Results for "fraud"

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Former Morgan Stanley, Wells Fargo rep pleads guilty to adviser fraud

September 5, 2019

Elias Hafen, who was fired by Wells Fargo in August 2018 and barred by Finra in October 2018, pleaded guilty in a federal court in New York to investment adviser fraud in connection with having defrauded his clients out of hundreds of thousands...

SEC imposes $8.4 million penalty on digital coin issuers

August 29, 2019

The Securities and Exchange Commission imposed a penalty of $8.4 million and ordered disgorgement of $1.74 million in connection with a settlement with Bitqyck Inc. and its founders, who allegedly defrauded investors in securities offerings...

Finra department alleges Allstate rep took $2,500 from widow for trip to Spain, spa massages

August 27, 2019

The Financial Industry Regulatory Authority Inc.'s enforcement department has alleged that Allstate Financial Services rep Jesse Gil converted approximately $2,500 from an 82-year-old widow to whom Mr. Gil was providing financial advice away...

Vanguard supervisor sentenced to four years for fraud

August 23, 2019

A former employee of the Vanguard Group was sentenced to four years in prison yesterday for a $2.1 million fraud scheme he perpetrated while working at the company. Scott Capps, 48, pleaded guilty in March to charges of mail fraud, money laundering...

Finra bars former Securities America rep in private-securities sale query

August 27, 2019

The Financial Industry Regulatory Authority Inc. has barred former Securities America rep Bobby Wayne Coburn for failing to appear at a hearing looking into his sales practices. [More: Finra bars no-show former Cetera rep] In March, Securities...

SEC charges advisory firm, executives with defrauding injured NFL players

August 29, 2019

The Securities and Exchange Commission on Thursday charged Cambridge Capital Group Advisors and two former executives with defrauding former professional football players who had joined a class-action lawsuit against the National Football League...

Finra bars former Pruco rep for falsifying variable annuity paperwork

August 6, 2019

The Financial Industry Regulatory Authority Inc. has barred former Pruco-registered representative Karen Paek for creating, signing and submitting six fictitious variable annuity applications to meet her minimum production requirements at Pruco....

Ex-Woodbridge Group CEO Robert Shapiro pleads guilty in $1.3 billion Ponzi scheme

August 8, 2019

Robert Shapiro, the former CEO of Woodbridge Group of Companies, pleaded guilty to running a $1.3 billion fraud that caused more than 7,000 investors to lose money, according to prosecutors. Mr. Shapiro, 61, of Sherman Oaks, California, promised...

Finra bars another former broker over phony expenses

August 15, 2019

The Financial Industry Regulatory Authority Inc. has barred Brenda Kochel, formerly a broker with Park Avenue Securities, for requesting and obtaining $23,847.24 in reimbursement from the firm's parent company for travel expenses she did not...

Dawn Bennett appeals conviction of running $20 million Ponzi

August 22, 2019

After being sentenced to 20 years in prison at the end of last month, former financial adviser Dawn Bennett is seeking an appeal to her conviction on 17 federal charges related to a $20 million Ponzi scheme. Her attorney filed the notice last...

SEC charges California RIA with defrauding clients

August 15, 2019

The Securities and Exchange Commission has charged investment adviser Craig C. Rumbaugh and his firms, Rumbaugh Financial and Desert Strategic Equity, with defrauding clients by deceiving them about the terms of their investments and concealing...

From those who set the standards, much is expected

August 17, 2019

As it states on its website,​ "the mission of the Certified Financial Planner Board of Standards Inc. is to benefit the public by granting the CFP certification and upholding it as the recognized standard of excellence for competent and ethical...

Broker barred for excessive trading that cost clients $1.8 million

August 16, 2019

The brokerage industry's regulator has barred broker Gregory T. Dean from the industry for excessively trading customer accounts, which led to $1.8 million in losses for clients but generated hefty commissions for him. Mr. Dean, formerly registered...

SEC charges Massachusetts RIA with fraud

August 13, 2019

The Securities and Exchange Commission has charged registered investment adviser Richard G. Duncan, of East Longmeadow, Mass., with defrauding two retail clients by persuading them to invest over $300,000 in an apparent scam originating in Turkey....

Former Wells Fargo adviser barred for noncooperation with inquiry into misuse

July 25, 2019

The Financial Industry Regulatory Authority Inc. has barred Robert F. Montes, a former Wells Fargo adviser, for failing to cooperate with an inquiry concerning his possible misuse of customer funds. (More: Finra bars no-show former Cetera rep)...

SEC charges unlicensed Tennessee 'broker' for involvement with Ponzi scheme

July 16, 2019

The Securities and Exchange Commission has charged Henry J. "Trae" Wieniewitz, III and his Knoxville, Tenn. Wieniewitz Financial, for unlawfully offering and selling securities of the Woodbridge Group of Companies and 1 Global Capital. (More:​...

Finra fines former broker $5,000 for trading in deceased clients' accounts

August 9, 2019

The Financial Industry Regulatory Authority Inc. has fined former broker Steve Baptist $5,000 and suspended him for 30 days for making six unauthorized trades in the accounts of two customers who were deceased at the time of the trades. (More:...

Former Beverly Hills rep found guilty of $200 million fraud scheme

July 15, 2019

Former Beverly Hills stockbroker and B-D owner Todd Ficeto, 52, of Marion, Ohio, has been found guilty on several counts of participating in a stock manipulation scheme designed to pump up the reported profits of hedge funds that fraudulently...

Tax-credit investigation may trip up Wells Fargo

August 13, 2018

As much as Wells Fargo & Co. wants the public to believe it has put its troubled past behind it, yet another legal tangle shows it still doesn't have a handle on its own questionable behavior. In the latest turn of events, the Department of...

Hedge fund scam artist targets the middle class

June 1, 2018

Investment scams that hit working people or the middle class typically are pretty prosaic. They include church scams, such as a pastor cloaking his phony investment pitch in holy talk, or what are known as affinity frauds, in which the person...

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