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So far Richard Frankowski has created 12 blog entries.
May 8, 2018

FINRA SANCTIONS FIFTH THIRD SECURITIES, INC. OVER VARIABLE ANNUITY EXCHANGES

By |May 8th, 2018|Misrepresentation and Fraud, SEC, Securities Law Violations, Variable Annuity|

The Financial Industry Regulatory Authority (“FINRA”) has announced a fine of $4 million and required an additional $2 million in restitutionary damages from Fifth Third Securities, Inc. for its failures to consider and accurately describe the costs and benefits of variable annuity exchanges, and for recommending variable annuity exchanges without a reasonable basis to believe [...]

Mar 2, 2016

Ex-MetLife, Pruco Broker Accused Of Deceptive Variable Annuity Sales Practices

By |March 2nd, 2016|Broker Check, Failure To Supervise, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News, Suitability, Variable Annuity|

FINRA has accused a former MetLife Securities Inc. and Pruco Securities Inc. broker, Winston Wade Turner, of harmful and deceptive variable annuity sales practices. According to FINRA's complaint, Turner allegedly "engaged in a course of deception and other misconduct in connection with sales and exchanges of variable annuities involving numerous customers." Turner also allegedly induced [...]

Mar 1, 2016

Former Oxford City Football Club Director Pleads Guilty To Fraud

By |March 1st, 2016|Conspiracy, Fraud, Misrepresentation and Fraud, Press Releases & News, SEC|

Thomas A. Guerriero of Hillsboro Beach, Florida pleaded guilty to running a $6.6 million telemarketing and investment fraud conspiracy. Guerriero was formerly the director of the Oxford City Football Club, a minor league soccer team based in the university town northwest of London, England. He resigned just before he was indicted on federal charges in December. [...]

Feb 29, 2016

Most Common Investment Adviser Violations

By |February 29th, 2016|Failure To Disclose, Failure To Supervise, Fiduciary Duties, Fraud, Misrepresentation and Fraud, Press Releases & News, SEC|

Six investment adviser violations make up roughly 60% of all deficiencies the SEC's staff find when they investigate adviser offices, according to Renee Esfandiary, assistant director of the SEC's Office of Compliance, Inspections and Examinations. The investment adviser violations include: Compliance Rule Violations include not have written policies and procedures to ensure firm operations adhere to [...]

Feb 26, 2016

Former RBC Capital Markets Representative Submits Letter of AWC

By |February 26th, 2016|FINRA, FINRA News, Press Releases & News|

Robert O'Keef, formerly a registered representative with RBC Capital Markets, LLC, submitted a letter of acceptance, waiver, and consent (AWC). O'Keef was registered as a General Securities Representative and General Securities Sales Supervisor with RBC from May 2006 to April 2014. He is currently not associated with any FINRA-registered firm. According to his letter of [...]

Feb 25, 2016

PIABA: Investors Owed Millions In Arbitration Awards Unable To Collect

By |February 25th, 2016|FINRA, FINRA News, PIABA, Press Releases & News, Securities Arbitration|

According to the Public Investors Arbitration Bar Association (PIABA), FINRA is failing to help investors collect arbitration awards for damages from the brokers. Seventy-five FINRA arbitration awards, about a third of the 2013 total, are unpaid according to a report released by PIABA. That is $62 million in award money or about 25% of the [...]

Feb 23, 2016

FINRA Bars Broker For Market Manipulation

By |February 23rd, 2016|Conflict of Interest, Failure To Disclose, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News|

FINRA barred broker George Johnson from the securities industry for operating a manipulative trading scheme to artificially inflate the market price and trading volume for the common stock of IceWEB, Inc. FINRA additionally sanctioned Christoper Wynne, Johnson's supervisor, suspending him for two years in all capacities, barring him in a principal capacity, and fining him [...]

Feb 22, 2016

Texas REIT Subpoenaed Following FBI Raid

By |February 22nd, 2016|Fraud, Hedge, Bond & Mutual Funds, Misrepresentation and Fraud, NASDAQ, Ponzi Scheme, Press Releases & News, REIT, SEC, Securities Law Violations|

Management of real estate investment trust United Development Funding IV, a hedge fund accused of operating as a Ponzi scheme, has been subpoenaed to turn over company documents to a grand jury. Last week, the FBI raided the REIT's offices outside of Dallas. While performing their search, “law enforcement officers served executive officers of the trust [...]

Feb 19, 2016

Texas REIT Offices Raided By FBI

By |February 19th, 2016|Fraud, Hedge, Bond & Mutual Funds, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, REIT, SEC, Securities Law Violations|

The FBI raided the office of a Texas REIT, United Development Funding IV, this week. The firm saw its stock price drop 81% in the past two months after a hedge fund alleged it was operating for years like a Ponzi scheme. “The FBI is lawfully present and conducting law enforcement activity” at the UDF [...]

Feb 17, 2016

Questar Advisor Allegedly Sold Fraudulent Securities

By |February 17th, 2016|Failure To Supervise, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News, Selling Away|

The Frankowski Firm is investigating complaints regarding and the termination of former Questar Capital Corporation advisor Kevin Wanner. The complaints allege that The North Dakota Securities Department issued a cease and desist order claiming that Wanner sold time certificate of deposit securities purporting to represent an investment in an FDIC insured interest bearing account and further misrepresented [...]

Feb 12, 2016

Craig Scott Capital Subject Of FINRA Complaint

By |February 12th, 2016|Churning, Failure To Supervise, FINRA, FINRA News, Press Releases & News|

FINRA recently filed an amended complaint against Craig Scott Capital, LLC and its co-founders, Craig Scott Taddonio and Brent Morgan Porges, alleging, among other things, excessive trading, churning, failure to supervise. Churning and Excessive Trading According to the complaint, Respondents churned and excessively traded Craig Scott Capital customer accounts. They encouraged their sales team to [...]

Feb 11, 2016

FINRA Bars Two Advisers Following Broker Fraud

By |February 11th, 2016|FINRA, FINRA News, Fraud, Hedge, Bond & Mutual Funds, Misrepresentation and Fraud, Press Releases & News|

FINRA has barred two Buffalo, New York advisers, Timothy S. Dembskyi and Walter F. Grenda, from the securities industry for broker fraud in relation to the sale of a hedge fund, the Prestige Wealth Management Fund, LP. Dembski and Grenda's misconduct occurred while they were employed with Mid Atlantic Capital Corporation. FINRA discovered that Dembski [...]

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