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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 [...]

Jun 14, 2016

FINRA Bars Broker Over Private Securities Transactions

By |June 14th, 2016|FINRA, FINRA News, Press Releases & News, Securities Law Violations, Selling Away|

Former broker Brian Smit entered a Letter of Acceptance, Waiver, and Consent, accepting a bar from being associated with any FINRA member in any capacity over engaging in unapproved private securities transaction in violation of his firm's policy. Smit entered the securities industry in April 2010, when he became associated with LPL Financial, LLC [...]

Jun 9, 2016

FINRA Bars Broker For Borrowing Client Funds

By |June 9th, 2016|FINRA, FINRA News, Press Releases & News, Selling Away|

FINRA has barred Christopher Tolmacs of Portage, Michigan, alleging that the broker borrowed client funds.  The providing of loans or selling of promissory notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions, a practice called "selling away." According to FINRA, Tolmacs consented sanctions in the form of a permanent bar because he failed [...]

Feb 17, 2016

Questar Advisor Allegedly Sold Fraudulent Securities

By |February 17th, 2016|Failure To Supervise, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News, Selling Away|

The Frankowski Firm is investigating complaints regarding and the termination of former Questar Capital Corporation advisor Kevin Wanner. The complaints allege that The North Dakota Securities Department issued a cease and desist order claiming that Wanner sold time certificate of deposit securities purporting to represent an investment in an FDIC insured interest bearing account and further misrepresented [...]

Feb 1, 2016

Frankowski Firm Investigating Former Raymond James Broker

By |February 1st, 2016|Alabama, Broker Check, FINRA, FINRA News, Press Releases & News, Securities Law Violations, Selling Away|

The Frankowski Firm is currently investigating the potential claims of people of who lost money investing with Glenn Guthrie, a former broker with Raymond James Financial Services in Birmingham, Alabama. According to FINRA's BrokerCheck report, Guthrie is the subject of a customer complaint and an employment separation after allegations of selling away. In 2015, a [...]

Nov 5, 2015

FINRA Interested In Disciplining, Not Punishing

By |November 5th, 2015|Failure To Supervise, FINRA, FINRA News, Press Releases & News, Selling Away, Suitability|

FINRA emphasized that the regulatory authority's first goal is the "blocking and tackling" of enforcing its rules, not collecting massive financial penalties, stated Russell Ryan, FINRA Senior Vice President and Deputy Chief of Enforcement, at the Securities Docket Securities Enforcement Forum in Washington. FINRA does levy some hefty fines every once in a while, but [...]

Aug 17, 2015

FSC Securities To Pay $1.28M In Ponzi Case

By |August 17th, 2015|Atlanta, Banking Fraud, Broker Check, Failure To Supervise, FINRA, FINRA News, Fraud, Georgia, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Arbitration, Securities Law Violations, Selling Away, Suitability|

FSC Securities will pay a $1.28 million arbitration award to investors who were defrauded by Aubrey Lee Price, who had feigned his death in 2012 to avoid being investigated for his $40 million Ponzi scheme. FSC, a broker-dealer in the AIG Advisor Group, was alleged by 8 investors to have failed to supervise a number [...]

May 12, 2015

FINRA Investigating National Securities Broker

By |May 12th, 2015|Broker Check, Churning, Fiduciary Duties, FINRA, FINRA News, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, Selling Away, Suitability, Unauthorized Trading|

FINRA has filed a complaint against broker Vito Balsamo alleging that Balsamo was "selling away" ownership interests in a limited liability company named V.W. Industries, LLC without getting prior written approval from his member firm. Selling away occurs when an investment professional sells or offers securities not held or offered by the brokerage firm with [...]

Apr 14, 2015

Alabama Man Arrested For Alleged Securities Violations

By |April 14th, 2015|Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, Selling Away|

Timothy Lowell Franks of Winfield, Alabama was arrested earlier this month for allegedly violating the Alabama Securities Act. The arrest was the result of a March 2015 Marion County Grand Jury indictment, which charged him with six counts of violations: one count of Sale of Unregistered Securities, one count of Sale of Securities by an [...]

Mar 30, 2015

Alabama Man Pleads Guilty In Ponzi Scheme Case

By |March 30th, 2015|Failure To Supervise, FINRA News, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Arbitration, Securities Law Violations, Selling Away, Unauthorized Trading|

Over a five year span, former Hoover, Alabama financial broker Bryan Anderson found eighteen people to invest $8.4 million in a number of investments and guaranteed that the investments were completely risk free. Roughly two thirds of those investors watched Anderson at the federal courthouse in downtown Birmingham plead guilty to operating a Ponzi scheme [...]

Dec 30, 2014

Alabama Man Pleads Guilty To $3M Ponzi Scheme

By |December 30th, 2014|Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, Securities Law Violations, Selling Away|

The Frankowski Firm is currently representing a number of claimants in a case against Bryan Anderson of Hoover, Alabama. Anderson was charged today with one count each of wire fraud, securities fraud, and money laundering relating to a Ponzi scheme he operated through which he swindled investors out of over three million dollars, according to [...]

Oct 7, 2014

New Mexico Man Indicted On Securities Fraud Charges

By |October 7th, 2014|Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, Selling Away, Unauthorized Trading|

Jeffrey B. Bland, a businessman from Albuquerque, New Mexico, was indicted last week on felony charges for allegedly stealing $229,000 from an elderly Alamogordo, New Mexico investor. An Otero County, New Mexico grand jury returned the criminal indictment containing eight felony charges, including securities fraud, sale of an unregistered security, and sale of a security [...]

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