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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 [...]

Oct 10, 2016

Mickey Long Banned From Selling Alt. Investments

By |October 10th, 2016|Non Traded Real Estate Investment Trust, Press Releases & News, Private Placements, Suitability|

The Texas State Securities Board has banned broker Mickey Long from recommending alternative investments, including nontraded REITs, after he concentrated a client's account with too many such investments. The state also suspended him for forty-five days and put him on heightened supervision by his firm, Calton & Associates Inc., for two years. Regulators have [...]

Jul 14, 2016

Broker To Pay $331k For Unsuitable Investments

By |July 14th, 2016|Broker Check, FINRA, FINRA News, Misrepresentation and Fraud, Press Releases & News, Private Placements, Securities Arbitration, Suitability|

A FINRA Arbitration panel ordered Frederick Baerenz, president and CEO of AOG Wealth Management, to pay $331,000 in compensatory damages after finding him liable of unsuitable trading. Baerenz allegedly misled his investors, Barbara and Roger Bond, regarding the risks of their direct private placements while investing in them between 2006 and 2008. Of the $1.3 [...]

Jul 11, 2016

AL Man Charged With $1.5M Securities Fraud Involving Church

By |July 11th, 2016|Alabama, Alabama Securities Commission, Failure To Disclose, Fraud, Joseph Borg, Misrepresentation and Fraud, Press Releases & News, Private Placements, Securities Law Violations, Unregistered broker dealer, Unregistered Securities|

Terry Earl Hester of Pike County, Alabama was charged with violating the Alabama Securities Act after allegedly making false promises to a Tuscaloosa County church involving $1.5 million in funds. Hester turned himself into authorities on June 15. The charges are the result of a six-count indictment by a Tuscaloosa County grand jury, according [...]

Jun 27, 2016

Medical Capital COO Gets 10 Years For Ponzi Scheme

By |June 27th, 2016|Fraud, Ponzi Scheme, Press Releases & News, Private Placements, SEC, Securities Law Violations|

Joseph J. Lampariello, the former president and Chief Operating Officer of Medical Capital Holdings Inc., was sentenced to ten years in federal prison by U.S. District Judge David O. Carter. Additionally, Lampariello was ordered to pay nearly $40 million in restitution to investors. Medical Capital was a private placement that turned into a Ponzi [...]

Dec 28, 2015

FINRA December 2015 Disciplinary Actions: Part II

By |December 28th, 2015|Failure To Supervise, FINRA, FINRA News, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, Press Releases & News, Private Placements, REIT, Securities Law Violations, Variable Annuity|

Wunderlich Securities, Inc. (Memphis, TN) submitted an AWC in which the firm was censured and fined $50,000. FINRA found that it failed to establish, maintain, and enforce an adequate supervisory system and written procedures regarding the preparation and dissemination of consolidated reports. The findings stated that although the firm’s WSPs expressly permitted the preparation and dissemination [...]

Nov 11, 2015

History Of Investors Capital Corporation’s Malfeasance

By |November 11th, 2015|Failure To Supervise, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Private Placements, Securities Law Violations, Suitability|

Investors Capital Corporation, a dually-registered independent Broker/Dealer and Investment Advisory firm, has a long history of malfeasance. In the summer of 2014, Patricia S. Miller, a former financial adviser with ICC, was arrested for orchestrating a massive Ponzi scheme that cost her clients millions in savings. Through her scheme, she obtained $4.1 million from over [...]

Oct 8, 2015

FINRA Expels Halcyon Cabot Partners And Bars CEO And CCO

By |October 8th, 2015|Churning, Failure To Supervise, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News, Private Placements, Securities Law Violations|

FINRA expelled New York-based Halcyon Cabot Partners, Ltd., and barred Chief Executive Officer Michael Morris and Chief Compliance Officer Ronald Heineman from the securities industry, for fraud, sales practice abuses, and widespread supervisory and anti-money laundering failures. FINRA found that Halcyon, Morris and Heineman engaged in a scheme to conceal a kickback of private placement fees. [...]

Sep 24, 2015

Investors Lose $11.7 Million In Risky Hedge Fund Through Lincoln Financial

By |September 24th, 2015|Failure To Supervise, FINRA, FINRA News, Hedge, Bond & Mutual Funds, Press Releases & News, Private Placements, Securities Law Violations, Suitability|

According to a FINRA Letter of Acceptance, Waiver and Consent ("AWC"), between about October 2008 and April 2009, registered representatives in two of Lincoln Financial Advisors Corporation (“LFA”) branch offices allegedly recommended that customers invest in a hedge fund offered as a sub-account to a private placement variable annuity (the ”PPVA”). The Hedge Fund engaged [...]

Sep 16, 2015

FINRA August 2015 Disciplinary Actions: Part II

By |September 16th, 2015|Failure To Supervise, FINRA, FINRA News, Press Releases & News, Private Placements, SEC, Securities Law Violations|

Newbridge Securities Corporation of Fort Lauderdale, Florida submitted a letter of acceptance, waiver, and consent that censured the firm, fined it $22,500, and mandated that it change its written supervisory procedures. According to FINRA's findings, Newbridge failed to report information pertaining to municipal securities transactions for clients to a real-time transaction reporting system within fifteen minutes [...]

Aug 4, 2015

Former Broker, Robert K. Smith, Under Investigation

By |August 4th, 2015|Broker Check, FINRA, FINRA News, Non Traded Real Estate Investment Trust, Press Releases & News, Private Placements, REIT, Suitability|

Robert Keith Smith, formerly a broker with Berthel Fisher, has been accused by more than ten of his clients throughout his career of overconcentrating their accounts in private placement securities, including equipment leasing programs, oil and gas investments, and non-traded real estate investment trusts. Smith started his career in 2000 with American General Securities and [...]

Mar 12, 2015

FINRA Sanctions Brookville Capital Partners And Bars President

By |March 12th, 2015|Failure To Supervise, FINRA News, Misrepresentation and Fraud, Press Releases & News, Private Placements, Securities Law Violations|

FINRA announced today that it has ordered Brookville Capital Partners, LLC of Uniondale, New York to pay restitution of over $1 million to the victims of a fraud relating to the sales of a private placement offering. The regulatory authority also ordered the firm to pay a $500,000 fine and barred its President, Anthony Lodati, [...]

Feb 13, 2015

Recent FINRA Disciplinary Fines And Sanctions

By |February 13th, 2015|Failure To Supervise, FINRA News, Misrepresentation and Fraud, Press Releases & News, Private Placements, Securities Arbitration, Securities Law Violations, Suitability|

Arque Capital, Ltd. submitted a letter of acceptance, waiver, and consent in which the firm was censured and fined $50,000. Arque Capital did not admit or deny the findings but consented to the penalties and to the entry of findings that it sold about $3.53 million in an alternative investments called Renewable Secured Debentures to [...]

Oct 22, 2014

Should The SEC Update Its Definition Of Accredited Investors?

By |October 22nd, 2014|Press Releases & News, Private Placements, Suitability|

Currently, the SEC defines an accredited investor a someone who either has an income of at least $200,000 ($300,000 for couples) or a net worth of at least $1 million, without including the individual or couple's primary residence. Some feel that this definition is archaic and poorly suited to prevented "unsophisticated" investors from making unsuitable [...]

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