Results for "fraud"

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Finra fines Merrill $300,000 for failing to supervise rogue broker

December 14, 2018

Finra has fined Merrill Lynch $300,000 for failing to supervise the actions of rogue broker Eva Weinberg, who was employed by the wirehouse for one year in 2010. The fine is part of the lingering ripple effect of a series of court battles that...

Ex-broker pleads guilty to 18-year Ponzi scheme, costing elderly investors $9 million

December 10, 2018

A former broker from Long Island, N.Y., pleaded guilty Monday in federal court to conspiracy to commit mail and wire fraud for running a Ponzi scheme over 18 years. In all, the victims of the ex-broker, Steven Pagartanis, invested over $13 million...

San Francisco advisers cheated low-income housing: City attorney

December 11, 2018

The city of San Francisco has sued two financial advisers, a married couple, after one allegedly lied to obtain an affordable housing condominium in the city almost two decades ago. The lawsuit against Caroline Novak and Igor Lotsvin was filed...

Former Morgan Stanley adviser sentenced to 5 years in prison

November 28, 2018

A Boston federal court on Tuesday sentenced a former Morgan Stanley rep to five years in prison for his role in stealing almost half a million dollars from clients. James Polese pled guilty to one count of conspiracy and investment adviser fraud,...

Former N.J. broker gets prison time for $3.1 million fraud

November 21, 2018

A former New Jersey broker was sentenced to eight-and-half years in prison Tuesday by a federal judge for perpetrating a long-running scheme to defraud clients out of millions of dollars, forging an attorney's signature without authorization...

Finra bars another broker who sold $10.8 million of Woodbridge Ponzi

November 27, 2018

The Financial Industry Regulatory Authority Inc. has barred another broker who sold notes to clients in what turned out to be a real estate Ponzi scheme. The broker, Frank Dietrich, sold investors $10.8 million worth of promissory notes issued...

Real estate investment firm Direct Source Wealth under investigation in Indiana

November 29, 2018

Regulators in Indiana are investigating Direct Source Wealth, a real estate investment firm with at least $42 million in assets that has raised money from wealthy investors for more than a half-dozen deals, but has not registered or filed notices...

Former Waddell & Reed broker barred for taking $130,000 from his elderly mother

November 19, 2018

The Financial Industry Regulatory Authority Inc. has barred a former Wadell & Reed broker for spending $130,000 from his elderly mother's brokerage account on himself without her knowledge. Robert Lee Basile's mother opened a brokerage account...

Finra arbitrators award $1 million to client in churning case

November 28, 2018

Arbitrators with the Financial Industry Regulatory Authority Inc. awarded more than $1 million to a client who claimed that his accounts were churned at the now-defunct brokerage Legend Securities Inc. The three-person all-public arbitration...

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...

Stan Lee: Estate planning takeaways from the Marvel legend's elder-abuse saga

November 13, 2018

Stan Lee, the creative juggernaut behind many of Marvel Comics' iconic superheroes, died Monday at Cedars-Sinai Medical Center in Los Angeles. He was 95. The following is a recent InvestmentNews story about the controversy surrounding Mr. Lee's...

Finra bars broker who took wife's cash to pay brother's debt

November 1, 2018

The Financial Industry Regulatory Authority Inc. on Wednesday barred a former RBC Capital Markets broker who took $5,000 from his then-wife's retirement account and used it to pay a debt for his brother, according to the Finra settlement. The...

CEO in Woodbridge Ponzi scheme fined $120 million by SEC

November 1, 2018

Robert Shapiro, the former chief executive officer of Woodbridge Group of Companies, agreed to pay $120 million to the Securities and Exchange Commission to settle allegations he defrauded investors in a $1.2 billion real estate Ponzi scheme...

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...

Finra bars another broker who sold Woodbridge Ponzi

October 31, 2018

Finra has barred another broker who did not cooperate with an investigation into a real estate Ponzi scheme. The Financial Industry Regulatory Authority Inc. on Tuesday barred Dennis Ferwerda for failing to provide documents and information...

Couple indicted for stealing $14.5 million from retirement plans

October 25, 2018

A Dallas federal grand jury indicted a couple Wednesday for allegedly stealing $14.5 million from retirement plans they ran and using the funds for business and personal expenses. Jeffrey Richie, 53, and Wendy Richie, 58, co-owners of Vantage...

Former LPL broker sentenced to 20 years for stealing from clients

November 2, 2018

Former LPL Financial broker Sonya Camarco was sentenced on Oct. 31 to 20 years in prison for stealing $1.8 million from her clients. Ms. Camarco, 46, received 10 years for one count of securities fraud and 10 years for one count of theft over...

Finra bars broker accused of taking client cash to gamble, pay medical bills

October 19, 2018

Finra has barred a broker who allegedly took $270,000 in client money and used it to gamble and pay for medical bills. The broker, Chris R. Kubiak, deposited the funds of four clients, three of whom were senior citizens, into his own personal...

Regulators wave 8 red flags to ID financial abusers

November 2, 2017

State regulators outlined ways that financial advisers can spot potential abuse by guardians who are managing the finances of incapacitated clients. Guardians have a legal obligation to act in their client’s best interests. The guidance from...

State regulators brought hammer down on unregistered advisers more than registered ones in 2017

October 10, 2018

State securities regulators brought more enforcement actions in 2017 against unregistered financial advisers than against those who were registered, an indication in part of the rising number of digital currency fraud cases. In its 2018 enforcement...

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