Results for "fraud"

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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...

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....

Retirement investors win $1.8 million arbitration against Raymond James for penny-stock sales

May 7, 2019

Retirement investors won a $1.8 million Finra arbitration award against Raymond James in a case involving penny stock investments in energy companies. A three-person, all-public Financial Industry Regulatory Authority Inc. arbitration panel...

Federal appeals court rules against advisers on disclosure failure

May 6, 2019

A federal court recently ruled a Texas investment advisory firm failed to disclose conflicts related to the sale of mutual funds, but it also said it didn't do so willfully — vacating the civil penalties and sending the case back to the Securities...

SEC charges San Diego-area adviser with $7 million Ponzi scheme

April 29, 2019

The Securities and Exchange Commission has charged a San Diego-area adviser with operating a Ponzi scheme that defrauded his investment advisory clients out of $7 million. The SEC alleges that Christopher D. Dougherty and his firm, C&D Professional...

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...

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...

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