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Securities Fraud Blog

John Olinghouse Sanctioned for Falsifying Documents, Settling Elder Diminished Capacity Customer's Complaint Away from Firm

FINRA fined and suspended broker John Edward Olinghouse, formerly of HD Vest and Fortune Financial Services in Sparks, Nevada, for falsifying forms, which he then submitted to HD Vest. FINRA also ...
Continue reading "John Olinghouse Sanctioned for Falsifying Documents, Settling Elder Diminished Capacity Customer's Complaint Away from Firm" »

FINRA Files OHO Complaint Against Berthel Fisher, Jeffrey Dragon over UIT Sales Practices

FINRA filed a complaint against Berthel, Fisher & Co. Financial Services, Inc., and former broker Jeffrey Paul Dragon over unit investment trust (UIT) sales to elderly and unsophisticated ...
Continue reading "FINRA Files OHO Complaint Against Berthel Fisher, Jeffrey Dragon over UIT Sales Practices" »

Hossein Amirraiahei Barred Over Unauthorized Discretionary Trading Investigation

FINRA barred former Wells Fargo Advisors rep Hossein "Amir Riahei" Amirriahei of the firm's Los Angeles, California branch following an investigation into allegations that he conducted ...
Continue reading "Hossein Amirraiahei Barred Over Unauthorized Discretionary Trading Investigation" »

Stockcross Financial Services of Beverly Hills Fined for Supervisory Violations, Failing to Timely Publish OTC Bids

FINRA censured and fined StockCross Financial Services of Beverly Hills $50,000 for failing to immediately publish a bid to reflect the price and size of 25 customer limit orders for over-the-counter ...
Continue reading "Stockcross Financial Services of Beverly Hills Fined for Supervisory Violations, Failing to Timely Publish OTC Bids" »

Ex-LPL Broker Robert Tricarico Convicted, Sentenced for Stealing $1.2 Million from Elderly Clients, Wire Fraud

After FINRA barred former LPL Financial broker Robert Neil Tricarico for failing to cooperate with an investigation, Tricarico pled guilty in federal court to one count of wire fraud and received a ...
Continue reading "Ex-LPL Broker Robert Tricarico Convicted, Sentenced for Stealing $1.2 Million from Elderly Clients, Wire Fraud" »

Tracy Turner Barred Over False and Misleading Oil-and-Gas Communications Probe

FINRA barred ex-Colorado Financial Service Corporation (Carlsbad, CA) broker Tracy Rae Turner and ordered $292,894.04 in fines following a November 2016 complaint alleging Turner's participation ...
Continue reading "Tracy Turner Barred Over False and Misleading Oil-and-Gas Communications Probe" »

Iain Reilly Fined & Suspended for Impersonating Customers in Phone Calls to Insurance Company

FINRA fined and suspended Cetera Advisors LLC (San Diego, CA branch) representative Iain Patrick Reilly for impersonating clients during phone calls he made from 2013 to 2016 to an insurance ...
Continue reading "Iain Reilly Fined & Suspended for Impersonating Customers in Phone Calls to Insurance Company" »

CUSO Financial Services to Pay $172.5k in Fines and Restitution for Mathew Hartshorn's Unsuitable UIT Sales

FINRA fined CUSO Financial Services and ordered restitution for 76 unsuitable unit investment trust (UIT) transactions totaling $4.6 million that regulators say resulted in losses sustained by ...
Continue reading "CUSO Financial Services to Pay $172.5k in Fines and Restitution for Mathew Hartshorn's Unsuitable UIT Sales" »

Darrach Bourke Sanctioned for Exercising Discretionary Transactions Without Written Authorization

FINRA fined and suspended former Stifel, Nicolaus & Company, Inc. (San Francisco, CA) broker Darrach Michael Bourke for exercising discretion in customer accounts without prior written ...
Continue reading "Darrach Bourke Sanctioned for Exercising Discretionary Transactions Without Written Authorization" »

First Financial Equity CCO Melissa Strouse Punished for Suitability, ETF, Heightened Supervision Failures

FINRA fined and suspended First Financial Equity Corporation Chief Compliance Officer Melissa Ann Strouse of the firm's Arizona and San Diego, CA branches for her role in failing to ensure ...
Continue reading "First Financial Equity CCO Melissa Strouse Punished for Suitability, ETF, Heightened Supervision Failures" »

Ex-MLB Pitcher & Morgan Stanley Rep Patrick Combs Suspended for Selling Away

FINRA suspended former Morgan Stanley representative, and one-time pitcher for Major League Baseball's Philadelphia Phillies, Patrick Dennis Combs for eliciting a $500,000 investment in a ...
Continue reading "Ex-MLB Pitcher & Morgan Stanley Rep Patrick Combs Suspended for Selling Away" »

Craig Dima Barred for $15 Million of Unauthorized & Unsuitable Trades in Elderly Client's Retirement Account

FINRA barred former KC Ward Financial broker Craig David Dima for making unauthorized and unsuitable trades totaling $15 million in a 73-year-old client's retirement account, and for making ...
Continue reading "Craig Dima Barred for $15 Million of Unauthorized & Unsuitable Trades in Elderly Client's Retirement Account" »

Vincent Payne Suspended for Forgery, Falsifying Customer Signatures

FINRA suspended former Farmers Financial Solutions of Woodland, CA rep Vincent Bee Payne for falsifying multiple customers' signatures on firm documents without any of the customers' consent ...
Continue reading "Vincent Payne Suspended for Forgery, Falsifying Customer Signatures" »

Excessive REIT, BDC Sales Charges Caused by Conflict-of-Interest Fraud Nets Purshe Kaplan Sterling Investments $3.4 Million Restitution Order, $750,000 Fine

FINRA ordered Purshe Kaplan Sterling Investments to pay $3.4 million in restitution to a Native American tribe that paid excessive sales charges on fraudulent non-traded real estate investment trust ...
Continue reading "Excessive REIT, BDC Sales Charges Caused by Conflict-of-Interest Fraud Nets Purshe Kaplan Sterling Investments $3.4 Million Restitution Order, $750,000 Fine" »

Red River Securities Expelled, CEO Brian Hardwick Barred, Ordered to Pay $24.6 Million in Restitution for Fraud

FINRA expelled Plano, Texas-based Red River Securities, LLC, barred Red River CEO Brian Keith Hardwick, and ordered restitution in the amount of $24.6 million for fraudulent oil and gas securities ...
Continue reading "Red River Securities Expelled, CEO Brian Hardwick Barred, Ordered to Pay $24.6 Million in Restitution for Fraud" »

LPL Financial Fined $900,000 for Failing to Send Required Account Notices, Supervisory Failures

FINRA fined LPL Financial $900,000 for failing to send customers more than 1.6 million account notices required under the Exchange Act. Regulators admonished LPL for failing to send over 25% of ...
Continue reading "LPL Financial Fined $900,000 for Failing to Send Required Account Notices, Supervisory Failures" »

Morgan Stanley to Pay $8 Million Penalty in Unsuitable Single Inverse ETF Sales, Customer Losses

Morgan Stanley Smith Barney settled an SEC complaint for $8 million in fines and admitted wrongdoing, including that it improperly sold single-inverse exchange-traded funds (ETFs) without implementing ...
Continue reading "Morgan Stanley to Pay $8 Million Penalty in Unsuitable Single Inverse ETF Sales, Customer Losses" »

Matthew Maczko Barred for Churning in 93-Year-Old Client's Account, Resulting in Loss; Misleading Testimony

FINRA barred former Wells Fargo Advisors representative Matthew Christopher Maczko for excessive trading in four accounts belonging to a 93-year-old client. The alleged misconduct began in 2009 and ...
Continue reading "Matthew Maczko Barred for Churning in 93-Year-Old Client's Account, Resulting in Loss; Misleading Testimony" »

Dion Padilla Sanctioned for Unauthorized, Misrepresented, and Concealed Variable Annuity Purchase

NEXT Financial Group broker Dion Rey Padilla and FINRA's Department of Enforcement reached a settlement concerning allegations that Padilla effected an unauthorized variable annuity (VA) purchase ...
Continue reading "Dion Padilla Sanctioned for Unauthorized, Misrepresented, and Concealed Variable Annuity Purchase" »

James Calder Sanctioned for Unauthorized Outside Business Activity

FINRA fined ex-Raymond James Financial Services broker James David Calder II for engaging in an outside business activity without firm approval. Calder purportedly sold life settlement contracts ...
Continue reading "James Calder Sanctioned for Unauthorized Outside Business Activity" »

After Separation from JP Morgan, Robert Stewart Says He Just Followed Firm's Longstanding Practice

FINRA fined and suspended broker Robert Scott Stewart, formerly of JP Morgan Securities' Chino Valley, Arizona branch, for obtaining customer signatures on otherwise blank forms, and attaching ...
Continue reading "After Separation from JP Morgan, Robert Stewart Says He Just Followed Firm's Longstanding Practice" »

Lawson Financial, CEO Robert Lawson Barred for Fraudulent Municipal Bond Sales

FINRA expelled Phoenix-based Lawson Financial Corporation, Inc. and barred President and CEO Robert Warren Lawson for securities fraud in selling millions of dollars of municipal revenue bonds to firm ...
Continue reading "Lawson Financial, CEO Robert Lawson Barred for Fraudulent Municipal Bond Sales" »

Citigroup to Pay $18 Million for Overbilling Clients, Misplacing Decades-Worth of Client Contracts

After finding that Citigroup Global Markets overbilled clients over a 15-year period, the SEC reached agreement with the firm to pay $18.3 million to settle the charges of overbilling and an ...
Continue reading "Citigroup to Pay $18 Million for Overbilling Clients, Misplacing Decades-Worth of Client Contracts" »
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