Results for "fraud"

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FPA butts heads with Michael Kitces over $8 million in 'missing' funds

March 18, 2019

The Financial Planning Association was forced into scramble mode Friday after a blog post from Michael Kitces alleged that the FPA was responsible for nearly $8 million worth of "missing" revenue over the past decade. Mr. Kitces, partner and...

Wells Fargo CEO Tim Sloan gets 5.7 percent pay boost, $2 million bonus

March 14, 2019

Wells Fargo & Co. boosted Chief Executive Officer Tim Sloan's compensation by 5.7% to $18.4 million for last year as the bank has worked to overcome multiple scandals. Mr. Sloan got $2.4 million in salary and $14 million of restricted stock...

Wedbush to pay $250,000 penalty to settle SEC charges

March 14, 2019

Wedbush Securities will pay a $250,000 penalty and has agreed to be censured by the Securities and Exchange Commission to settle a pending administrative proceeding in which it was charged with failure to supervise. In its March 2018 order instituting...

Clients don't trust you? Here's a perfect product to pitch

March 13, 2019

For advisers who are licensed to sell insurance and are great salespeople, but believe their clients and prospects don't trust them, a Towson, Md.-based insurance company has come up with what may be the perfect product: anti-embezzlement insurance....

Wells Fargo CEO disputes claim the bank is too big to manage

March 12, 2019

Wells Fargo & Co. Chief Executive Officer Tim Sloan detailed efforts he's taken to turn the bank around and pushed back against a lawmaker's claims that it's too big to manage in testimony Tuesday before the House Financial Services Committee....

Wells Fargo CEO Tim Sloan draws bipartisan criticism at tough House hearing

March 12, 2019

More than two years after Wells Fargo & Co. erupted into scandals, Chief Executive Officer Tim Sloan returned to Capitol Hill to lay out his efforts to clean up the mess. The bank has apparently made little progress in winning over lawmakers....

Former Pimco CEO charged in college admissions bribery scheme

March 12, 2019

Former chief executive of Pacific Investment Management Co. Douglas Hodge was one of dozens charged Tuesday in criminal conspiracy to help win admission to elite universities. According to an indictment filed by federal prosecutors, Mr. Hodge...

SEC bars former broker for taking more than $1 million from client accounts

March 11, 2019

John Gregory Schmidt, who was discharged by Wells Fargo Advisors in October 2017 and barred by Finra shortly thereafter, has been barred by the Securities and Exchange Commission for misappropriating $1.3 million from the accounts of clients,...

Former adviser sentenced to two years for lying to clients, SEC

March 8, 2019

Richard G. Cody, a former investment adviser and registered representative barred by Finra in March 2018, was sentenced to two years in prison Thursday for deceiving former clients and lying to the Securities and Exchange Commission. Mr. Cody,...

BB&T Securities reaches $5.7 million settlement with SEC for deceiving clients

March 5, 2019

BB&T Securities, a wholly owned brokerage subsidiary of BB&T Corp., has reached a $5.7 million settlement with the Securities and Exchange Commission over allegations that it misled clients and caused them to overpay for advisory services. BB&T...

Chicago-area 'adviser' convicted in $10 million swindle

February 27, 2019

Shawn Baldwin, a Chicago area financial adviser who was barred by the Financial Industry Regulatory Authority Inc. in 2012, has been convicted by a federal court of swindling investors out of $10 million over more than a decade. Mr. Baldwin...

SEC settles fraud case with jailed former Morgan Stanley adviser

February 22, 2019

The Securities and Exchange Commission has entered a final judgment against James S. Polese, a Boston-based former adviser with Morgan Stanley, who was charged with misappropriating client funds. The agency also barred him from the securities...

Ex-broker stole $100,000 from client, Galvin says

February 21, 2019

A former Massachusetts investment adviser rep, Bruce Worthington, was charged with fraudulently misappropriating or taking close to $100,000 from a client's accounts starting in 2006, according to a complaint filed Thursday by the Secretary...

Massachusetts fines United Planners $100,000 in real estate scam case

February 19, 2019

Massachusetts securities regulators have fined United Planners Financial Services of America $100,000 for failure to supervise one of its brokers, Thomas T. Riquier, in connection with a complex real estate scheme that defrauded investors and...

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,...

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