizabeth Garcia from the securities industry for receiving $9,015 in reimbursement from her employer, a bank affiliated with Merrill Lynch, for childcare expenses she did not incur....

Finra bars rep fired by Merrill Lynch over improper fund sales

February 6, 2019

The Financial Industry Regulatory Authority Inc. has barred Bhenoy Dembla, who was discharged by Merrill Lynch in 2016, for falsifying documents in connection with sales of mutual funds. Mr. Dembla, who worked in Chicago and joined Merrill Lynch...

Finra exams to probe compliance with elder abuse rules

February 5, 2019

Finra examinations will soon start probing broker-dealers' compliance with new rules issued a year ago that are meant to protect elderly clients from financial abuse and exploitation. "I think the next round of exams, we'll be looking a little...

Finra panel awards schoolteachers $2.38 million in fraud case

February 4, 2019

A Financial Industry Regulatory Authority Inc. arbitration panel has awarded two retired schoolteachers a total of $2.38 million in connection with a complex case involving allegations of excessive trading, unauthorized fund transfers and withdrawals,...

SEC charges Atlanta RIA with defrauding private fund and its investors

January 28, 2019

The Securities and Exchange Commission has charged Atlanta investment adviser Joseph A. Meyer Jr. and Statim Holdings, the firm he controls, with defrauding a private fund they managed and its investors. The SEC's complaint alleges that, beginning...

Court approves settlement with Woodbridge, owner to pay $1 billion in penalties

January 28, 2019

A federal judge has approved judgments against Woodbridge Group of Companies and its former owner to pay $1 billion in penalties and disgorgement for operating a Ponzi scheme that targeted retail investors, the Securities and Exchange Commission...

Finra bars rep terminated by Ameritas over alleged use of client funds

January 25, 2019

The Financial Industry Regulatory Authority Inc. has barred Kristian Gaudet of Cut Off, La., from the securities industry after he failed to appear at a hearing looking into whether he used client funds for personal use. Mr. Gaudet was discharged...

Royal Alliance charged with failure to supervise variable annuity sales

January 22, 2019

Massachusetts securities regulators have charged Royal Alliance Associates with failure to supervise a broker who recommended unsuitable investments to a couple, which ultimately cost the investors nearly $60,000. The broker, Stephen F. Davis...

Finra fines CFD Investments $125,000 over variable annuities supervision

January 11, 2019

The Financial Industry Regulatory Authority Inc. has censured CFD Investments of Kokomo, Ind., and fined it $125,000 for failure to establish and enforce adequate supervisory procedures in connection with the sale of variable annuities by its...

SEC shutdown opens the door for fraud

January 10, 2019

Investment fraud is on the rise,​ and the Securities and Exchange Commission, which is supposed to be Wall Street's cop on the beat, is closed for business. Due to the partial shutdown of the federal government, the SEC is currently working...

Ex-Wells Fargo broker in Ohio charged with running $1 million Ponzi

January 2, 2019

A former Wells Fargo broker in Ohio has been charged with 128 felony counts in connection to a $1 million Ponzi scheme, according to prosecutors. The broker, John G. Schmidt, 67, worked at Wells Fargo Advisors from December 2006 to November...

Phillip Frost sells most of his Ladenburg Thalmann shares

December 24, 2018

Months after being charged with securities fraud by the SEC, Phillip Frost, the former chairman of Ladenburg Thalmann Financial Services Inc. and the largest shareholder, has sold most of his stake back to the firm. In a press release Monday...

Finra sues Ami Forte, one-time Morgan Stanley superstar broker

December 21, 2018

Former Morgan Stanley broker Ami Forte responded to a Finra lawsuit charging her with churning by arguing that the suit reflects the industry's longstanding discrimination against women. On Thursday, the Financial Industry Regulatory Authority...

Cetera fined $1.4 million for award-winning broker's excessive trades

December 20, 2018

Cetera Advisor Networks must pay nearly $1.4 million in fines and restitution in relation to the short-term mutual fund purchases of a former broker, who'd received sales awards from the broker-dealer for two consecutive years. The Financial...

William Galvin hits MetLife with $1 million fine for failing to keep track of pensioners

December 19, 2018

Massachusetts Secretary of the Commonwealth William Galvin on Wednesday hit MetLife Inc. with a $1 million fine and ordered the insurance firm to pay restitution to retirees and beneficiaries who it failed to locate after taking over their retirement...

SEC charges business journalist, 12 others who sold Woodbridge Ponzi

December 19, 2018

The Securities and Exchange Commission said Wednesday that it had charged an additional 13 individuals, including a former financial journalist, with unlawfully selling the securities of Woodbridge Group of Companies, a $1.2 billion Ponzi scheme...

Finra fines Merrill $300,000 for failing to supervise rogue broker

December 14, 2018

Finra has fined Merrill Lynch $300,000 for failing to supervise the actions of rogue broker Eva Weinberg, who was employed by the wirehouse for one year in 2010. The fine is part of the lingering ripple effect of a series of court battles that...

New York adviser pleads guilty to $11.5 million Ponzi scheme

December 14, 2018

The president of a New York-based registered investment adviser pled guilty Thursday in federal court to stealing $11.5 million from investors in a Ponzi scheme, and now faces up to 25 years in prison. Hector May, president of Executive Compensation...

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