Results for "fraud"

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SEC bars Financial Sherpa head for cherry-picking trades

August 21, 2019

The Securities and Exchange Commission has barred James L. Beyersdorf, founder and sole owner of Financial Sherpa Inc., a state-registered investment adviser in Angels Camp, Calif., for cherry-picking options trades in client accounts and pocketing...

Finra fines former Morgan Stanley rep for impersonating a client

August 20, 2019

The Financial Industry Regulatory Authority Inc. has fined former Morgan Stanley broker John Tillotson $5,000 and suspended him for 15 days for impersonating five clients in five phone calls to a mutual fund company so that he could transfer...

Ex-broker in South Florida pleads guilty in Castleberry Financial fraud case

August 19, 2019

A one-time South Florida broker with 15 years of experience in the securities industry pleaded guilty for his role in a $3.6 million investment scheme called Castleberry Financial Services. The former broker, Scott P. Strochak, 58, had worked...

From those who set the standards, much is expected

August 17, 2019

As it states on its website,​ "the mission of the Certified Financial Planner Board of Standards Inc. is to benefit the public by granting the CFP certification and upholding it as the recognized standard of excellence for competent and ethical...

Broker barred for excessive trading that cost clients $1.8 million

August 16, 2019

The brokerage industry's regulator has barred broker Gregory T. Dean from the industry for excessively trading customer accounts, which led to $1.8 million in losses for clients but generated hefty commissions for him. Mr. Dean, formerly registered...

SEC charges California RIA with defrauding clients

August 15, 2019

The Securities and Exchange Commission has charged investment adviser Craig C. Rumbaugh and his firms, Rumbaugh Financial and Desert Strategic Equity, with defrauding clients by deceiving them about the terms of their investments and concealing...

Finra bars another former broker over phony expenses

August 15, 2019

The Financial Industry Regulatory Authority Inc. has barred Brenda Kochel, formerly a broker with Park Avenue Securities, for requesting and obtaining $23,847.24 in reimbursement from the firm's parent company for travel expenses she did not...

SEC charges Massachusetts RIA with fraud

August 13, 2019

The Securities and Exchange Commission has charged registered investment adviser Richard G. Duncan, of East Longmeadow, Mass., with defrauding two retail clients by persuading them to invest over $300,000 in an apparent scam originating in Turkey....

Finra fines former broker $5,000 for trading in deceased clients' accounts

August 9, 2019

The Financial Industry Regulatory Authority Inc. has fined former broker Steve Baptist $5,000 and suspended him for 30 days for making six unauthorized trades in the accounts of two customers who were deceased at the time of the trades. (More:...

Ex-Woodbridge Group CEO Robert Shapiro pleads guilty in $1.3 billion Ponzi scheme

August 8, 2019

Robert Shapiro, the former CEO of Woodbridge Group of Companies, pleaded guilty to running a $1.3 billion fraud that caused more than 7,000 investors to lose money, according to prosecutors. Mr. Shapiro, 61, of Sherman Oaks, California, promised...

New Hampshire law aims to protect vulnerable elderly

August 7, 2019

At the request of its securities regulators, New Hampshire has enacted a law that will take effect on Sept. 8, intended to protect vulnerable adults from financial exploitation. (More: Two women arrested for defrauding elderly California woman)...

Finra bars former Pruco rep for falsifying variable annuity paperwork

August 6, 2019

The Financial Industry Regulatory Authority Inc. has barred former Pruco-registered representative Karen Paek for creating, signing and submitting six fictitious variable annuity applications to meet her minimum production requirements at Pruco....

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...

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...

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...

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