Results for "fraud"

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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...

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...

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...

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...

SEC enforcement actions involving advisers jump in 2018

November 2, 2018

Securities and Exchange Commission enforcement actions involving registered investment advisers and investment companies increased 31.7% for its fiscal year ending in September, according to the SEC enforcement division report on its annual...

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...

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...

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...

Remember Bernie Madoff? Big time financial fraud is back

October 24, 2018

Ten years ago this December, Bernard Madoff, known as a "broker's broker" to many on Wall Street, told his sons that his business was one big, $65 billion lie. It turned out that Mr. Madoff wasn't the only financial adviser stealing from clients....

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...

Dawn Bennett found guilty of $20 million Ponzi scheme

October 17, 2018

Former financial adviser Dawn Bennett was convicted Wednesday in federal court in Maryland of 17 charges related to a $20 million Ponzi scheme. Ms. Bennett, 56, was found guilty of all charges, including conspiracy, securities fraud, wire fraud,...

Determining if a message from Social Security is a scam

September 19, 2018

A financial adviser contacted me recently to ask if the email he received from the Social Security Administration reminding him to review his estimated benefits statement online was valid. "Does Social Security send out these types of emails,...

Ladenburg chairman Phillip Frost steps down

September 21, 2018

Dr. Phillip Frost, who was charged this month with fraud, said Thursday evening that he was retiring as non-executive chairman of Ladenburg Thalmann Financial Services Inc. Dr. Frost and nine other individuals were charged Sept. 7 in a Securities...

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...

After setting up phony accounts, ex-Wells Fargo broker stole money

October 10, 2018

The Financial Industry Regulatory Authority Inc. on Tuesday barred a former Wells Fargo Advisors broker, who was also a Wells Fargo Bank employee, who stole $2,226 after opening phony accounts using the names of clients. Based in Hilton Head...

Former RIA gets year probation for obstructing SEC investigation into referral fee

April 21, 2017

An investment adviser barred from the industry for making referral payments to an attorney for access to a wealthy client was sentenced in federal court in Boston on Thursday to a year of probation, according to the U.S. Attorney's Office. John...

SEC charges New Jersey-based broker in 'cherry-picking' scheme

September 12, 2018

The Securities and Exchange Commission charged a New Jersey-based broker Wednesday with "cherry-picking" profitable trades for himself and his family at the expense of his clients, a practice that netted him $700,000. Meanwhile, the U.S. Attorney's...

Former HDVest brokers barred for not cooperating in Woodbridge investigation

September 10, 2018

Finra barred two former HD Vest Investment Services brokers who did not cooperate in an investigation of a real estate investment Ponzi scheme. Finra barred Jerry Davis Raines and Donna Lynn Barnard for failing to provide documents and information...

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