Insights
December 28, 2015
A class-action lawsuit was filed last week alleging breach of fiduciary duty resulting from excessive record-keeping fees and use of proprietary investment funds. The suit, Pledger et al. v. Reliance ...
December 23, 2015
Brookstone Securities, Inc. (Lakeland, FL) was censured, fined $1,000,000 and required to pay, jointly and severally with Christopher Dean Kline (Baraboo, Wisconsin) and Antony Lee Turbeville (Lakelan...
December 23, 2015
Fiduciaries of the Insperity 401(k) Plan are targeted in the recently filed Pledger et al. v. Reliance Trust Co. et al., case. Attorney Jerry Schlichter, who has filed suits against many large corpora...
December 23, 2015
The SEC ordered Morgan Stanley to pay $8.8 million dollars for unsupervised prearranged trading, or “parking”, by a portfolio manager and trader. Societe Generale Americas was ordered to p...
December 18, 2015
Owen Li, founder of Canarsie Capital, managed to lose $57 million in only two weeks, leaving his investors with only $200,000 and a letter of apology. Li is now also a convicted felon after admitting ...
December 17, 2015
Martin Shkreli, the hedge fund manager and drug company CEO who rose to infamy after gouging the price of a life-saving pill from $10.50 to $750, has been charged with securities fraud. The FBI arrest...
December 16, 2015
An ex-New Jersey Investment Adviser pleaded guilty to 31 of 37 charges in two indictments brought against her in 2012 and 2013 for operating a $1.178 million Securities and Annuities fraud scheme, ann...
December 15, 2015
Comprehensive Asset Management and Servicing Inc. (“CAMS”) has agreed to pay $475,000 to settle claims that the firm failed to reasonably supervise representatives’ sales of variable...
December 14, 2015
Stock in United Development Funding IV has gone into a free fall following a report published on an investor website that alleged the real estate investment trust has operated for years like a Ponzi s...
December 11, 2015
A FINRA arbitration panel awarded over $1 million to an elderly woman who claim to be ripped off by an ex-Morgan Stanley broker. Arbitrators recently found for Genevieve Lenehan, giving her punitive a...
December 9, 2015
Cornelius Alig, an architect and real-estate developer from Indianapolis, Indiana, allegedly received thousands of dollars from victims through promissory notes he was unable to pay. Alig was charged ...
December 8, 2015
FINRA filed a complaint against Cantone Research Inc. (“CRI”) of Tinton Falls, New Jersey and its President, Anthony J. Cantone, charging fraud in connection with the sales and subsequent ...
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