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.;...

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....

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...

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...

Second financial adviser identified as part of college admissions scandal

May 2, 2019

The widening college admissions scandal has ensnared its second financial adviser with the revelation that Morgan Stanley fired a Southern California adviser for not cooperating with an internal investigation. The Morgan Stanley broker, Michael...

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...

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...

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....

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...

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...

Finra bars rep for $15M in unauthorized trades for retiree ​

March 1, 2017

Craig David Dima, formerly a registered representative with K.C. Ward Financial in Ronkonkoma, N.Y., has been barred from the securities industry for making unauthorized and unsuitable trades totaling approximately $15 million in a 73-year-old...

Former ARCP accounting officer Lisa McAlister expected to testify at ex-CFO Brian Block's securities fraud trial

January 11, 2017

Lisa McAlister, the former chief accounting officer of a giant real estate investment trust once controlled by Nicholas Schorsch, may be testifying against the REIT's past chief financial officer, Brian Block in June at his pending trial for...

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...

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)...

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...

Cybersecurity still worries RIAs the most: Study

June 24, 2016

Cyberthreats continue to be the biggest concern for registered investment advisers, with 88% of firms identifying “cybersecurity/privacy/identity theft” as their main worry, according to a new compliance testing survey. The survey — conducted...

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