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So far Robert Norton has created 203 blog entries.
Jun 20, 2019

WEDBUSH HIT WITH $8.1 MILLION FINE BY SEC

By |June 20th, 2019|Legal Matters|

Wedbush Securities Inc. will pay $8.1 million to settle SEC charges that it mishandled “pre-released” American Depository Receipts (ADRs), according to an SEC press release. ADRs are U.S. securities that represent shares of a foreign company and require a corresponding number of foreign shares to be held in custody at a depositary bank. Pre-release allows [...]

Apr 30, 2019

CHRISTOPHER DOUGHERTY, C&D WEALTH MANAGEMENT, CHARGED IN PONZI SCHEME

By |April 30th, 2019|Legal Matters|

The Securities and Exchange Commission has charged Christopher Dougherty and his firm C&D Wealth Management, of the San Diego area, with running a Ponzi scheme which defrauded investment advisory clients out of $7 million. According to the SEC Complaint, Dougherty offered fifty clients – most of whom were unsophisticated investors – the opportunity to invest [...]

Apr 23, 2019

WOODBRIDGE GROUP EXECUTIVES ARRESTED OVER $1.3 BILLION PONZI SCHEME

By |April 23rd, 2019|Legal Matters|

Three executives for the Woodbridge Group of Companies, Robert H. Shapiro, Dayne Roseman, and Ivan Acevedo, have been arrested and charged with conspiring to commit wire and mail fraud as well as money laundering in connection with their roles in the Woodbridge Group’s $1.3 billion Ponzi scheme which primarily targeted elderly investors. The Woodbridge Group of [...]

Apr 11, 2019

UBS BROKER SENTENCED TO PRISON FOR PUERTO BOND FRAUD

By |April 11th, 2019|Legal Matters|

One of UBS’s former top brokers in Puerto Rico, Jose Ramirez, has been sentenced to one year and a day following his guilty plea in a bank fraud case involving Puerto Rico closed-end bond funds. According to the news article regarding the sentence, Mr. Ramirez pled guilty to pocketing $1 million in commissions from customers in [...]

Mar 26, 2019

HECTOR MAY PONZI SCHEME BRINGS GUILTY PLEA, LAWSUIT

By |March 26th, 2019|Legal Matters|

Former Securities America, Inc. broker Hector Anthony May, of New City, NY, pleaded guilty last December to running a $7.9 million Ponzi scheme along with his daughter, who served as the controller of his investment advisory firm. Now, Securities America, Inc. has been hit with an $18 million lawsuit filed by former clients who claim [...]

Mar 15, 2019

CRAIG ARSENAULT BARRED FROM SECURITIES INDUSTRY BY SEC OVER $5.7 MILLION FRAUD

By |March 15th, 2019|Legal Matters|

The Securities and Exchange Commission has entered an Order permanently barring Atlas Capital Management adviser Craig Arsenault, of Laguna Niguel, California, for defrauding his clients. The SEC Complaint alleges that Atlas clients invested $5.7 million in ACT Global Investments, a company controlled by Arsenault. According to the allegations, Mr. Arsenault told the clients that their [...]

Mar 12, 2019

JOHN GREGORY SCHMIDT BARRED BY SEC FOR STEALING FROM ELDERLY CLIENTS

By |March 12th, 2019|Legal Matters|

The Securities and Exchange Commission has entered an Order permanently barring former Wells Fargo Advisors broker John Gregory Schmidt, of Dayton, Ohio, from the securities industry. The SEC’s Order includes findings that Mr. Schmidt, while a registered representative of Wells Fargo Advisors, misappropriated $1.3 million from the accounts of his clients, most of whom were [...]

Mar 8, 2019

BB&T TO PAY $5 MILLION TO SETTLE CLAIMS THAT IT MISLED CLIENTS

By |March 8th, 2019|Legal Matters|

The Securities and Exchange Commission has entered an Order finding that Valley Forge Asset Management, as a division of BB&T Securities, made statements to clients which misled them into believing they were receiving full, in-house, brokerage services at a discount when in fact there were significantly less expensive options available. Valley Forge offered its advisory [...]

Mar 5, 2019

WILLIAM GENNITY BARRED BY SEC AFTER CHURNING ALLEGATIONS

By |March 5th, 2019|Legal Matters|

The Securities and Exchange Commission has entered an Order permanently barring Staten Island, New York-based broker William C. Gennity from the securities industry. The SEC’s Order includes findings that Mr. Gennity, while a registered representative of Alexander Capital, L.P., engaged in a pattern of high-cost in-and-out trading without any reasonable basis to believe that his [...]

Feb 22, 2019

BRUCE C. WORTHINGTON SUSPENDED AFTER MISAPPROPRIATION ALLEGATIONS

By |February 22nd, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has suspended Middleton, Massachusetts broker Bruce C. Worthington from the securities industry in all capacities following allegations that he misappropriated investor funds. The Massachusetts Securities Division filed an Administrative Complaint against Worthington on February 21, 2019, alleging that between 2006 and 2018 Worthington (while a registered representative at Commonwealth [...]

Feb 19, 2019

BROKER FLOYD POWELL BARRED FOR UNAPPROVED PRIVATE SECURITIES TRANSACTIONS

By |February 19th, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has barred broker Floyd Powell, of Albertville, Alabama, from the securities industry based on findings that he engaged in undisclosed and unapproved private securities transactions in violation of FINRA Rule 3280. FINRA found that from July 2016 through December 2017, Floyd, while registered through MetLife Securities, Inc. and MML [...]

Feb 15, 2019

KESTRA INVESTMENT SERVICES SANCTIONED BY FINRA FOR OVERCHARGING INVESTORS

By |February 15th, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has made findings against Kestra Financial Services, LLC of Austin, Texas and censured and fined the firm for overcharging mutual fund investors and for its supervisory failures which allowed the overcharging to occur. FINRA found that from July 1, 2009 to February 22, 2018, Kestra overcharged certain retirement plan [...]

Feb 12, 2019

CAPITOL SECURITIES MANAGEMENT, INC. HIT WITH $2.38 MILLION DECISION BASED ON FRAUD, UNAUTHORIZED TRADING

By |February 12th, 2019|Legal Matters|

An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) awarded two retired schoolteachers a combined $2.38 million in an arbitration based on the teachers’ claims of excessive trading, unauthorized transfers and withdrawals, and fraud in their Capitol Securities Management accounts. According to the Award, Claimant Beryl Patin is a retired schoolteacher and in her [...]

Feb 8, 2019

FINRA EXAMS TO INCLUDE COMPLIANCE WITH ELDER ABUSE RULES

By |February 8th, 2019|Legal Matters|

FINRA EXAMS TO INCLUDE COMPLIANCE WITH ELDER ABUSE RULES The Financial Industry Regulatory Authority (“FINRA”), the self-regulatory organization which enforces rules governing the activities of all registered stockbrokers and broker-dealer firms, has announced that it will look “more closely” at brokers’ compliance with new elderly abuse rules as part of its broker examination process. FINRA [...]

Feb 5, 2019

CUSTOMER WINS $276,000 AWARD AGAINST QUEST CAPITAL OVER WOODBRIDGE FUNDS

By |February 5th, 2019|Legal Matters|

A Financial Industry Regulatory Authority (“FINRA”) arbitration panel has entered an award of over $276,000 against Quest Capital Strategies, Inc., of Lake Forest, California. The case centered around a customer’s complaint that Quest Capital violated federal securities laws; Virginia securities laws; the Florida Securities and Investor Protection Act; breached its customer contract; breached its fiduciary [...]

Jan 29, 2019

JOSEPH A. MEYER, STATIM HOLDINGS, CHARGED WITH FRAUD BY SEC

By |January 29th, 2019|Legal Matters|

The Securities and Exchange Commission (“SEC”) has charged Atlanta, Georgia based investment advisor Joseph A. Meyer, Jr. and his company, Statim Holdings, with investment fraud of a private fund they manage. According to the SEC allegations, between August 2009 and at least June 2018, Statim Holdings, Inc. and Meyer defrauded Arjun, L.P., a private fund [...]

Jan 25, 2019

QUEST CAPITAL STRATEGIES CENSURED AND FINED BY FINRA FOR SUPERVISORY FAILURES

By |January 25th, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has made findings against Quest Capital Strategies, Inc. of Lake Forest, California and censured and fined the firm for supervisory failures and lapses in compliance with regulations governing the encryption of customer information sent electronically. FINRA found that from at least April 12, 2012 to March 20, 2014, Quest [...]

Jan 22, 2019

MORGAN STANLEY FLAGGED WITH $4.2 MILLION FINRA ARBITRATION AWARD

By |January 22nd, 2019|Legal Matters|

An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has made findings against Morgan Stanley Smith Barney and entered an award against the firm exceeding $4.2 million in favor of  Morgan Stanley customers including former NFL star Asante Samuel. The award followed customers’ complaints of breaches of fiduciary duty, negligence and gross negligence, violations [...]

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