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Oct 18, 2018

CETERA ADVISORS, LLC ORDERED TO REPAY CLIENT LOSSES IN RISKY REIT INVESTMENTS

By |October 18th, 2018|Legal Matters|

A Financial Industry Regulatory Authority (“FINRA”) arbitrator issued an Award yesterday in a simplified (paperwork-only) arbitration ordering Cetera Advisors, LLC to repay a claimant $43,500 out of his $50,000 arbitration claim, based on his losses suffered in unsuitably risky and illiquid real estate investment trust (“REIT”) investments. The winning claimant was represented by the Frankowski [...]

Oct 2, 2018

LJMIX Investors May Bring Individual Claims

By |October 2nd, 2018|Legal Matters|

LJM Partners, out of Chicago, Illinois, saw massive losses to its LJM Preservation and Growth Fund (“LJMIX”) in February, losing over 82 percent of the Fund’s value in a single week. The Fund held risky positions based on the CBOE Volatility Index, or VIX, which rose to near seven-year highs. The fund was overexposed to [...]

Sep 5, 2018

EB-5 IMMIGRANT INVESTOR PROGRAM FRAUD CLAIMS ON THE RISE

By |September 5th, 2018|Legal Matters|

Throughout 2018, immigration law and border enforcement have made front page headlines, most of which focused on immigration across the Mexican border and family separations in detainment centers for undocumented immigrants. A much lesser-known immigration program, the “Immigrant Investor Program,” also known as the EB-5 program, has made far fewer headlines despite a marked increase [...]

Aug 22, 2018

CALEB OVERTON BARRED BY SEC FOR MISUSE OF CUSTOMER FUNDS

By |August 22nd, 2018|Legal Matters|

Caleb Overton The Securities and Exchange Commission (“SEC”)  has entered an Order barring Caleb Overton, the sole owner of Biltmore Wealth Management, LLC of Santa Barbara, California, from the securities industry for at least five years based on findings that he and Biltmore misused approximately $2.2 million in customer funds. According to the [...]

Aug 20, 2018

WOODBRIDGE GROUP SELLERS CHARGED BY SEC FOR MILLIONS IN UNAUTHORIZED SALES

By |August 20th, 2018|Legal Matters|

SEC Charges Woodbridge Group The Securities and Exchange Commission (“SEC”) announced charges today against five individuals and four companies for unlawful sales of Woodbridge Group of Companies, LLC to main street investors. The five Florida-based defendants: Barry M. Kornfeld, Ferne Kornfeld, Lynette M. Robbins, Andrew G. Costa, and Albert D. Klagler, allegedly sold [...]

Aug 16, 2018

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

By |August 16th, 2018|Legal Matters|

SEC charges Ameriprise 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 [...]

Aug 6, 2018

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

By |August 6th, 2018|Legal Matters|

Ethan De Naray Broker Investigation 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 [...]

Aug 3, 2018

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

By |August 3rd, 2018|Legal Matters|

David Chadwick Carrick and Stifel Nicolaus 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 [...]

Jul 27, 2018

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

By |July 27th, 2018|Legal Matters|

SEC Charges Daniel Rudden 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. [...]

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 [...]

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