Results for "fraud"

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Feds charge New York 'consultant' with running multimillion-dollar Ponzi scheme

November 7, 2019

Federal officials in New York have unsealed an indictment​ in federal court charging Ruless Pierre with securities fraud, wire fraud, and structuring charges in connection with two separate fraud schemes. In the first, Mr. Pierre, as the owner...

Lawsuit claims GPB a Ponzi, riven with conflicts and self-dealing

November 6, 2019

Self-dealing, conflicts of interest and operating a Ponzi scheme were at the heart of GPB Capital Holdings and its ability to raise $1.8 billion from investors over the last six years, according to a class action lawsuit filed Wednesday in federal...

Court upholds $3 million arbitration award against Spire Securities

November 6, 2019

A New York federal court has upheld a $3 million arbitration award holding Spire Securities responsible for failing to supervise one of its brokers who operated a Ponzi scheme. The broker, Patrick Evans Churchville, sold investments through...

SEC bars former LPL broker who pleaded guilty to $4.9 million Ponzi

November 4, 2019

The Securities and Exchange Commission Friday barred from the securities industry a former LPL Financial broker who operated a Ponzi scheme that preyed on elderly clients. The agency's action came after James T. Booth pleaded guilty Oct. 22...

Supreme Court to consider challenge to SEC disgorgement powers

November 1, 2019

The Supreme Court agreed to consider stripping the Securities and Exchange Commission of its power to recoup illegal profits from wrongdoers, taking up a challenge to one of the agency's most potent legal weapons. The appeal by Charles Liu and...

Finra slaps $20,000 fine on former JMP Securities analyst

October 31, 2019

The Financial Industry Regulatory Authority Inc. has suspended former JMP Securities analyst Michael King Jr. for 14 months and fined him $20,000 for writing research reports on a company with which he was engaged in employment discussions....

SEC bars ex-compliance officer of Idaho RIA over wire fraud

October 31, 2019

The Securities and Exchange Commission has barred Cameron High, the former chief compliance officer of Yellowstone Partners, a defunct RIA firm in Idaho Falls, Ida., for his participation in a scheme to defraud clients. [Recommended video: Social...

Galvin slaps Morgan Stanley with censure, $200,000 fine over ex-broker's churning

October 30, 2019

Secretary of the Commonwealth of Massachusetts William Galvin has censured Morgan Stanley and ordered the firm to pay a $200,000 administrative fine and provide $182,000 in restitution to four investors in the state who lost money due to Morgan...

Finra bars former Raymond James rep over churning allegations

October 28, 2019

The Financial Industry Regulatory Authority Inc. has barred former Raymond James representative Stuart Nichols for failing to take part in an inquiry looking into his trading activities at the firm. [Recommended video: Why aren't people joining...

Finra fines former Merrill top broker $15,000 over falsified CE

October 24, 2019

The Financial Industry Regulatory Authority Inc. has fined former Merrill Lynch star broker Bruce Lee​ $15,000 and barred him from the industry for 18 months for having others take required continuing education exams for him. [Recommended...

Barred former LPL rep pleads guilty to $5 million fraud

October 23, 2019

Former LPL Financial broker James T. Booth pleaded guilty to one count of securities fraud in connection with his years-long scheme to defraud his customers of nearly $5 million. [More:​ Finra bars broker accused of stealing $1 million from...

Finra fines former rep $25,000 over unauthorized trades at two firms

October 23, 2019

Steven Yellen, a former broker at Morgan Stanley and Ameriprise in El Paso, Texas, has been fined $25,000 by the Financial Industry Regulatory Authority Inc. and suspended for one year. While at Morgan Stanley, from March 2013 through December...

Feds charge GPB Capital executive with obstruction of justice

October 23, 2019

The Department of Justice Wednesday charged the chief compliance officer of GPB Capital Holdings, who is also a former Securities and Exchange Commission examiner, with obstruction of justice relating to an SEC investigation of GPB. The GPB...

'Trusted' professionals are targeting older Americans

October 21, 2019

Terry Ann McIntosh's financial nightmare began four years ago, soon after she hired a caregiver through a family services website. McIntosh, then 75 and in a wheelchair, had assumed that the young woman who eventually showed up at her San Mateo,...

SEC takes aim at second Cetera broker-dealer

October 15, 2019

On Friday, the Securities and Exchange Commission added Cetera Advisor Networks, a registered investment adviser and broker-dealer, as a defendant to an earlier lawsuit against Cetera Advisors. The August complaint alleged that Cetera Advisors...

Wells Fargo takes $1.6B legal charge, dragging 3Q earnings down

October 15, 2019

Wells Fargo & Co. investors got a reminder that the bank isn't past its problems even as it seeks a fresh start under a new leader. The lender took a $1.6 billion expense for litigation tied to scandals in its retail bank, dragging down third-quarter...

Former Woodbridge Group CEO gets 25 years in $1.3 billion fraud

October 15, 2019

Woodbridge Group of Companies' former Chief Executive Robert Shapiro received the maximum sentence of 25 years in prison for running a $1.3 billion fraud that caused more than 7,000 retirees and other investors to lose money. Mr. Shapiro, 61,...

Texas pulls license of adviser who sold Future Income Payments

October 14, 2019

A registered investment adviser in Texas has had his license revoked due to conflicts stemming from the sale of $5 million worth of Future Income Payment notes and promissory notes issued by third-party real estate developers. The adviser failed...

Ex-LPL broker ripped off clients using phony Taylor Swift charity: New Hampshire

October 11, 2019

A broker fired by LPL Financial in August is facing an injunction and asset freeze from New Hampshire's bureau of securities regulation, which alleges the broker, Dain F. Stokes, solicited two clients to invest more than half a million dollars...

Two small broker-dealers are down — and out

October 10, 2019

Two small broker-dealers with different business models, one for retail reps and the other a wholesaler of alternative and real estate funds, are closing their doors. The former B-D, Taylor Capital Management, is potentially facing dozens if...

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