Results for "fraud"

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Regulators gunning for brokers and advisers who sold $1.2 billion Ponzi

June 6, 2018

Securities regulators have started to hit brokers and advisers who sold Woodbridge promissory notes with a variety of disciplinary actions, including fines, suspensions and disbarment. In December, The Woodbridge Group of Companies and its founder,...

Finra bars former Bancorp rep for taking almost $106,000 from client

June 5, 2018

The Financial Industry Regulatory Authority Inc. has barred former U.S. Bancorp Investments broker John Douglas Wade of Buena Park, Calif., for converting more than $200,000 from the clients' accounts to his own use. Mr. Wade, who is not now...

Hedge fund scam artist targets the middle class

June 1, 2018

Investment scams that hit working people or the middle class typically are pretty prosaic. They include church scams, such as a pastor cloaking his phony investment pitch in holy talk, or what are known as affinity frauds, in which the person...

SEC charges former Long Island broker with $8 million scam

May 31, 2018

The Securities and Exchange Commission has charged former Long Island, N.Y., broker Steven Pagartanis with defrauding long-standing customers in an $8 million investment scam. The Suffolk County district attorney's office also filed criminal...

NY Attorney General Underwood files 99-count criminal indictment against investment adviser

May 30, 2018

Former Sterne Agee adviser Dean Mustaphalli is facing a 99-count criminal indictment that charges him with securities fraud, grand larceny, forgery and a scheme to defraud. If convicted, Mr. Mustaphalli faces up to 20 years in prison. According...

Former Royal Alliance broker arrested, charged with fraud

May 24, 2018

A former Royal Alliance broker could face up to 20 years in prison for allegedly stealing more than $4 million over several years from four elderly clients. Gary Basralian, a Springfield, N.J.-based broker who resigned from Royal Alliance in...

State regulators launch 'Operation Cryptosweep' to crack down on fraud

May 21, 2018

In a coordinated effort among its member regulators, the North American Securities Administrators Association has launched a series of enforcement actions by state and provincial securities officials in the United States and Canada to crack...

Financial schemes against seniors are most often committed by people closest to them

May 19, 2018

There are plenty of scams that strangers come up with to trick the elderly into giving up their money, but most financial schemes against seniors are committed by those who are closest to the victims: family, friends and caregivers. While that...

Three plead guilty to defrauding Native American tribe, investors

May 16, 2018

Gary Hirst, already sentenced to 6 1/2 years in prison for fraud in another case, has pled guilty to four fraud-related counts in connection with a scheme to defraud a Native American tribal entity and several investment advisory clients. On...

SEC enforcement officials say they focus on quality, not quantity, of cases

May 16, 2018

Securities and Exchange Commission officials told lawmakers Wednesday that even though total enforcement actions declined last year, it doesn't mean the agency is going soft. In fiscal 2017, the SEC brought 754 enforcement actions, down from...

California RIA William Jordan settles with SEC on fraud charges

May 16, 2018

Adviser William Jordan of Orange County, Calif., has settled charges made by the Securities and Exchange Commission that he perpetrated a multi-million-dollar fraud on his clients. In his settlement, Mr. Jordan consented to a permanent injunction....

Jordan Belfort, 'Wolf of Wall Street,' falling behind on restitution

May 16, 2018

Jordan Belfort, the "Wolf of Wall Street," isn't just a con, he's also a deadbeat, prosecutors say, and they want him to pay up. For those who've forgotten, Mr. Belfort operated a penny-stock boiler room on New York's Long Island called Stratton...

Chattanooga pension fund accuses Wells Fargo of fraud in revenue sharing

May 10, 2018

The Chattanooga, Tenn., Fire and Police Pension Fund intends to file a whistleblower complaint with the Securities and Exchange Commission and Commodity Futures Trading Commission against Wells Fargo, its custodian and trustee, alleging potential...

Finra bars broker it was investigating for taking customer funds

May 10, 2018

The Financial Industry Regulatory Authority Inc. has barred former broker James Knee for failing to take part in a hearing looking into his activities at two former employers, Ameriprise and Voya. Finra said it was investigating allegations...

Finra bars former Pruco broker for diverting $47,700 from clients

May 8, 2018

The Financial Industry Regulatory Authority Inc. has barred former Pruco broker Vaughn Lee Andrews-McKay for misappropriating $47,748.19 from two clients and forging signatures on checks taken from one of them. Mr. Andrews-McKay, who was discharged...

Financial abuse against the elderly most often committed by those closest to them

May 8, 2018

Financial fraud against the elderly is most often perpetrated by those closest to the victims: family members, friends or other trusted individuals, according to a new survey. While 68% of older investors believe that a stranger would be the...

Fidelity reportedly fires about 200 for abusing employee benefit

May 7, 2018

Fidelity Investments has fired about 200 employees who were accused of abusing company benefits, according to a person familiar with the matter. Fidelity had a program which reimbursed workers for 20% of the purchase of computer equipment up...

How criminals steal $37 billion a year from America's elderly

May 3, 2018

Marjorie Jones trusted the man who called to tell her she'd won a sweepstakes prize, saying she could collect the winnings once she paid the taxes and fees. After she wired the first payment, he and other callers kept adding conditions to convince...

Sanctioned Ponzi scheme salesmen keep shilling planning, advice

May 3, 2018

Recent sanctions by state securities regulators against unlicensed brokers who sold pieces of an alleged billion-dollar real estate Ponzi scheme highlight a perennial problem the financial advice industry continues to ignore: insurance agents,...

SEC bars former assistant over alleged misappropriation of funds

May 3, 2018

The Securities and Exchange Commission has barred former advisory firm assistant Lauramarie Colangelo from working at any type of firm the agency regulates after a federal court ruled in its favor in a case against her employer. Between 2012...

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