Results for "fraud"

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Chicago adviser Daniel H. Glick sentenced to 12 1/2 years for fraud

April 23, 2018

Daniel H. Glick, a Chicago-based investment adviser, was sentenced to 12 1/2 years in prison and ordered to pay $5.2 million in restitution in a criminal case stemming from a civil action by the SEC. In March 2017, the Securities and Exchange...

Hopi Tribe wins $2 million arbitration against Carolina Capital

April 20, 2018

In what may be a pyrrhic victory, a Finra arbitration panel has awarded the Hopi Tribe $2 million in compensatory damages against Carolina Capital Markets in a case involving securities fraud, among other charges. According to the Financial...

SEC bars adviser charged with stealing more than $1 million from clients

April 17, 2018

The Securities and Exchange Commission has barred Scott Newsholme, an unregistered investment adviser, after he pleaded guilty last week in federal court to wire fraud, aggravated identity theft and aiding and abetting preparation of false tax...

Adviser facing 20-year prison sentence settles with SEC

April 13, 2018

Former financial adviser Daniel Glick, who has already pled guilty to wire fraud in a parallel criminal case, has settled a civil suit brought by the Securities and Exchange Commission in which he agrees to help recover stolen assets now located...

Maryland attorney general bars unregistered adviser

April 11, 2018

An unregistered investment adviser has been barred by the Maryland attorney general's office for "dishonest and unethical trade practices" that included selling unregistered securities by fraudulent means. According to the Securities Commissioner...

UBS, broker to pay $805,000 in Finra award

April 10, 2018

A hearing panel of the Financial Industry Regulatory Authority Inc. has awarded a customer of UBS broker Michael James Keane $805,120, the latest in a series of payments he has faced in the past several years to satisfy client complaints. Finra...

Finra bars former OneAmerica broker for stealing customer's money

April 10, 2018

The Financial Industry Regulatory Authority Inc. has barred Domingo Gonzalez, a former broker with OneAmerica Securities, for depositing money entrusted to him into his own account and then spending the money. Finra said that Mr. Gonzalez, who...

SEC charges Texan with running $2.4 million Ponzi scheme

April 9, 2018

The Securities and Exchange Commission has charged two Texas companies and their principals with running a $2.4 million Ponzi scheme and defrauding seniors in a related, $1.4 million stock offering. The SEC's complaint alleges that from 2010...

Court orders Georgia RIA to disgorge $169,000 in fraud case

April 6, 2018

A federal district court in Washington, D.C., has ordered Ikenna "Ike" Ikokwu, a Cumming, Ga.-based RIA, to pay a civil penalty of $80,000, and — along with his companies, Winning the Money Game with Ike, and Winning the Money Game — to...

$8B jury 'message' to JPMorgan for mismanaging estate will likely be lowered

April 5, 2018

Irelsie Alvarez said she and fellow jurors wanted to send JPMorgan Chase & Co. a message with their startling $8 billion verdict in a Dallas probate case -- an award that's destined to be reduced to no more than $90 million. She concluded at...

Barred financial planner, pastor busted for selling bogus bonds to elderly

March 30, 2018

A Shreveport, La., financial planner and a Houston pastor are facing both criminal and civil charges for allegedly running a scheme that bilked $3.4 million from at least 29 mostly elderly investors by selling them interests in "pre-Revolutionary...

SEC shuts down $5 million adviser scam

March 29, 2018

The Securities and Exchange Commission entered a default judgment against DaRayl D. Davis, a self-styled "financial coach" who took $5 million from church members and their friends in a fraudulent bond scam. From at least 2003 to 2017, Davis...

Real estate fraudsters to repay $30 million to investors

March 28, 2018

The Securities and Exchange Commission reached a settlement with the operators of a California-based real estate fraud scheme that raised more than $66 million from approximately 300 investors, many of them retail investors. According to the...

SEC blasts Wedbush for ongoing failure to supervise

March 27, 2018

The Securities and Exchange Commission has charged Wedbush Securities Inc. with failing to supervise a broker and ignoring "numerous red flags" that she was involved in a long-running pump-and-dump scheme. In a release, the SEC said its action...

Lisa McAlister, former ARCP exec, avoids prison

March 27, 2018

The former chief accounting officer for American Realty Capital Properties Inc. escaped a prison sentence after prosecutors said she was instrumental in the conviction of the firm's CFO in an accounting scandal that led to the unraveling of...

Finra bars former Morgan Stanley adviser over hearing no-show

March 27, 2018

The Financial Industry Regulatory Authority Inc. has barred former Morgan Stanley broker Matthew Singer for failing to appear at a hearing in connection with a Finra investigation. The regulator was looking into whether Mr. Singer and others...

Finra bars no-show former broker fired over fund sales

March 27, 2018

The Financial Industry Regulatory Authority, Inc. has barred Lawrence Fawcett, Jr., a former broker with WestPark Capital, for failure to appear at a hearing looking into his trading activity. In December, Mr. Fawcett consented to a Finra finding...

Finra bars former Fortune Financial rep over document denial

March 23, 2018

The Financial Industry Regulatory Authority has barred former Fortune Financial broker Michael Giokas for failure to provide information in connection with his October 2017 arrest on fraud charges. Shortly before his arrest, Mr. Giokas resigned...

Bank of America to pay $42 million to NY over electronic trading probe

March 23, 2018

Bank of America Corp.'s corporate and investment banking division agreed to pay $42 million to settle a New York state probe into a so-called masking scheme in which it misled clients about who was seeing and filling their orders and who was...

Brokers must pay clients $845,000 arbitration award

March 23, 2018

Two former brokers involved in a stock fraud scheme have been ordered by a Finra arbitration panel to pay $845,000 to two clients they defrauded. Christopher Cervino and Larry Werbel were involved in a scheme to inflate the market for the shares...

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