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Aug 16, 2018

AMERIPRISE FINANCIAL SERVICES, INC. TO PAY $4.5 MILLION TO SETTLE SEC CHARGES

By |August 16th, 2018|Legal Matters|

Ameriprise Financial Services, Inc. was charged by the Securities and Exchange Commission (“SEC”) with failing to safeguard retail investors from theft by its representatives, according to a press release from the SEC. Ameriprise has agreed to pay $4.5 million to settle the charges. The SEC alleged that five Ameriprise representatives committed “numerous fraudulent acts” over [...]

Aug 6, 2018

MINNESOTA BROKER ETHAN DE NARAY FINED, SUSPENDED BY FINRA FOR UNAUTHORIZED TRADING, MISLABELED TRADES

By |August 6th, 2018|Legal Matters|

The Frankowski Firm is investigating potential claims against Ethan De Naray, of the Minneapolis, Minnesota area, and his former employer,  Merrill Lynch, following FINRA’s fine and suspension of De Naray on August 3, 2018. FINRA’s Acceptance, Waiver and Consent letter against De Naray included FINRA findings that De Naray conducted unauthorized trades and mislabeled trades [...]

Aug 3, 2018

DAVID CHADWICK CARRICK AND STIFEL, NICOLAUS SUED IN MISSISIPPI BY ELDERLY CLIENT

By |August 3rd, 2018|Legal Matters|

The Frankowski Firm is investigating potential claims against David Chadwick Carrick and Stifel, Nicolaus & Company, Inc., following a lawsuit filed in Greene County, Mississippi earlier this year on behalf of an elderly client of Mr. Carrick’s surrounding allegations of wrongdoing alleged to have occurred while he was an employee of Morgan Stanley Smith Barney [...]

Jul 27, 2018

FINANCIAL VISIONS, DANIEL B. RUDDEN CHARGED BY SEC WITH $55 MILLION PONZI SCHEME

By |July 27th, 2018|Legal Matters|

The Securities and Exchange Commission has frozen the assets of Daniel B. Rudden and his company, Financial Visions, of the Denver, Colorado area, following criminal charges brought against Rudden earlier this month alleging that he used his business to operate a massive Ponzi scheme. According to the Colorado U.S. Attorney’s office press release, a California [...]

Jul 25, 2018

WOODBURY FINANCIAL SERVICES, SAGEPOINT FINANCIAL, FSC SECURITIES CORPORATION, AND ROYAL ALLIANCE ASSOCIATES HIT WITH $1 MILLION IN FINES FOR VARIABLE ANNUITY SALES

By |July 25th, 2018|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has censured and fined four brokerage firms for failure to supervise variable annuity exchanges. Collectively, Woodbury Financial Services, Sagepoint Financial, FSC Securities Corporation, and Royal Alliance Associates must pay $1 million in fines pursuant to FINRA’s Acceptance, Waiver, and Consent letter entered against the firms. According to FINRA’s factual [...]

Jul 12, 2018

SEC WARNS INVESTORS OF INVESTMENT FRAUD “RED FLAGS”

By |July 12th, 2018|Legal Matters|

Investment Fraud Red Flags The Securities and Exchange Commission’s investor.gov website contains useful guidance to investors to help protect their hard-earned money by spotting and avoiding potential red flags of investment fraud.  As attorneys, we typically only hear from investors who have already lost money due to an unsuitable or fraudulent investment recommendation. Sometimes [...]

Jul 6, 2018

SECURITIES AND EXCHANGE COMMISSION CENSURES ALEXANDER CAPITAL FOR FAILURE TO SUPERVISE

By |July 6th, 2018|Legal Matters|

The Securities and Exchange Commission has censured Alexander Capital Advisors, of New York, NY, and fined the firm $410,987 for failing to supervise three brokers who made unsuitable investment recommendations to customers, churned (excessively traded) customer accounts, and made unauthorized trades that generated large commissions for the brokers but caused substantial client losses. According to [...]

Jul 5, 2018

FINRA ARBITRATION PANEL ENTERS $1 MILLION AWARD AGAINST WOODBURY FINANCIAL SERVICES

By |July 5th, 2018|Legal Matters|

On June 25, 2018, a FINRA arbitration panel entered an award of $1,091,575.21 against Woodbury Financial Services, of Oakdale,  Minnesota, based on its failure to supervise former broker Robert Hayes Hoffman, who worked in Woodbury’s Greenwood, Indiana branch office. Mr. Hoffman was permanently barred from the securities industry in November 2017 and filed for bankruptcy [...]

Jun 28, 2018

CONTACT THE FRANKOWSKI FIRM REGARDING YOUR ARTHUR LAMAR ADAMS, MADISON TIMBER PROPERTIES PONZI SCHEME LOSS

By |June 28th, 2018|Legal Matters|

Madison, Mississippi resident Arthur Lamar Adams was charged last month with orchestrating a massive Ponzi scheme exceeding $100 million stolen from more than 250 investors in at least 14 states. Authorities describe the scheme as one of the largest Ponzi schemes in the state’s history.  The Securities and Exchange Commission likewise filed a civil complaint [...]

Jun 27, 2018

FINRA BARS FORMER INDEPENDENT FINANCIAL GROUP BROKER WITH RECORD OF 23 CUSTOMER COMPLAINTS

By |June 27th, 2018|Legal Matters|

The Frankowski Firm is investigating potential claims against Kyusun Kim and his former employer,  Independent Financial Group, LLC, of San Diego, California, following FINRA’s decision to permanently bar Mr. Kim from the securities industry.  According to FINRA’s Acceptance and Consent findings against Mr. Kim, Mr. Kyusun Kim made unsuitable recommendations to many of his senior [...]

Jun 22, 2018

FINRA BARS FORMER MORGAN STANLEY SUPERVISOR BASED ON CASE OF CHURNING AND ELDERLY EXPLOITATION OF HOME SHOPPING NETWORK FOUNDER

By |June 22nd, 2018|Legal Matters|

FINRA has barred former Morgan Stanley manager Terry McCoy of Palm Harbor, Florida based on Mr. McCoy’s failure to supervise former Morgan Stanely broker Ami Forte while Ms. Forte engaged in churning and elderly abuse in the account of Roy M. Speer, the founder of the Home Shopping Network. In March 2016, a FINRA arbitration [...]

Jun 19, 2018

SEC CHARGES EIGHT DEFENDANTS IN SHOCKING CASE OF FRAUD AND ELDER ABUSE IN $102 MILLION PONZI SCHEME

By |June 19th, 2018|Legal Matters|

SEC charges eight in $102 million Ponzi scheme The Securities Exchange Commission filed a civil complaint today against five individuals and three entities in a massive Ponzi scheme involving $102 million stolen from at least 637 investors and including allegations of shocking greed and elder abuse. According to the allegations, Defendants Perry Santillo [...]

Jun 15, 2018

FRANKOWSKI FIRM FILES CLAIMS AGAINST MARK HANSEN, HANSEN & ASSOCIATES FINANCIAL GROUP OF SACRAMENTO

By |June 15th, 2018|Legal Matters|

The Frankowski Firm has filed a FINRA arbitration claim against investment fraud Hansen & Associates Financial Group, of Sacramento, California, based on Mr. Hansen’s alleged investment advice to his clients (the arbitration claimants) to invest in “IGOT Oil, Co.” an Arizona corporation purporting to conduct oil drilling operations in Oklahoma. According to the Statement of [...]

Jun 13, 2018

FRANKOWSKI FIRM INVESTIGATING POTENTIAL CLAIMS AGAINST SEAN AARON BRADY AND FIRST ALLIED SECURITIES, INC.

By |June 13th, 2018|Legal Matters|

The Frankowski Firm is investigating potential claims against Sean Aaron Brady and his former employer, First Allied Securities, Inc., of  Saint Louis, Missouri, following FINRA’s decision to permanently bar Mr. Brady from the securities industry. According to FINRA’s Acceptance and Consent findings against Mr. Brady, Mr. Brady did not respond to FINRA’s requests or otherwise [...]

Jun 11, 2018

FRANKOWSKI FIRM INVESTIGATING POTENTIAL CLAIMS AGAINST JOHN DOUGLAS WADE AND U.S. BANCORP INVESTMENTS, INC.

By |June 11th, 2018|Legal Matters|

The Frankowski Firm is investigating potential claims against U.S. Bancorp Investments, Inc. former broker John Douglas Wade, of Fullerton, California, following FINRA’s decision earlier this month to permanently bar Mr. Wade from the securities industry. According to FINRA’s Acceptance and Consent findings against Mr. Wade, between February 2013 and July 2017, Mr. Wade converted (wrongfully [...]

Jun 8, 2018

SEC WARNS INVESTORS OF PONZI SCHEME “RED FLAGS”

By |June 8th, 2018|Legal Matters|

A Ponzi scheme is a form of investment fraud in which the scheme’s operator pays returns on purported investments to the current “investors” using money collected from new “investors.” Because such a scheme requires a steady and near constant flow of new incoming money to survive, Ponzi schemes are doomed to eventual failure, or immediate [...]

Jun 6, 2018

FRANKOWSKI FIRM INVESTIGATING POTENTIAL CLAIMS AGAINST OPPENHEIMER & CO., INC. AND BROKER JAMES FORSYTHE

By |June 6th, 2018|Legal Matters|

The Frankowski Firm is investigating potential claims against Oppenheimer & Co., Inc. and its broker James Forsythe, of New York, NY, following a FINRA arbitration panel’s award of $800,000 against Oppenheimer and in favor of its customer for whom Mr. Forsythe was a broker. According to the customer’s complaint, Forsythe and Oppenheimer executed unauthorized trades [...]

Jun 5, 2018

FRANKOWSKI FIRM INVESTIGATING POTENTIAL CLAIMS AGAINST FORMER HUNTINGTON INVESTMENT COMPANY BROKER ELLEN VRATORIC

By |June 5th, 2018|Legal Matters|

The Frankowski Firm is investigating potential claims against FINRA-expelled broker Ellen Vratoric, of the Pittsburgh, PA area. FINRA barred Ms. Vratoric from the securities industry based on her failure to cooperate with FINRA's investigation into allegations that Ms. Vratoric altered documents associated with a variable annuity purchase and made misrepresentations and omissions in the sales [...]

Jun 4, 2018

FRANKOWSKI FIRM INVESTIGATING CLAIMS AGAINST BARRED LONG ISLAND BROKER STEVEN PAGARTANIS

By |June 4th, 2018|Legal Matters|

The Frankowski Firm is investigating potential claims against FINRA-expelled broker Steven Pagartanis, of Long Island, New York. Mr. Pagartanis was recently charged by the SEC and the Suffolk County District Attorney’s office on allegations that he defrauded investors in an $8 million scam. Mr. Pagartanis was also permanently barred from the securities industry by FINRA [...]

May 21, 2018

FINRA TAKES A KNEE, PERMANENTLY BARS BROKER JAMES KNEE FROM SECURITIES INDUSTRY

By |May 21st, 2018|Legal Matters|

The Frankowski Firm is investigating potential claims against FINRA-expelled broker James Edward Knee, of Concord, New Hampshire, following Mr. Knee’s permanent bar from the securities industry based on his refusal to cooperate with FINRA’s investigation into allegations that he misappropriated customer funds while licensed with Ameriprise Financial Services, Inc. and Voya Financial Advisors, Inc., from [...]

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