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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 [...]

Jan 16, 2017

Richard Gearhart & George McKown Charged With Securities Fraud

By |January 16th, 2017|401(k), Conspiracy, Fraud, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, SEC, Securities Law Violations, Unregistered broker dealer, Variable Annuity|

Richard Gearhart of Lowell, Indiana and George McKown of Indianapolis, Indiana have been indicted on fraud charges after prosecutors claim they sold securities to investors despite not being registered to do so. The two were charged with conspiracy to commit securities fraud, securities fraud, and wire fraud, said U.S. Attorney David Capp. According [...]

Jun 16, 2016

FDA Official And Hedge Fund Managers Charged In Securities Scheme

By |June 16th, 2016|Conspiracy, Fraud, Hedge, Bond & Mutual Funds, Insider Trading, Press Releases & News, SEC, Securities Law Violations, Wire Fraud|

According to federal prosecutors, two hedge fund managers--Sanjay Valvani and Christopher Plaford-- conspired with a former U.S. Food and Drug Administration official--George Johnston, who had access to insider information on the fate of generic drug candidates--to profit by committing securities fraud. While employed as Visium Asset Management hedge fund managers, Valvani and Plaford executed stock [...]

May 20, 2016

FL Broker Charged With $131M Scam

By |May 20th, 2016|Conspiracy, Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, Wire Fraud|

Pranav Patel, a stockbroker from Tamarac, Florida, has been charged in an alleged $131 million stock manipulation scam after investigations by a task force set up for President Barack Obama’s war on financial crimes, according to federal officials. Patel and eight others engaged in the multi-state scam “through a dizzying round of unauthorized trades” [...]

Apr 20, 2016

Broker Accused Of Pump-And-Dump Scheme

By |April 20th, 2016|Conspiracy, Fraud, Misrepresentation and Fraud, Press Releases & News, Pump-And-Dump, SEC, Securities Law Violations|

Guy Gentile of Putnam Valley, New York allegedly ran a $17 million pump-and-dump stock scheme. Gentile faces federal counts of securities fraud and conspiracy to commit securities fraud. He was indicted late last month, according to U.S. Attorney Paul J. Fishman. The SEC filed a civil suit against Gentile late last month, as well. Gentile's [...]

Mar 1, 2016

Former Oxford City Football Club Director Pleads Guilty To Fraud

By |March 1st, 2016|Conspiracy, Fraud, Misrepresentation and Fraud, Press Releases & News, SEC|

Thomas A. Guerriero of Hillsboro Beach, Florida pleaded guilty to running a $6.6 million telemarketing and investment fraud conspiracy. Guerriero was formerly the director of the Oxford City Football Club, a minor league soccer team based in the university town northwest of London, England. He resigned just before he was indicted on federal charges in December. [...]

Sep 21, 2015

Adviser Loses Job Following Weekend Client Raid

By |September 21st, 2015|Conspiracy, FINRA, Misrepresentation and Fraud, Press Releases & News, Securities Arbitration|

An arbitration has been filed accusing Oppenheimer & Co. of overstepping its bounds during a three day weekend earlier in the summer during which it mounted a massive client raid. Industry experts claim that this is fairly common. However, details of the raids rarely become public, at least in part because of an industry agreement designed [...]

Sep 11, 2015

New York Global Group CEO Charged With Securities Fraud

By |September 11th, 2015|Conspiracy, Failure To Disclose, Fraud, Misrepresentation and Fraud, NASDAQ, Press Releases & News, SEC, Securities Law Violations|

Benjamin Wey, a well-known Wall Street financier who assisted many Chinese companies in accessing U.S. markets through reverse mergers, was arrested this week and charged with altering the companies' shares to allegedly earn himself tens of millions of dollars in illicit gains. Wey, the CEO of New York Global Group, now has criminal and civil cases against [...]

Sep 9, 2015

New Jersey Group Accused Of Defrauding Investors Out Of $3M

By |September 9th, 2015|Conspiracy, Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, Short-Selling, Unregistered broker dealer|

Less than one week after a New Jersey father and son were arrested for an alleged short sale scheme, they became part of a group of six charged in a fraud that bilked investors out of over $3 million. George Bussanich, Sr. and his son, George Bussanich, Jr., are believed to have begun the alleged [...]

Sep 8, 2015

Stock Promoter Indicted For Alleged Securities Fraud

By |September 8th, 2015|Conspiracy, Failure To Disclose, Fraud, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Law Violations|

Scott F. Gelbard, a former stock promoter, was charged in U.S. District Court in Boston with conspiring to commit securities fraud. Gelbard, who is originally from Colorado and now lives in Canada's Pacific Northwest, was indicted on one count of securities fraud and one count of conspiracy to commit securities fraud, stated Amy Hosney, public [...]

Aug 12, 2015

Nine Charged In $30M Computer Hacking, Securities Fraud

By |August 12th, 2015|Conspiracy, Fraud, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Law Violations, Wire Fraud|

Nine alleged computer hackers were charged today for their roles in a securities fraud scheme that earned $30 million in illicit gains by stealing and trading on corporate earnings data procured from newswire services before they were published. The charges, which were brought by U.S. Attorney's Offices for the District of New Jersey and the [...]

Apr 17, 2015

Former Georgia Attorney Pleads Guilty To Securities Violations

By |April 17th, 2015|Atlanta, Conspiracy, Georgia, Huntsville, Madison County, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, Wire Fraud|

Hendrickx Toussaint, a former attorney from Atlanta, Georgia, has pleaded guilty in Madison County, Alabama Circuit Court to one count of Conspiracy to Commit Securities Fraud by employing a device, scheme or artifice to defraud, a Class C felony punishable by up to ten years and no less than a year and a day in [...]

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