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Nov 17, 2017

FRANKOWSKI FIRM INVESTIGATING POTENTIAL CLAIMS AGAINST MARK AUGUSTA AND WEDBUSH SECURITIES

By |November 17th, 2017|Bonds|

The Frankowski Firm is investigating potential claims against Wedbush Securities broker Mark Augusta for unsuitable and misrepresented sales of Puerto Rican municipal bonds and/or municipal bond funds to Wedbush customers. These bonds have declined precipitously in value, brought on by economic instability within the Commonwealth and worsened by the devastation of Hurricane Maria. Because of [...]

Nov 13, 2017

Puerto Rico Municipal Bond Collapse Continues

By |November 13th, 2017|Bonds|

Municipal bonds are a commonly-used source of revenue for governments: they are relatively stable, tax-free investments, and in times of rising interest rates, their value increases. Puerto Rico’s municipal bonds have been declining in value since 2013, and the recent declaration of municipal bankruptcy, along with devastating hurricanes like Maria, have led to an even [...]

Feb 1, 2017

Dwayne Edwards Accused Of Fraud By SEC

By |February 1st, 2017|10b-5, Alabama, Bonds, Fraud, Legal Matters, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Act of 1933, Securities and Exchange Act, Securities Law Violations|

The SEC charged Dwayne Edwards with fraud and obtained an emergency asset freeze against the South Carolina businessman. The SEC alleges that he funneled money he obtained from investors who believed their money would be used for buying and renovating senior housing facilities. According to the commission, Dwayne Edwards illicitly commingled funds from a number [...]

Jan 24, 2017

FINRA January 2017 Disciplinary Actions

By |January 24th, 2017|Alabama, Bonds, Broker Check, Churning, Conflict of Interest, Conspiracy, Failure To Supervise, Fiduciary Duties, FINRA, FINRA News, Fraud, Georgia, Hedge, Bond & Mutual Funds, Legal Matters, Master Limited Partnership, Misappropriated Funds, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, Private Placements, Pump-And-Dump, REIT, SEC, Securities Law Violations, Selling Away, Suitability, Variable Annuity|

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may [...]

Jun 29, 2016

Transamerica To Pay $3.8M For Excessive Fees

By |June 29th, 2016|Bonds, Fiduciary Duties, Press Releases & News|

Transamerica has agreed to settle an excessive-fee lawsuit with its employees who participated in its 401(k) plan for $3.8 million. The Plaintiffs in the case allege that Transamerica and its affiliates breached their fiduciary duty under the Employee Retirement Income Security Act of 1974 for charging excessive administrative and investment management fees. Transamerica [...]

Mar 25, 2016

FINRA Panel Orders UBS To Pay For Bond Losses

By |March 25th, 2016|Bonds, Failure To Supervise, FINRA, FINRA News, Fraud, Hedge, Bond & Mutual Funds, Misrepresentation and Fraud, Press Releases & News, UBS|

A FINRA arbitration panel ordered UBS Group AG's wealth management business for the Americas to pay over $470,000 to three investors who claimed damages because their accounts were over-concentrated in Puerto Rico bonds that plummeted. The investors--Obdulio Melendez Ramos, Ramon Velez Garcia and Carlos L. Merced--filed the arbitration in 2014 and sought up to $570,243 [...]

Mar 18, 2016

NJ Financial Advisor Pleads Guilty To Fraud

By |March 18th, 2016|Bonds, Fraud, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Law Violations|

An ex-JPMorgan Chase financial advisor from Livingston, New Jersey pleaded guilty to embezzlement and securities fraud in connection to a $22 million investment fraud that lasted seven years. Prosecutors have called the scheme an elaborate "game of hide and seek." Michael Oppenheim confessed that he lied to his customers by telling them he would [...]

Mar 16, 2016

Frankowski Firm Investigating Morgan Stanley Broker

By |March 16th, 2016|Bonds, Broker Check, FINRA, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, Suitability|

The Frankowski Firm is investigating claims pertaining to Angel E. Aquino-Velez of Miami, Florida, who has been registered with Morgan Stanley since February 2010. Aquino has also been registered with Merrill Lynch, Pierce, Fenner & Smith, Inc. in Guaynabo, Puerto Rico (September 2006-September 2009) and UBS Financial Services, Inc. in Manati, Puerto Rico (May 2000-September [...]

Mar 9, 2016

JPMorgan Broker Gets 5 Years For Gambling Funds

By |March 9th, 2016|Bonds, Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations|

Michael Oppenheim, a former JPMorgan Chase & Co. broker who claims to have thieved millions of dollars from clients because his brain was "hijacked" by an addiction to gambling on sports, was sentenced to five years in prison. At his peak, Oppenheim had nearly 500 clients and managed just shy of $90 million at JPMorgan. [...]

Dec 23, 2015

FINRA December 2015 Disciplinary Actions: Part I

By |December 23rd, 2015|10b-5, Bonds, Failure To Supervise, FINRA, FINRA News, Press Releases & News, Securities and Exchange Act, Securities Law Violations|

Brookstone Securities, Inc. (Lakeland, FL) was censured, fined $1,000,000 and required to pay, jointly and severally with Christopher Dean Kline (Baraboo, Wisconsin) and Antony Lee Turbeville (Lakeland, FL) $1,620,100 plus prejudgment interest in restitution to their respective customers. Kline and Turbeville were barred from association with any FINRA member in any capacity. David William Locy (Overland [...]

Oct 13, 2015

FINRA Fines Santander Securities LLC $6.4 Million For Supervisory Failures

By |October 13th, 2015|Bonds, Failure To Supervise, FINRA, FINRA News, Press Releases & News|

FINRA mandated that Santander Securities LLC pay about $4.3 million in restitution to a number of clients who were solicited to buy Puerto Rican Municipal Bonds. Further, the firm will pay restitution of $121,000 and make offers of rescission to buy back the securities sold to particular customers impacted by the firm's failure to supervise [...]

Sep 15, 2015

FINRA August 2015 Disciplinary Actions: Part I

By |September 15th, 2015|Bonds, Failure To Supervise, FINRA, FINRA News, Press Releases & News, SEC, Securities Law Violations, Short-Selling|

Dempsey Lord Smith, LLC and Jerry Eskel Dempsey, Jr. of Rome, Georgia submitted a letter of acceptance, waiver and consent ("AWC") in which the firm was censured and fined $10,000. Dempsey is joint and severally liable for half of that with the firm. Similarly, Dempsey was fined $10,000, half of which the firm is joint [...]

Aug 14, 2015

Edward Jones To Pay $20M For Bond Overcharges

By |August 14th, 2015|Bonds, Failure To Supervise, Press Releases & News, SEC, Securities Law Violations|

Edward D. Jones & Co. will pay $20 million to settle allegations by the Securities Exchange Commission that the firm overcharged its retail customers on new municipal bond sales. The SEC claims that between 2009 and 2012 Edward Jones allegedly overcharged its clients by $4.6 million at minimum by offering the bonds at a higher [...]

Jul 21, 2015

Broker-Dealers Fined for Wrongful Bond Trades

By |July 21st, 2015|Bonds, SEC, Securities Law Violations, Unregistered broker dealer|

The SEC charged nearly two dozen companies and individuals who bought and sold securities for a Chicago-based trading firm without registering as a broker-dealer with the SEC as required under the federal securities laws. The securities laws regulating broker-dealer registration ensure the protection of investors by allowing the SEC to conduct periodic inspections of firms [...]

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