Misrepresentation and Fraud

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May 8, 2018

FINRA SANCTIONS FIFTH THIRD SECURITIES, INC. OVER VARIABLE ANNUITY EXCHANGES

By |May 8th, 2018|Misrepresentation and Fraud, SEC, Securities Law Violations, Variable Annuity|

The Financial Industry Regulatory Authority (“FINRA”) has announced a fine of $4 million and required an additional $2 million in restitutionary damages from Fifth Third Securities, Inc. for its failures to consider and accurately describe the costs and benefits of variable annuity exchanges, and for recommending variable annuity exchanges without a reasonable basis to believe [...]

Mar 5, 2018

FRANKOWSKI FIRM INVESTIGATING POTENTIAL CLAIMS AGAINST FORMER WELLS FARGO BROKER JEFFREY PALISH

By |March 5th, 2018|Misrepresentation and Fraud|

The Frankowski Firm is investigating potential claims against terminated Wells Fargo broker Jeffrey Palish, of Woodcliff Lake, New Jersey, following Mr. Palish’s arrest and termination from the securities industry on charges that he stole at least $600,000 from elderly clients over four years. According to the story published at northjersey.com, Mr. Palish is believed to [...]

Oct 25, 2017

Wells Fargo Punished for Selling Risky Investments It Didn’t Understand

By |October 25th, 2017|Misrepresentation and Fraud|

Last week, the Financial Industry Regulatory Authority (“FINRA”) ordered Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC to pay more than $3.4 million in restitution to investors based on Wells Fargo’s unsuitable recommendation of volatility-linked exchange-traded products (ETPs) and related supervisory failures. FINRA found that between July 2010 and May 2012, [...]

Oct 18, 2017

FINRA Punishes Morgan Stanley for Pushing Variable Annuity on Unsuitable Investor

By |October 18th, 2017|Misrepresentation and Fraud|

An arbitration panel of the Financial Industry Regulatory Authority (“FINRA”) has ordered Morgan Stanley to pay $200,000 plus interest to one if its customers while also rescinding her investment in a variable annuity, with a waiver of any surrender fees. The panel found that although the Morgan Stanley broker, Helen Holmes Timpe (formerly of the [...]

Feb 8, 2017

Hamilton Ticket Resale Ponzi Scheme Investor Sues

By |February 8th, 2017|Fraud, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, SEC, Securities Law Violations|

Adam Blank, an investor in the alleged $81 million Ponzi scheme pertaining to the buying and selling of tickets to popular shows, including Adele concerts and Broadway's Hamilton, sued his broker-dealer, alleging the firm made several false and misleading statements about its due diligence and investigation into the ticket operation. The suit was [...]

Feb 2, 2017

SEC: Meyers Associates, L.P. Ignored Pump-And-Dump Scheme

By |February 2nd, 2017|Fraud, Legal Matters, Misrepresentation and Fraud, Press Releases & News, Pump-And-Dump, SEC, Securities Law Violations|

The SEC announced administrative proceedings against John D. Telfer, who worked for Meyers Associates, L.P. as the firm's former anti-money laundering officer. The commission alleges that the firm failed to file Suspicious Activity Reports for $24.8 million worth of suspect transactions, which includes transactions in accounts controlled by Raymond H. Barton and William G. Goode [...]

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 26, 2017

Michael J. Breton Banned For Cherry Picking Trades

By |January 26th, 2017|Fraud, Legal Matters, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Law Violations|

Michael J. Breton, a Massachusetts investment adviser who the SEC accused of securities fraud, has agreed to be banned from the industry after the SEC discovered he was operating an illicit cherry-picking stock scheme. The commission filed suit against Breton and his firm, Strategic Capital Management, in federal district court in Massachusetts. claiming that they [...]

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 [...]

Jan 11, 2017

Gregory Dean And Donald Fowler Charged By SEC

By |January 11th, 2017|Broker Check, Churning, Fraud, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Law Violations|

The SEC charged two brokers, Gregory Dean and Donald Fowler, with violations of securities laws for a fraudulent excessive-trading scheme designed to profit themselves at the expense of their clients. The SEC accused Dean and Fowler of using a “high-cost trading strategy consisting of the excessive buying and selling of stocks” that led to “enormous losses” for [...]

Dec 30, 2016

Ash Narayan Banned For Defrauding Pro Athletes

By |December 30th, 2016|Fraud, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, SEC, Securities Law Violations|

Former financial adviser Ash Narayan agreed to be barred from associating with brokerage or advisory firms to settle regulators' allegations that he secretly received nearly $2 million from companies that he invested his professional athlete clients in for at least five years. Narayan additionally placed clients in unsuitable private investments and misrepresented himself as a [...]

Dec 2, 2016

FINRA Files Complaint Against Dawn Bennett

By |December 2nd, 2016|Broker Check, FINRA, FINRA News, Fraud, Legal Matters, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Law Violations|

FINRA filed a complaint against Dawn Bennett for failing to testify in its investigation of possible fraud related to her clothing company. Bennett did not appear for testimony on four different occasions between April and September of this year, violating FINRA's rules, according to FINRA's complaint. The charges come roughly a year after the regulator [...]

Oct 19, 2016

SEC Hits UDF With Wells Notice

By |October 19th, 2016|Fraud, Misrepresentation and Fraud, NASDAQ, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, REIT, SEC, Securities Law Violations|

The Frankowski Firm, LLC currently represents multiple investors who have invested in troubled United Development Funding REITs. Earlier this week, the Securities and Exchange Commission issued a Wells notice against the Texas company, which indicates that the SEC has made a preliminary determination to potentially recommend an enforcement action against it. Meanwhile, the NASDAQ stock [...]

Oct 18, 2016

Debra Ferrara Suspended For Fraudulent Wire Transfer

By |October 18th, 2016|Broker Check, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News|

Debra Ferrara, a former client administrator at Morgan Stanley, was fined and suspended by FINRA for fraudulently transferring a total of $108,680 out of a client's account to third party bank accounts and for falsifying records. Morgan Stanley terminated Ferrara in December 2011 for falsifying information recorded in its books. Ferrara agreed to be fined [...]

Oct 14, 2016

Jeffrey Howell Barred From Securities Industry

By |October 14th, 2016|Broker Check, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, UBS|

Jeffrey Howell, formerly a broker with UBS Group AG's wealth management unit was barred from the securities industry for giving a client faux weekly account statements over a period of six years, according to FINRA. Howell sent these reports from September 2008 to November 2014, overvaluing the account by as much as $3 [...]

Oct 13, 2016

Sam Wyly Settles Federal Fraud Charges for $198.1M

By |October 13th, 2016|Fraud, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Law Violations|

Sam Wyly, an ex-Texas billionaire who has declared bankruptcy, will pay $198.1 million to settle federal securities regulator claims accusing him of securities fraud to hide trades in companies that were under his control through the use of offshore trusts. A federal bankruptcy judge in Dallas and the SEC commissioners must still approve the settlement.  [...]

Sep 27, 2016

SEC Charges Duo For $20M Penny Stock Fraud

By |September 27th, 2016|Fraud, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Law Violations|

The SEC charged an ex-microcap CEO and a boiler room operator with pressuring senior citizens and other investors to purchase penny stocks in a $20 million fraud. Craig V. Sizer is the former CEO of Sanomedics, which supposedly sold non-contact infrared thermometers, and chairman of software applications company Fun Cool Free, according to the SEC. [...]

Aug 5, 2016

Brian James Egan Barred by FINRA

By |August 5th, 2016|Broker Check, Failure To Disclose, FINRA, FINRA News, Misrepresentation and Fraud, Press Releases & News|

FINRA barred Brian James Egan from the securities industry after allegedly failing to disclose trading accounts he held beyond his employer, Independent Financial Group. According to a settlement notice accepted by FINRA, Egan did not disclose eighty-seven brokerage accounts he held with a separate firm from April 2010 to July 2015. He allegedly held trading [...]

Jul 28, 2016

Thomas Conrad Jr. Defrauds Investors 40 Years After Ban

By |July 28th, 2016|Failure To Disclose, Fraud, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, SEC, Securities Law Violations|

According to the SEC, Thomas Conrad Jr.--an 85 year old man from Alpharetta, Georgia who was barred from the securities industry 45 years ago for fraud--was defrauding investors all over again with the assistance of his 55 year old son, Stuart P. Conrad. The two allegedly defrauded investors in a group of hedge funds they [...]

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