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Recent Posts in Due Diligence Category

55 results found. Viewing page 1 of 3. Go to page 1 2 3   Next

San Diego "Financial Whiz of Local Airwaves" Kyle Harrington Barred After Conversion, Undisclosed Private Securities Transaction Investigations

FINRA barred former National Securities Corporation (San Diego) broker Kyle Patrick Harrington for allegedly trying to obstruct FINRA and firm investigations into allegations that he converted ...
Continue reading "San Diego "Financial Whiz of Local Airwaves" Kyle Harrington Barred After Conversion, Undisclosed Private Securities Transaction Investigations" »

HD Vest Investment's Jerry Raines & Donna Barnard Barred in Ongoing Woodbridge Ponzi Scheme Investigation

FINRA barred former HD Vest Investment Services brokers Jerry Davis Raines and Donna Lynn Barnard for failing to cooperate with staff investigating sales of promissory notes related to the Woodbridge ...
Continue reading "HD Vest Investment's Jerry Raines & Donna Barnard Barred in Ongoing Woodbridge Ponzi Scheme Investigation" »

Merrill Lynch to Pay $8.9 Million to SEC for Failing to Disclose Conflict of Interest

The SEC censured Merrill Lynch and ordered the firm pay $8.9 million in fines, disgorgment and penalties after finding the firm violated the Advisers Act by failing to disclose a key conflict of ...
Continue reading "Merrill Lynch to Pay $8.9 Million to SEC for Failing to Disclose Conflict of Interest" »

Compliance Officer Claims Retaliation in Firing from Purshe Kaplan Sterling After Reporting Alt Investment Red Flags to FINRA

Former Purshe Kaplan Sterling Investments, Inc. compliance officer Toni Caiazzo Neff filed a lawsuit against her former employer, claiming that Purshe Kaplan fired her after she contacted a senior ...
Continue reading "Compliance Officer Claims Retaliation in Firing from Purshe Kaplan Sterling After Reporting Alt Investment Red Flags to FINRA" »

Massachusetts to Investigate Private Placement Sales & Related Practices at 10 Firms

Massachusetts Secretary of the Commonwealth and chief securities regulator William Galvin announced a state investigation of private placement sales and related sales practices at 10 broker-dealers ...
Continue reading "Massachusetts to Investigate Private Placement Sales & Related Practices at 10 Firms" »

Kyusun Kim Barred for Unsuitable Recommendations of REITs and Alt Investments in Elderly Investors' Retirement Accounts

FINRA barred former Independent Financial Group and Sandlapper Securities, broker Kyusun Kim for unsuitably recommending that a number of elderly and retiring customers liquidate their 401(k) and ...
Continue reading "Kyusun Kim Barred for Unsuitable Recommendations of REITs and Alt Investments in Elderly Investors' Retirement Accounts" »

Goldman Sachs Structured Products, Reverse Convertibles, Suitability, and the Fiduciary Rule

Structured products, including reverse convertibles—fee-based, fixed income products—can pose supervisory challenges for firms. When it comes to matters of suitability, as evidenced by a ...
Continue reading "Goldman Sachs Structured Products, Reverse Convertibles, Suitability, and the Fiduciary Rule" »

SEC Charges Tweed Investment Services and Owner Robert Tweed with Fraud in Athenian Fund Scheme

An SEC complaint filed in the Central District of California alleges that Tweed Financial Services, Inc. and its owner, Robert Russel "Rusty" Tweed, committed fraud through a series of ...
Continue reading "SEC Charges Tweed Investment Services and Owner Robert Tweed with Fraud in Athenian Fund Scheme" »

PA Fines Austin Dutton $200,000 & Newbridge $499,000 for Dishonest, Unethical Practices in Unsuitable REIT Sale

The Pennsylvania Department of Banking and Securities fined Austin Richard Dutton Jr (doing business as Bridge Valley Financial Services, LLC) $200,000 for engaging in dishonest or unethical practices ...
Continue reading "PA Fines Austin Dutton $200,000 & Newbridge $499,000 for Dishonest, Unethical Practices in Unsuitable REIT Sale" »

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" »

Unsuitable and Risky Oil and Gas Sales and Plummeting Energy Investments Cost Elderly Clients Millions of Dollars in Losses

The once-boisterous oil and gas sector has dramatically cooled, translating into multi-million dollar losses for investors improperly sold these risky products and leaving a flurry of frozen calls ...
Continue reading "Unsuitable and Risky Oil and Gas Sales and Plummeting Energy Investments Cost Elderly Clients Millions of Dollars in Losses" »

UBS to Pay $15 Million over Unsuitable Reverse Convertible Note Sales to Conservative and Retired Investors

UBS Financial Services and the SEC reached agreement for the firm to pay $15 million to settle charges that it failed to supervise, educate, and train staff regarding complex products known as reverse ...
Continue reading "UBS to Pay $15 Million over Unsuitable Reverse Convertible Note Sales to Conservative and Retired Investors" »

Jerry McCutchen Barred in Connection with Over 20 Customer Complaints Alleging REIT & Alt Investment Unsuitability, Misrepresentations

FINRA barred former NEXT Financial Group and Berthel, Fisher & Co. Financial Services broker Jerry Dewayne McCutchen for refusing to cooperate with FINRA's investigation into customer ...
Continue reading "Jerry McCutchen Barred in Connection with Over 20 Customer Complaints Alleging REIT & Alt Investment Unsuitability, Misrepresentations" »

Ameriprise Financial Failed to Supervise Michael Halla's Unsuitable Closed End Fund Short-Term Trading, Fined $100,000

FINRA fined Ameriprise Financial Services $100,000 for failing to supervise ex-broker Michael Edward Halla's unsuitable short-term trading of IPO closed end funds (CEFs). The investigation notes ...
Continue reading "Ameriprise Financial Failed to Supervise Michael Halla's Unsuitable Closed End Fund Short-Term Trading, Fined $100,000" »

SEC Fines 13 Firm $2.2 Million for Repeating False ETF Claims by F-Squared Investments

The SEC ordered 13 advisory firms to pay a total of $2.2 million for spreading false claims initially made by F-Squared Investments related to exchange-traded fund (ETF) performance. In its report, ...
Continue reading "SEC Fines 13 Firm $2.2 Million for Repeating False ETF Claims by F-Squared Investments" »

Non-Traded REITs Failing in Face of Industry, Regulatory Challenges, High Commissions

Industry wide, non-traded real estate investment trust (REIT) sales are falling significantly due to widespread legal and regulatory issues, according to an Investment News report. For instance, sales ...
Continue reading "Non-Traded REITs Failing in Face of Industry, Regulatory Challenges, High Commissions" »

Anthony Diaz, a Repeat Offending Rogue Broker Under Federal Indictment for REIT Fraud, is Poster Child for Worrying Trend

This month, the Massachusetts Securities Division sent a message to several hundred brokerages with above-average numbers of representatives with at least one misconduct report on their records: Firms ...
Continue reading "Anthony Diaz, a Repeat Offending Rogue Broker Under Federal Indictment for REIT Fraud, is Poster Child for Worrying Trend" »

FOG Equities Fined $60k, Brokers David Spack & Scott Epstein Fined and Suspended for AML, Due Diligence Failures in Penny Stock Transactions

FINRA censured and fined FOG Equities, LLC $60,000, and fined & suspended former FOG AML & Chief Compliance Officers David S. Spack of the firm's San Francisco, CA branch and Scott Noel ...
Continue reading "FOG Equities Fined $60k, Brokers David Spack & Scott Epstein Fined and Suspended for AML, Due Diligence Failures in Penny Stock Transactions" »

David Miller Barred, Ordered to Pay $800k in Restitution for Unsuitable UIT Recommendations

FINRA barred former Huntington Investment Company broker David Michael Miller and ordered he pay $800,000 in disgorgment and restitution to customers, alleging that he recommended unsuitable Unit ...
Continue reading "David Miller Barred, Ordered to Pay $800k in Restitution for Unsuitable UIT Recommendations" »

Securities America Fined $250k, Broker Stuart Horowitz $100k, for Inadequate Due Diligence, Unsuitable Trading of Preferred Notes

FINRA fined La Vista-based broker-dealer Securities America $250,000 for failing to conduct adequate due diligence and former Securities America broker Stuart Horowitz for recommending and engaging in ...
Continue reading "Securities America Fined $250k, Broker Stuart Horowitz $100k, for Inadequate Due Diligence, Unsuitable Trading of Preferred Notes" »

David Escarcega Barred for Fraudulent Statements, Unsuitable Debenture Sales to Elderly Clients

FINRA barred former Center Street Securities broker David Joseph Escarcega for making fraudulent misrepresentations, materially false and misleading statements and unsuitable recommendations to ...
Continue reading "David Escarcega Barred for Fraudulent Statements, Unsuitable Debenture Sales to Elderly Clients" »

Aequitas Capital Note Disaster Serves as Reminder of Importance of Advisors Performing Due Diligence

As Aequitas Capital Management, a firm that formerly reported $1.7 billion in managed assets, continues its collapse with an alleged SEC investigation, one of the many financial advisers that pushed, ...
Continue reading "Aequitas Capital Note Disaster Serves as Reminder of Importance of Advisors Performing Due Diligence" »

Finance 500 Fined & Censured for Inadequate Supervision, Misleading Ads

FINRA censured Finance 500, Inc. of Irvine, California and fined the firm $85,000 for inadequate supervisory systems related to private placement transactions, such as supervisory failures related to ...
Continue reading "Finance 500 Fined & Censured for Inadequate Supervision, Misleading Ads" »

Oil, Gas & Emerging Market Funds Among Those with Worst Total Losses Over Past Three Years

The market trend for funds over the past few years indicates several areas associated with poor performance. Specifically, several funds related to natural resources and oil/gas services, metals or ...
Continue reading "Oil, Gas & Emerging Market Funds Among Those with Worst Total Losses Over Past Three Years" »

2016 FINRA Priorities Letter Includes Brokerage Firm Culture and Ethics, Suitability, Seniors, Complex Products

2016 FINRA Priorities Letter Includes Culture and Ethics, Suitability, Seniors, Complex Products FINRA released its 2016 Regulatory and Examination Priorities Letter in which the regulator specified a ...
Continue reading "2016 FINRA Priorities Letter Includes Brokerage Firm Culture and Ethics, Suitability, Seniors, Complex Products" »
55 results found. Viewing page 1 of 3. Go to page 1 2 3   Next
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