Legal Matters

Home » Legal Matters
Dec 3, 2018

UDF REIT INVESTORS MAY BRING INDIVIDUAL CLAIMS

By |December 3rd, 2018|Legal Matters|

Investors in United Development Funding (UDF) Real Estate Investment Trusts (REITs) have lost approximately $1 billion since the FBI raided the UDF offices and the REITs began to collapse in early 2016. A REIT is a type of investment vehicle that functions as a company which owns real estate investments, typically large scale real estate [...]

Nov 23, 2018

UBS ORDERED TO PAY CUSTOMER OVER $564,000 FOR SALES OF PUERTO RICO MUNICIPAL BONDS AND BOND FUNDS

By |November 23rd, 2018|Legal Matters|

An arbitration panel of the Financial Industry Regulatory Authority (“FINRA”), has entered an Award of over $564,000, plus interest, against UBS Financial Services, Inc. and UBS Financial Services, Inc. of Puerto Rico following a customer arbitration against the firms.  The customer’s claims included allegations of violations of federal and Puerto Rican securities acts, breach of [...]

Nov 21, 2018

FORMER LPL BROKER CHERYL ANN STALLINGS BARRED BY FINRA FOR MISAPPROPRIATION OF CUSTOMER FUNDS

By |November 21st, 2018|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) has entered an Acceptance Waiver and Consent letter against Cheryl Ann Stallings, formerly of LPL Financial, LLC. According to FINRA’s factual findings, Ms. Stallings inappropriately became power of attorney for and LPL customer, took control of two customers’ bank accounts, became a successor trustee and beneficiary a of customer’s [...]

Nov 16, 2018

ROBERT LEE BASILE ARRESTED AND BARRED FROM SECURITIES INDUSTRY FOR TAKING $130,000 FROM HIS ELDERLY MOTHER

By |November 16th, 2018|Legal Matters|

The Financial Industry Regulatory Authority (“FINRA”) entered an Acceptance, Waiver, and Consent (“AWC”) letter today against former Waddell & Reed broker Robert Lee Basile, who worked in Waddell and Reed’s Riverside, California branch office. Basile was arrested earlier this year for “theft by caretaker” related to an elder abuse investigation into charges that he stole [...]

Nov 13, 2018

WELLS FARGO ORDERED TO PAY PUNITIVE DAMAGES AND CUSTOMER ATTORNEYS’ FEES BASED ON FRAUD AND SECURITIES ACT VIOLATIONS

By |November 13th, 2018|Legal Matters|

An arbitration panel of the Financial Industry Regulatory Authority (“FINRA”), has entered an Award of over $360,000, plus interest, against Wells Fargo Advisors, LLC following a customer arbitration against the firm.  The customer’s claims included allegations of violations of federal and state securities and business practices acts, breach of contract, fraud, breach of fiduciary duty, [...]

Nov 9, 2018

MOLONEY SECURITIES HIT WITH $300,000 ARBITRATION JUDGMENT

By |November 9th, 2018|Legal Matters|

A Financial Industry Regulatory Authority (FINRA) arbitration panel has entered a $300,000 award against Moloney Securities, Inc. and Moloney Securities Asset Management, LLC, of St. Louis, Missouri. The claimants in the arbitration claimed that the Moloney firms breached fiduciary duty, committed fraud, made unsuitable investment recommendations, misrepresentations, were neglectful, failed to supervise their broker(s), breached [...]

Nov 6, 2018

DOUGLAS SIMANSKI, FORMER NEXT FINANCIAL BROKER, TO PAY $3.9 MILLION FOR FRAUD SCHEME

By |November 6th, 2018|Legal Matters|

Former NEXT Financial advisor Douglas Simanski, of Johnstown, Pennsylvania, will pay $3.9 million to settle SEC charges against him and will plead guilty to criminal charges filed against him in the Western District of Pennsylvania. The SEC complaint and criminal proceedings stem from allegations that Simanski violated antifraud provisions of federal securities laws by raising [...]

Nov 2, 2018

WOODBRIDGE CEO ROBERT SHAPIRO TO PAY SEC FINE OF $120 MILLION IN PONZI SCHEME

By |November 2nd, 2018|Legal Matters|

According to court documents, Robert Shapiro, the former CEO of Woodbridge Group of Companies, has agreed to pay $120 million to the Securities and Exchange Commission to settle allegations that he defrauded investors in a $1.2 billion Ponzi scheme. According to the allegations, Woodbridge and Shapiro defrauded more than 8,400 investors in unregistered Woodbridge funds, [...]

Nov 1, 2018

AMI FORTE OUT AT PINNACLE INVESTMENTS AFTER FINRA WIDENS ITS NET

By |November 1st, 2018|Legal Matters|

Ami Forte, once a star Morgan Stanley advisor with over $2 billion in assets under management, is out at Pinnacle Investments as of October 17, according to her FINRA BrokerCheck report. Forte’s departure comes two weeks after FINRA’s announced expansion of its January Wells Notice, which informed Forte of FINRA’s preliminary decision to discipline her [...]

Oct 18, 2018

CETERA ADVISORS, LLC ORDERED TO REPAY CLIENT LOSSES IN RISKY REIT INVESTMENTS

By |October 18th, 2018|Legal Matters|

A Financial Industry Regulatory Authority (“FINRA”) arbitrator issued an Award yesterday in a simplified (paperwork-only) arbitration ordering Cetera Advisors, LLC to repay a claimant $43,500 out of his $50,000 arbitration claim, based on his losses suffered in unsuitably risky and illiquid real estate investment trust (“REIT”) investments. The winning claimant was represented by the Frankowski [...]

Oct 2, 2018

LJMIX Investors May Bring Individual Claims

By |October 2nd, 2018|Legal Matters|

LJM Partners, out of Chicago, Illinois, saw massive losses to its LJM Preservation and Growth Fund (“LJMIX”) in February, losing over 82 percent of the Fund’s value in a single week. The Fund held risky positions based on the CBOE Volatility Index, or VIX, which rose to near seven-year highs. The fund was overexposed to [...]

Sep 5, 2018

EB-5 IMMIGRANT INVESTOR PROGRAM FRAUD CLAIMS ON THE RISE

By |September 5th, 2018|Legal Matters|

Throughout 2018, immigration law and border enforcement have made front page headlines, most of which focused on immigration across the Mexican border and family separations in detainment centers for undocumented immigrants. A much lesser-known immigration program, the “Immigrant Investor Program,” also known as the EB-5 program, has made far fewer headlines despite a marked increase [...]

Aug 22, 2018

CALEB OVERTON BARRED BY SEC FOR MISUSE OF CUSTOMER FUNDS

By |August 22nd, 2018|Legal Matters|

Caleb Overton The Securities and Exchange Commission (“SEC”)  has entered an Order barring Caleb Overton, the sole owner of Biltmore Wealth Management, LLC of Santa Barbara, California, from the securities industry for at least five years based on findings that he and Biltmore misused approximately $2.2 million in customer funds. According to the [...]

Aug 20, 2018

WOODBRIDGE GROUP SELLERS CHARGED BY SEC FOR MILLIONS IN UNAUTHORIZED SALES

By |August 20th, 2018|Legal Matters|

SEC Charges Woodbridge Group The Securities and Exchange Commission (“SEC”) announced charges today against five individuals and four companies for unlawful sales of Woodbridge Group of Companies, LLC to main street investors. The five Florida-based defendants: Barry M. Kornfeld, Ferne Kornfeld, Lynette M. Robbins, Andrew G. Costa, and Albert D. Klagler, allegedly sold [...]

Aug 16, 2018

AMERIPRISE FINANCIAL SERVICES, INC. TO PAY $4.5 MILLION TO SETTLE SEC CHARGES

By |August 16th, 2018|Legal Matters|

SEC charges Ameriprise Ameriprise Financial Services, Inc. was charged by the Securities and Exchange Commission (“SEC”) with failing to safeguard retail investors from theft by its representatives, according to a press release from the SEC. Ameriprise has agreed to pay $4.5 million to settle the charges. The SEC alleged that five Ameriprise representatives [...]

Aug 6, 2018

MINNESOTA BROKER ETHAN DE NARAY FINED, SUSPENDED BY FINRA FOR UNAUTHORIZED TRADING, MISLABELED TRADES

By |August 6th, 2018|Legal Matters|

Ethan De Naray Broker Investigation The Frankowski Firm is investigating potential claims against Ethan De Naray, of the Minneapolis, Minnesota area, and his former employer,  Merrill Lynch, following FINRA’s fine and suspension of De Naray on August 3, 2018. FINRA’s Acceptance, Waiver and Consent letter against De Naray included FINRA findings that De [...]

Aug 3, 2018

DAVID CHADWICK CARRICK AND STIFEL, NICOLAUS SUED IN MISSISIPPI BY ELDERLY CLIENT

By |August 3rd, 2018|Legal Matters|

David Chadwick Carrick and Stifel Nicolaus The Frankowski Firm is investigating potential claims against David Chadwick Carrick and Stifel, Nicolaus & Company, Inc., following a lawsuit filed in Greene County, Mississippi earlier this year on behalf of an elderly client of Mr. Carrick’s surrounding allegations of wrongdoing alleged to have occurred while he [...]

Jul 27, 2018

FINANCIAL VISIONS, DANIEL B. RUDDEN CHARGED BY SEC WITH $55 MILLION PONZI SCHEME

By |July 27th, 2018|Legal Matters|

SEC Charges Daniel Rudden The Securities and Exchange Commission has frozen the assets of Daniel B. Rudden and his company, Financial Visions, of the Denver, Colorado area, following criminal charges brought against Rudden earlier this month alleging that he used his business to operate a massive Ponzi scheme. According to the Colorado U.S. [...]

Free Case Evaluation

Call 888-741-7503 now or fill out the form above
to receive a free confidential consultation.
disclaimer
disclaimer-mob
TEXT US888.741.7503