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Dec 13, 2019

SEC ENTERS PERMANENT BAR AGAINST SECURITIES AMERICA ADVISORS REPRESENTATIVE

By |December 13th, 2019|Legal Matters|

The Securities and Exchange Commission (“SEC”) has imposed a permanent ban against Securities America Advisors, Inc. representative Ronald James Roach, of Securities America Advisors’ Walnut Creek, California office. The SEC’s ban follows a court action in which the SEC alleged that Roach and co-conspirator Joseph Bayliss engaged in fraudulent securities offerings and a massive Ponzi [...]

Jul 30, 2019

FINRA PERMANENTLY BANS FORMER MORGAN STANLEY, WELLS FARGO BROKER FOR FAILURE TO COOPERATE WITH ELDERLY FRAUD INVESTIGATION

By |July 30th, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has imposed a permanent ban against former Morgan Stanley and Wells Fargo broker Robert Frederico Montes, who most recently worked in Morgan Stanley’s Palm Harbor, Florida branch office. According to FINRA’s Acceptance, Waiver and Consent letter, FINRA received a tip in early 2019 that Montes may have misused the [...]

Jul 26, 2019

FINRA SUSPENDS, FINES FORMER WELLS FARGO REP FOR TRADING IN DECEASED CLIENT’S ACCOUNT

By |July 26th, 2019|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has imposed a regulatory fine and a one year suspension against former  Wells Fargo broker Michael David Garris, formerly of Wells Fargo’s Los Angeles, California branch office. According to FINRA’s Acceptance, Waiver and Consent letter, Garris executed twenty-six (26) unauthorized transactions in a deceased customer’s account, over eight months [...]

Jul 23, 2019

FORMER MERRILL LYNCH BROKER CHARLES E. KENAHAN HIT WITH $83 MILLION IN CLAIMS FROM THREE CUSTOMERS

By |July 23rd, 2019|Legal Matters|

Charles Kenahan Former New Hampshire governor Craig Benson has filed a $42.2 million claim against his Merrill Lynch broker, Charles Ernest Kenahan, of Newport, Rhode Island, according to Investment News reporting and Mr. Kenahan’s FINRA BrokerCheck Report. The former governor’s allegations include claims that Kenahan made unsuitable investments, engaged in unauthorized trading and excessive [...]

Jul 21, 2019

GPB CAPITAL HOLDINGS UNDER REGULATORY SCRUTINY, FORMER PARTNER ALLEGES PONZI SCHEME

By |July 21st, 2019|Legal Matters|

GPB CAPITAL HOLDINGS The Frankowski Firm is investigating claims related to the GPB Capital Holdings family of investment funds. Last month, GPB Capital reported “significant losses” in its funds with its two largest funds seeing declines of 25.4% and 39%. Investment News reported in March that GPB Capital Holdings is under investigation by [...]

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 [...]

May 20, 2019

MORGAN STANLEY ORDERED TO PAY OVER $500,000 IN CUSTOMER ARBITRATION

By |May 20th, 2019|Legal Matters|

An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has made findings against Morgan Stanley Smith Barney, LLC and entered an award against the firm of over $500,000 in favor of a couple who filed claims against the firm alleging that Morgan Stanley sold them unsuitable investments. The couple alleged that their Morgan Stanley [...]

May 9, 2019

PERSHING, LLC MUST PAY $1.4 MILLION TO SIX CUSTOMERS WHO WERE VICTIMS OF R. ALLEN STANFORD PONZI SCHEME

By |May 9th, 2019|Legal Matters|

An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has entered a $1.4 million award against Pershing, LLC for its role as a custodian and clearing firm in the R. Allen Stanford Ponzi Scheme, the second-largest investor fraud in US history. The claim was filed by a group of investors who invested in CDs [...]

May 7, 2019

AXA ADVISORS HIT WITH $3.1 MILLION AWARD IN CASE FILED BY ELDERLY CUSTOMERS

By |May 7th, 2019|Legal Matters|

An arbitration panel for the Financial Industry Regulatory Authority (“FINRA”) has made findings against AXA Advisors, LLC and entered an award against the firm exceeding $3.2 million in favor of a New York couple who filed claims against the firm alleging that AXA sold them unsuitable variable annuity and life insurance products. The couple alleged that [...]

May 3, 2019

MORGAN STANLEY LOSES $454,000 CUSTOMER ARBITRATION CASE

By |May 3rd, 2019|Legal Matters|

A panel of arbitrators of the Financial Industry Regulatory Authority (“FINRA”) has entered a unanimous decision against Morgan Stanley and its broker, Michael Lee Canney, of Des Moines, Iowa. The complaint was filed by a law firm’s defined benefit employee plan, alleging that Morgan Stanley and Canney breached their fiduciary duties, were neglectful, breached their [...]

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 [...]

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