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Dec 22, 2017

FRANKOWSKI FIRM INVESTIGATING POTENTIAL CLAIMS AGAINST LPL FINANCIAL LLC AND CHARLES FACKRELL

By |December 22nd, 2017|Fraud|

The Frankowski Firm is investigating potential claims against LPL Financial, LLC and its former broker Charles Fackrell, of Yadkinville, North Carolina, following a Financial Industry Regulatory Authority (“FINRA”) arbitration award of $462,000 against the firm based on Mr. Fackrell’s fraudulent Ponzi scheme and unsuitable trading in LPL customers’ accounts. Mr. Fackrell accepted a permanent bar [...]

Dec 15, 2017

SEC ANNOUNCES FINES, CENSURE OF AMERIPRICE FINANCIAL FOR F-SQUARED ALPHASECTOR STRATEGIES

By |December 15th, 2017|Fraud|

The Securities and Exchange Commission (“SEC”) has censured and fined Ameriprise Financial for its continued use of F-Squared AlphaSector strategies in its marketing to clients, even after learning that the AlphaSector strategies were based on flawed calculations. The F-Squared AlphaSector strategies were a mathematical algorithm which purported to calculate an appropriate buy or sell “signal” [...]

Nov 21, 2017

FRANKOWSKI FIRM INVESTIGATING POTENTIAL CLAIMS AGAINST MORGAN STANLEY SMITH BARNEY AND TIMOTHY THOMAS GIBBONS

By |November 21st, 2017|Fraud|

The Frankowski Firm is investigating potential claims against former Morgan Stanley Smith Barney broker Timothy Thomas Gibbons of New Orleans, based on allegations that in 2014 he made unsuitable recommendations to elderly investors, advising them to place high percentages of their accounts (in one instance 79% of a customer’s portfolio) in a single high-risk energy [...]

Nov 7, 2017

SEC INVESTIGATING POTENTIAL REGULATORY ACTION AGAINST WOODBRIDGE GROUP OF COMPANIES

By |November 7th, 2017|Fraud|

According to a subpoena enforcement action filed in federal court in Miami by the Securities and Exchange Commission, the SEC is investigating whether the Woodbridge Group of Companies, LLC of Sherman Oaks, California, has violated, or is violating, the antifraud, broker-dealer and securities registration provisions of federal securities laws. Woodbridge has received over $1 billion [...]

Oct 11, 2017

After Every Natural Disaster Comes a Tidal Wave – of Fraud

By |October 11th, 2017|Fraud|

Though it is very much like adding insult to injury, one of the more pervasive issues that crests shortly after any natural disaster is stock fraud. Perhaps hoping that consumers are distracted by their woes, or blinded by other outpourings of generosity, scam artists take these opportunities to cast a wide net, blanketing the area [...]

Sep 27, 2017

FRANKOWSKI FIRM INVESTIGATING SONYA D. CAMARCO AND LPL FINANCIAL, LLC

By |September 27th, 2017|Fraud|

The Frankowski Firm is investigating potential claims against Sonya D. Camarco, formerly with LPL Financial, LLC in Colorado Springs, Colorado. LPL terminated Ms. Camarco on August 9 of this year following SEC allegations that Ms. Camarco was depositing third-party checks from client accounts into a bank account she controlled and was accessing her client’s funds [...]

Sep 20, 2017

Are Risky Mortgages Back in Favor?

By |September 20th, 2017|Fraud|

What started out as a reasonable strategy to allow first time or low credit score buyers to own homes turned into a predatory lending and default spiral that brought down a $1.1 trillion-dollar yearly industry. In the wake of the subprime mortgage crisis, regulatory bodies and legislators alike stepped in to create safeguards against a [...]

Jul 19, 2017

Developing a Portfolio: Balancing Risk and Reward

By |July 19th, 2017|Fraud|

The role of brokers and registered investment advisors is invaluable; they educate investors; they manage the fine, tedious details of investing; and they give their best advice and guidance to clients who come from a variety of backgrounds and financial familiarities. Investing is much more of a science than an art. It is a learned [...]

Jul 14, 2017

Bond Fraud Trial Sees Mixed Results for Nomura Holdings Inc. Traders

By |July 14th, 2017|Fraud|

Investment brokers have certain obligations to all their clients: to not only tell the truth, but also to provide guidance that reflects the client’s specific needs and wants. This responsibility is also known as suitability. Although suitability may at first seem amorphous, in reality, the law has set out very clear guidelines for what types [...]

Jun 21, 2017

Pension Advance Scams Target the Elderly

By |June 21st, 2017|Fraud|

Pensions are the primary means of support for about one-half of Americans of retirement age or older. This income—set aside throughout the course of a lifetime of employment and work—is often supplemented by social security, or other retirement investing. However, America’s seniors are not usually living in the lap of luxury, bringing in an average [...]

Jun 14, 2017

Ponzi Scams Persist: SEC Crackdown Continues with Recent Judgment

By |June 14th, 2017|Fraud|

Beyond sheer greed and malevolence, the most common catalyst for Ponzi schemes is to cover up other serious losses. This was the situation for Francisco Illarramendi, a former hedge fund manager in Connecticut, who ultimately spent five years raising over $30 million in illicit funds to cover an initial $5 million shortfall.  But such is [...]

Jun 7, 2017

Investment Fraud from the Pulpit?

By |June 7th, 2017|Fraud|

Religion rarely comes into account when making investing decisions. However, in the case of one church in California, the mixture led to fraud, losses, and a lawsuit. The church mandated participation in the courses: victims claim they were pressured by their religious leaders into taking investing direction from Paul Ricky Mata, a member since the [...]

May 31, 2017

Bitcoin: New Currency, New Investment Scams

By |May 31st, 2017|Fraud|

In early March of 2017, the value of one Bitcoin surpassed the value of one ounce of gold for the first time. Proponents saw this development as validation of the digital currency’s endurance; but other, more baleful watchers saw instead an opportunity to create new scams and defraud unwary investors. Why is Bitcoin so exciting [...]

May 24, 2017

When Your Promissory Note is Void of Promise

By |May 24th, 2017|Fraud|

Promissory notes are often used by companies to raise revenue. Investors loan money to the company in exchange for a promise to repay the principal, plus interest, on a specific date. While these forms of debt can sometimes be legitimate, there is a substantial enterprise of fraudulent notes being marketed to individual investors. With hundreds [...]

May 3, 2017

Securities Fraud: What Is Insider Trading, Exactly?

By |May 3rd, 2017|Fraud|

Since 2014, the news has been telling the story of Thomas C. Davis, the former chairman of Dean Foods, a professional gambler named Billy Walters and golf legend Phil Mickelson. According to the Justice Department and the SEC, these three men have been involved in an insider trading scam that netted Walters approximately $40 million [...]

Apr 26, 2017

CFTC’s Advisory of Precious Metal Investment Fraud

By |April 26th, 2017|Fraud|

Precious metals, like gold and silver, are classified as commodities. The United States Commodity Futures Trading Commission (CFTC) is the federal agency that regulates commodity markets. The agency has issued an advisory regarding the fraudulent activities surrounding precious metal investments. The advisory warns of “tricky promises of easy profits,” and provides potential investors with warning [...]

Apr 13, 2017

Robert Tricarico Sentenced To 3.5 Years In Prison For Client Theft

By |April 13th, 2017|FINRA, Fraud, SEC, Securities Law Violations|

Robert Tricarico, a former LPL broker, pleaded guilty to stealing $1.2 million from a client by a federal court in Hartford, Connecticut and was sentenced to forty-one (41) months in jail. The Court also ordered him to pay restitution. Tricarico started his career as a broker in 1992 and spent ten years with Merrill Lynch. [...]

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