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Securities Fraud Blog
Posted on Jun 18, 2013
Over the past decade, FINRA has been active in regulating firms' and brokers' advertising communications with the public. For instance, FINRA Rules 2212 (use of rankings in retail ...
Continue reading "Advice on Air: Misleading Advertising, Broker Misconduct and the Radio" »
Posted on Jun 17, 2013
The SEC and FINRA are warning investors of dangerous investment-related e-mail spam that promotes a securities fraud scheme known as "pump-and-dump." In the alert, regulators warn of ...
Continue reading "SEC & FINRA Joint Alert: Beware Pump-and-Dump Scams via E-mail Spam" »
Posted on Jun 13, 2013
FINRA issued an industry-wide alert to investors regarding alternative mutual funds, which are separate and distinct from what FINRA describes as "typical" mutual funds. Alternative mutual ...
Continue reading "FINRA Investor Alert: Alternative Mutual Funds Can Carry Added Risks" »
Posted on Jun 12, 2013
The Financial Industry Regulatory Authority barred broker Francis Martin Florey for attempting to transfer $116,369 from an elderly customer's bank account by impersonating the customer, and ...
Continue reading "Francis Martin Florey Barred for Attempting to Transfer Elderly Customer's Funds without Authorization" »
Posted on Jun 11, 2013
Former JP Morgan broker, Bryant Tchan, of Irvine, California filed an arbitration claim that alleges the firm pushed brokers to sell internal products by withholding commissions from brokers on ...
Continue reading "JP Morgan Accused of Promoting Firm's Internal Funds by Withholding Commissions on Outside Fund Sales" »
Posted on Jun 10, 2013
FINRA suspended Jeffrey Stephen Geraci and ordered him to pay $50,000 in restitution to a customer for making an unsuitable recommendation of an MICG Wealth Management, LLC speculative private ...
Continue reading "Jeffrey Stephen Geraci Suspended, Ordered to Pay Retired Widow Restitution for Unsuitable Recommendations" »
Posted on Jun 7, 2013
FINRA censured and barred former H&R Block financial advisor and Ameriprise Financial Services, Inc. general securities representative Hugh Monroe Dyson, Jr. for allegedly soliciting seven ...
Continue reading "Hugh Monroe Dyson, Jr. Censured, Barred and Ordered to Pay Restitution in Connection with False Representations, Phony IRS Forms and Reports" »
Posted on Jun 5, 2013
FINRA fined Wells Fargo Advisors, LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. $1.25 million and $900,000 respectively and ordered both firms to pay over $3 million in restitution to clients ...
Continue reading "FINRA Orders Wells Fargo and Merrill Lynch to Pay $5.1 Million for Unsuitable Mutual Fund Sales" »
Posted on Jun 3, 2013
After SAC Capital and founder Steven A. Cohen settled its insider trading lawsuit for a reportedly record-$616 million in March ( see: SAC Capital Lawsuit Settled; Firm to Pay Record $616 Million for ...
Continue reading "SAC Capital Stops Cooperating with Government Investigation as DOJ Ramps Up Probe, Investors Flee" »
Posted on May 31, 2013
FINRA barred principal Merle Gene Walter for failing to disclose multiple instances of financial misconduct, unsatisfied civil judgments and a federal tax lien against him on his Form U4 and when ...
Continue reading "Merle Gene Walter Barred for Failure to Disclose Unethical Misconduct, Civil Judgments, Tax Lien" »
Posted on May 31, 2013
FINRA barred former Allstate Financial Services, LLC, Questar Capital Corporation and Sammons Securities Company, LLC broker Andrew Lewis Pittman for failing to cooperate with an investigation into ...
Continue reading "Andrew Lewis Pittman Barred in Relation to Elder Financial Misconduct Allegation" »
Posted on May 29, 2013
FINRA charged Thornes & Associates Inc. Investment Services President John Thomas Thornes (Redlands, California) with the improper conversion of $4.2 million. Thornes is accused of ...
Continue reading "John Thomas Thornes Accused of Stealing $4.2 Million from Elderly Client, Scholarship Accounts" »
Posted on May 28, 2013
FINRA suspended broker David Lloyd Barber of Rancho Santa Fe, California and fined him $25,000 for improperly receiving five loans totaling $867,000 from multiple customers of Barber's at Raymond ...
Continue reading "David Lloyd Barber Fined and Suspended for Improper Loans, Concealment from Firm" »
Posted on May 27, 2013
FINRA suspended broker Barbara Mary Bolk of Pruco Securities, LLC and fined her $5,000 for engaging in unauthorized activity in a customer's account, including impersonation and forging the ...
Continue reading "Barbara Mary Bolk Fined and Suspended for Forging Customer Signatures, Effecting Unauthorized Transactions" »
Posted on May 26, 2013
FINRA suspended Cambridge Legacy Securities LLC ("CLS") registered principal Oran Ben Carroll and fined him $50,000 for failure to conduct adequate due diligence of private placements of ...
Continue reading "Oran Ben Carroll Suspended and Fined for Inadequate Due Diligence, Failure to Supervise" »
Posted on May 24, 2013
The Securities and Exchange Commission (SEC) charged former LPL Financial LLC broker Blake Richards with misappropriating $2 million from at least six clients in relation to a fraudulent scheme. 2013 ...
Continue reading "Former LPL Financial Adviser Blake Richards Charged in $2 Million Fraudulent Scheme" »
Posted on May 23, 2013
The Commonwealth of Massachusetts reached a $9.6 million settlement with five firms related to improper sales of nontraded real estate investment trusts ("REITs"), including $8.6 million in ...
Continue reading "Massachusetts Reaches $9.6 Million Settlement with Five Firms Over Non-Traded REIT Sales" »
Posted on May 22, 2013
On May 21, 2013, FINRA chairman and CEO Richard Ketchum praised firms' overall improvement in increasing compliance with industry rules, but stated there is still work to be done. Specifically, ...
Continue reading "FINRA: Firms Must Adhere to Industry Rules and Be Honest with Investors" »
Posted on May 21, 2013
FINRA fined LPL Financial LLC an industry-record $7.5 million for at least 35 separate and significant failures of the firm's e-mail system. LPL was also ordered to establish a $1.5 million fund ...
Continue reading "LPL to Pay Record $9 Million for Failures Related to Hundreds of Millions of E-Mail Communications" »
Posted on May 20, 2013
FINRA suspended former Montecito Advisors, Inc. Chief Financial Officer Nancy Bolt Hill of Summerland, California and fined her $10,000 for allegedly failing to disclose securities accounts in which ...
Continue reading "Nancy Bolt Hill Fined & Suspended for Allegedly Failing to Disclose Outside Securities Accounts" »
Posted on May 18, 2013
FINRA barred former LPL Financial and Merrill Lynch broker Greg J. Campbell after his alleged misappropriation of over $2 million in funds from customers at both firms, including elderly customers and ...
Continue reading "Greg John Campbell Barred in $2+ Million Misappropriation Scheme" »
Posted on May 12, 2013
The SEC and FINRA issued a joint Investor Alert warning of risks inherent with buying or selling pension or settlement income streams, including those related to a structured settlement. What both ...
Continue reading "SEC/FINRA: Selling Rights to Pension Income Streams, Investing in Third Party Pension Can Be Risky" »
Posted on May 6, 2013
FINRA barred TWS Financial, LLC President and Owner Roman Jerzy Sledziejowski for allegedly converting and/or misusing funds from multiple customers as part of a fraudulent scheme. The Authority ...
Continue reading "Roman J Sledziejowski Barred for Converting $4.8 Million in Fraudulent Scheme" »
Posted on May 5, 2013
FINRA barred former JP Turner & Company LLC broker Sean Francis Sheridan for allegedly recommending several hundreds of unsuitable mutual fund switch transactions in multiple customer accounts. ...
Continue reading "Sean Francis Sheridan Barred for Recommending Only Funds that Yielded Higher Commissions" »
Posted on May 4, 2013
FINRA suspended Thomas Lloyd Kunkel of Capital Financial Services and fined him $5,000 for improperly advising an unsophisticated, risk-averse customer to invest in high-risk illiquid Real Estate ...
Continue reading "Thomas Lloyd Kunkel Fined and Suspended for Unsuitable REIT Recommendations to Elderly and Unsophisticated Investor" »
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