Results for "fraud"

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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...

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 arbitration panel awards client $967,000 in churning, fraud, negligence case

June 28, 2019

An arbitration panel of the Financial Industry Regulatory Authority Inc. has awarded investor Frederick Blake $966,708 in total damages in a case involving Legend Securities, its CEO Anthony Fusco and three of the defunct New York firm's registered...

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...

Wells Fargo to pay $385 million in auto insurance scam

June 7, 2019

Wells Fargo & Co. agreed to pay at least $385 million to customers who say they were signed up for auto insurance without their knowledge or consent when they took out a car loan. (More: Wells Fargo sees 'possible' legal losses rising by $500...

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...

Money manager who stole $500 million serves a quarter of his 20-year prison term

May 9, 2019

Former WG Trading Co. money manager Stephen Walsh was ordered released from a federal prison after serving a little more than a quarter of his 20-year prison term for his part in swindling investors out of more than $500 million. In 2009, Mr....

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