Results for "fraud"

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Finra bars former Aegis broker for churning

April 17, 2019

The Financial Industry Regulatory Authority Inc. has barred James Schwartz, a broker who worked at Aegis Capital during the time in question, for churning accounts of four clients. (More:​ SEC wins churning case against 'cockroaching' broker)...

Rep barred for lying about variable annuity sales practices

April 15, 2019

The Financial Industry Regulatory Authority Inc. has barred Frederick Holloway, who ran an eponymous firm in Easton, Md., for improperly withholding documents and providing altered documents to Finra in the course of an investigation into his...

Sales of unregistered securities are a growing problem that's harming investors — and the industry

April 13, 2019

To an investor, Castleberry Financial Services Group's promise of up to a 12.2% annual yield on the alternative investment fund it was selling might have seemed awfully tempting. So might the assurance that your principal would be insured and...

Woodbridge Group execs charged with criminal fraud in Ponzi scheme

April 12, 2019

The former head of Woodbridge Group of Companies and two former directors were arrested Thursday on federal criminal charges for their roles in a massive Ponzi scheme that the SEC claims defrauded up to 8,400 investors, many of them senior citizens....

Two women arrested for defrauding elderly California woman

April 12, 2019

California Department of Insurance detectives arrested two women Thursday on charges of financial elder abuse against an elderly woman. Insurance agent Erica Salda and financial adviser Wendy Foster allegedly began their fraud in 2005, when...

SEC bars former Ohio rep imprisoned for fraud, theft

April 11, 2019

The Securities and Exchange Commission has barred Martin Stancik, a former registered representative with Voya Financial who is now serving a 65-month prison term for mail fraud and aggravated identity theft. Mr. Stancik, who was affiliated...

Former Merrill Lynch banker fined $10,000 over doctored expenses

April 1, 2019

A former Merrill Lynch investment banker who altered expense receipts so he could be reimbursed for car rides home has been suspended for one year and fined $10,000. (More:​ SEC bars California adviser over $5.7 million fraud) Prabir Purohit,...

Seattle-area adviser pleads guilty to defrauding investors of $3 million

March 29, 2019

Investment adviser Dennis Gibb of Redmond, Wash., has pleaded guilty today to defrauding some 15 investors of more than $3 million. The U.S. Attorney's Office in Seattle, Wash., said that Mr. Gibb, president and owner of Sweetwater Investments...

SEC charges RIA firm's former COO with overbilling clients and inflating salary

March 28, 2019

The Securities and Exchange Commission has filed charges against the former chief operating officer of a New York RIA firm for helping the firm overbill clients as part of a scheme to inflate his own pay. According to the SEC's complaint, between...

'Whopper' UBS broker sentenced to prison for Puerto Rico bond fraud

March 27, 2019

Jose Ramirez, a former top UBS broker in Puerto Rico known to many as "The Whopper," was sentenced to a year and a day in prison after pleading guilty to criminal bank fraud in November. At that time, Mr. Ramirez admitted to pocketing $1 million...

Supreme Court backs SEC, rules against investment banker

March 27, 2019

The U.S. Supreme Court reinforced the Securities and Exchange Commission's powers, upholding sanctions against an investment banker found to have duped investors about a startup company's financial condition. The justices, voting 6-2, said Francis...

Merrill Lynch settles with SEC over ADR trading abuses

March 22, 2019

Merrill Lynch has settled with the Securities and Exchange Commission and will pay more than $8 million in a case involving improper handling of "pre-released" American Depositary Receipts (ADRs). Without admitting or denying the SEC's findings,...

Securities America hit with lawsuit seeking $18 million in damages

March 21, 2019

Securities America Inc. is dealing with the fallout from a rogue broker it fired last year, who was later charged with running a Ponzi. The firm now faces a lawsuit alleging that a family suffered $18 million in losses after working with the...

Brian Block continues his legal fight to stay out of prison

March 21, 2019

Convicted of securities fraud almost two years ago, Brian Block's fight to stay out of prison turned the page this week as he lost his bid for a new trial in federal court, but appealed to a higher venue for another attempt to prove his innocence....

Advisers charged with 'gambling away' millions from clients

March 20, 2019

Massachusetts securities regulators have charged two investment adviser representatives and their firm, Oakdale Wealth Management, with "gambling away" millions of dollars on unsuitable energy investments from more than 250 client accounts....

SEC bars California adviser over $5.7 million fraud

March 18, 2019

The Securities and Exchange Commission has barred adviser Craig Arsenault of Laguna Niguel, Calif., for defrauding clients of his registered investment advisory firm, Atlas Capital Management. (More:​ SEC bars adviser charged with stealing...

SEC fines and censures Talimco for manipulating real estate auction

March 18, 2019

The Securities and Exchange Commission has charged Talimco, a New York-based registered investment adviser, and Grant Gardner Rogers, its former chief operating officer, with manipulating a commercial real estate auction to favor one client...

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...

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