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Nov 2, 2017

FRANKOWSKI FIRM INVESTIGATING STOCK BROKER THOMAS J. BUCK

By |November 2nd, 2017|Banking Fraud|

The Securities and Exchange Commission filed a Complaint yesterday against former RBC Capital Markets and Merrill Lynch broker Thomas J. Buck, who was employed in the Indianapolis, Indiana area. According to the allegations, Buck made false representations and omissions to certain clients regarding fees and commissions charged in their accounts and by making unauthorized trades [...]

Jan 17, 2017

Registered Investment Advisors vs. Brokers: Who Do You Need?

By |January 17th, 2017|Banking Fraud, Broker Check, Fraud|

Whether you are just beginning to build an investment portfolio, or have been investing for years, chances are you will need the guidance of a finance professional to ensure that your investments are sound and protected. Depending on your needs, risk tolerance and interests, you may find yourself working with a registered investment advisor (RIA) [...]

Jun 3, 2016

Wells Fargo Broker Banned By FINRA

By |June 3rd, 2016|Banking Fraud, Broker Check, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News|

Former Wells Fargo broker John Christopher Pierce agreed to be barred from working with any firm registered with FINRA after he allegedly stole from his clients' bank accounts. At the time of the alleged misconduct, Pierce was both a registered broker-dealer with Wells Fargo as well as a personal banker at a Wells Fargo Bank [...]

Jan 15, 2016

Banker Who Faked His Own Death Barred From Securities Industry

By |January 15th, 2016|Banking Fraud, Fraud, Georgia, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Law Violations, Wire Fraud|

The SEC has barred from the securities industry Aubrey Lee Price, an imprisoned former Georgia investment adviser who pleaded guilty in 2014 to a massive fraud that helped bring down his troubled bank and cheated his clients out of millions of dollars. The penalty is inconsequential as Price is expected to spend three decades in [...]

Aug 17, 2015

FSC Securities To Pay $1.28M In Ponzi Case

By |August 17th, 2015|Atlanta, Banking Fraud, Broker Check, Failure To Supervise, FINRA, FINRA News, Fraud, Georgia, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Arbitration, Securities Law Violations, Selling Away, Suitability|

FSC Securities will pay a $1.28 million arbitration award to investors who were defrauded by Aubrey Lee Price, who had feigned his death in 2012 to avoid being investigated for his $40 million Ponzi scheme. FSC, a broker-dealer in the AIG Advisor Group, was alleged by 8 investors to have failed to supervise a number [...]

Nov 19, 2014

Six Banks Fined Over $4B In Currency Probe

By |November 19th, 2014|Banking Fraud, Failure To Supervise, Press Releases & News, Securities Law Violations|

Six banks--Citibank, HSBC, JPMorgan Chase, RBS, Bank of America, and UBS--will pay, as a group, $1.4 billion to the U.S. Commodity Futures Trading Commission and roughly $1.75 billion (£1.1 billion) to the U.K's Financial Conduct Authority. UBS will additionally make a payment to Switzerland. The British regulator has never before levied such large fines and [...]

Oct 15, 2014

Ex-TD Bank VP Charged In Florida Ponzi Scheme Case

By |October 15th, 2014|Banking Fraud, Failure To Supervise, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Law Violations|

Frank Spinosa, a former vice president of TD Bank from Fort Lauderdale, is facing a potential 20 year imprisonment sentence if convicted on charges made by the FBI in relation to an extensive Ponzi scheme in South Florida. Spinosa is believed to have participated in Scott Rothstein's $1.2 billion investment fraud. Spinosa was fired from [...]

Oct 9, 2014

Irish Businessman Receives Seven Years For $11M Ponzi Scheme

By |October 9th, 2014|Banking Fraud, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Law Violations|

Breifne O'Brien, an Irish businessman and socialite, was sentenced this week by a court in Ireland to seven years imprisonment for operating a $10.8 million Ponzi scheme. The scheme consisted of O'Brien selling fake property investments before Ireland's real estate collapse in 2008. O'Brien pleaded guilty to 14 counts of fraud and theft with regard [...]

Oct 6, 2014

Three Hedge Fund Managers Sentenced In Ponzi Scheme Case

By |October 6th, 2014|Banking Fraud, Hedge, Bond & Mutual Funds, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Law Violations|

Three hedge fund managers have been sentenced in a Ponzi scheme case that conned investors out of $40 million. Jeffrey Toft of Sioux Falls, South Dakota received 66 months in prison. Chad Sloat of Kansas City, Missouri received 70 months. And Michael Murphy of Deep Haven, Minnesota received 48 months. All three of their sentences [...]

Aug 21, 2014

Bank Of America To Pay Record $16.65B

By |August 21st, 2014|Banking Fraud, Misrepresentation and Fraud, Press Releases & News|

Last Thursday, Bank of America and two of its subsidiaries agreed to settle its case with the U.S. Department of Justice for $16.65 billion. The settlement will put to end claims that the bank engaged in faulty lending during the housing boom years, making it the biggest settlement stemming from the 2008 financial crisis. The [...]

Aug 7, 2014

Bank Of America Could Pay Up To $17B For Securities Fraud

By |August 7th, 2014|Banking Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations|

Bank of America is in talks to settle an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis and could pay between $16 and $17 billion, making it the biggest Justice Department settlement by a long shot arising from the economic collapse. However, the deal has not been finalized, [...]

Jul 29, 2014

UBS Ordered To Post €1.1B Bail Amidst Money Laundering Investigation

By |July 29th, 2014|Banking Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations|

UBS AG is being formally investigated for money laundering by French officials, who ordered the bank to post €1.1 billion ($1.49 billion) bail amidst a growing investigation into claims that it assisted high-profile clients evade French taxes. Just a month ago, UBS' French subsidiary was fined a record-setting €10 million for being slow to correct [...]

Jun 23, 2014

Bank Of America To Face Suits Over Mortgage-Securities Fraud

By |June 23rd, 2014|Banking Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations|

Bank of America Corp. failed to win dismissal of two government lawsuits in which it is alleged to have misled investors about the quality of loans tied to $850 million in residential mortgage-back securities. U.S. District Judge Max O. Cogburn Jr. in Charlotte, North Carolina ruled that the SEC properly laid out claims that Bank [...]

Mar 13, 2014

JP Morgan Settles Suit Over Toxic Mortgage Backed Securities for $400 Million

By |March 13th, 2014|Banking Fraud, Misrepresentation and Fraud|

US banking giant JPMorgan Chase has agreed to pay USD 400 million in a settlement for litigation filed by Syncora Guarantee Inc. over mortgage-backed securities . Syncora said it would drop the rest of its cases against the banking giant as a result of the $400 million settlement The securities sold to Syncora came from [...]

Mar 12, 2014

RBS reaches $275 million mortgage-backed securities settlement

By |March 12th, 2014|Asset Backed Securities, Banking Fraud, Securities Law Violations|

On Feb. 19, RBS officials announced that the company had reached a $275 million settlement with the U.S. government to resolve allegations of misleading investors in mortgage-backed securities. The settlement is the third-largest settlement in the U.S. class action against banks packaged and sold mortgage securities . This case was originally filed in 2008 by [...]

Mar 4, 2014

U.S. Supreme Court Limits SLUSA; Allows State-Law Securities Class Actions to Proceed

By |March 4th, 2014|Banking Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations|

On February 26, 2014, the Supreme Court decided Chadbourne & Parke LLP v. Troice, 571 U.S. ___ (2014), ruling by a 7-2 vote that the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) does not bar state-law securities class actions in which the plaintiffs allege that they purchased uncovered securities that the defendants misrepresented were [...]

Jul 9, 2012

AGENCIES ON BOTH SIDES OF THE ATLANTIC INVESTIGATE BANK SCANDALS

By |July 9th, 2012|Banking Fraud|

In the aftermath of the Barclays scandal, United States and British Lawmakers are cracking down on regulators that should have been more proactive and dedicated in preventing the years of illegal banking behaviors. The Dealbook.com article said that the Barclays $450 million settlement is but the first action from this broad and far-reaching investigation. The article lists some [...]

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