Securities Law Clinic

Investor Protection News Archive

SEC Sues Houston Businessman, Albert Fase Kaleta, and His Company, Kaleta Capital Management, Inc., for Conducting Fraudulent $10 Million Promissory-Note Offering November 18, 2009 SEC Sues Kaleta and His Company for Conducting Fraudulent $10 Million Promissory-Note Offering ...
SEC Charges Promoters of "Green" Investments With Operating A Ponzi Scheme Aimed Towards Seniors November 17, 2009 Foursome targeted elderly with promises of high returns on "green" investments . . .
SEC Charges Former CFO of New York Based Hedge Fund With Securities Fraud November 10, 2009 Boston Provident CFO Sold His Personal Securities to the Hedge Fund at Inflated Prices . . .
SEC Charges New York Broker for Manipulating Stock Prices Through Fake Press Releases and Internet Postings November 04, 2009 The SEC has charged a New York broker for manipulating stock prices through fake press releases and internet postings ...
SEC Sues Value Line Inc. for $24 Million Fraudulent Scheme November 04, 2009 SEC sues Value Line Inc. for $24 million fraudulent scheme ...
SEC Charges Former CFO and Six Relatives and Friends in Insider Trading Ring November 03, 2009 San Francisco Based CFO Passed Along Insider Information to Family and Friends . . .
SEC Obtains Order Halting An Ongoing Fraud Involving The Sale Of Stock In Amante Corporation October 30, 2009 SEC obtains order halting an ongoing fraud involving the sale of stock in Amante Corporation ...
SEC Brings Emergency Action Against Thompson Price Holding Inc. for Fraudulent Stock Offering October 28, 2009 SEC brings emergency action against Thompson Price Holding Inc. for fraudulent stock offering ...
SEC Charges Promoter and Brokers in Real Estate Investment Scheme Targeting Seniors at Free Lunch Seminars October 26, 2009 SEC charges promoter and brokers in real estate investment scheme targeting seniors at free lunch seminars ...
SEC Suspends Trading in the Securities of Sun Sports and Entertainment Corporation October 21, 2009 SEC Suspends Trading in the Securities of Sun Sports and Entertainment Corporation ...
SEC Charges Three South Florida Residents with Operating a Ponzi Scheme and Affinity Fraud Targeting Haitian-Americans October 19, 2009 SEC charges HomePals with operating a Ponzi scheme and affinity fraud targeting Haitian-Americans ...
SEC Shuts Down $40 Million Fraud Scheme of Illinois Money Manager William A. Huber October 05, 2009 SEC shuts down $40 million fraud scheme of Illinois money manager William A. Huber ...
FINRA Warns Public of Scam Using Fake FINRA Emails in "Phishing" Scheme October 05, 2009 FINRA Warns Public of Scam Using Fake FINRA Emails in "Phishing" Scheme ...
Court Orders Defendants in an Illegal Foreign Currency Scheme to Pay Investors Back September 25, 2009 Court Orders Defendants in an Illegal Foreign Currency Scheme to Pay Investors Back . . .
SEC Sues Tony E. Morrison and Texas Securities Partners LLC for an Unregistered Oil and Gas Offering Fraud September 21, 2009 SEC sues Tony E. Morrison and Texas Securities Partners LLC for an unregistered oil and gas offering fraud ...
SEC Halts $5.2 Million Offering Fraud Perpetrated by Paul D. Poetter September 14, 2009 SEC Halts $5.2 Million Offering Fraud Perpetrated by Paul D. Poetter ...
SEC Charges Seattle-Area Biotech with Fraudulently Hyping Stem Cell Breakthrough September 10, 2009 SEC Charges Seattle-Area Biotech, CellCyte Genetics, with Fraudulently Hyping Stem Cell Breakthrough ...
SEC Halts $32.5 Million High-Yield Investment Scheme Perpetrated by North Carolina Couple September 08, 2009 Sidney and Charlotte Hanson defrauded investors of approximately $32.5 million during the three-year scheme ...
SEC Charges New York-Based Money Manager, Philip G. Barry, in $40 Million Ponzi Scheme September 07, 2009 SEC charges New York-based money manager, Philip G. Barry, in $40 million ponzi scheme ...
SEC halts fraudulent scheme to inflate the market for Golden Apple stock September 03, 2009 SEC halts fraudulent scheme to inflate the market for Golden Apple stock ...
FINRA Fines NEXT Financial Group $1 Million for Supervisory Failures That Led to Churning of Customer Accounts and Excessive Commissions July 27, 2009 NEXT Financial Group Fined $1 Million for Supervisory Failures That Led to Churning of Customer Accounts ...
SEC Charges Ameriprise Financial Services in Fraudulent Scheme to Obtain Undisclosed Compensation July 13, 2009 SEC charges Ameriprise Financial Services in scheme to obtain undisclosed compensation using "revenue sharing" payments ...
SEC Charges Sky Capital LLC in Multi-Million Dollar Transatlantic Stock Manipulation Scheme July 08, 2009 SEC Charges Sky Capital LLC in Multi-Million Dollar Transatlantic Stock Manipulation Scheme using "no-net sales" policy...
SEC Charges Prime Capital Services for Fraudulent Sales of Unsuitable Variable Annuities to Senior Citizens June 30, 2009 SEC Charges Prime Capital Services for fraudulent sales of unsuitable variable annuities to senior citizens ...
SEC charges Dillon Scott Securities for unregistered offering of Gold Rush Technologies June 25, 2009 SEC charges Dillon Scott Securities for unregistered offering of Gold Rush Technologies ...
SEC Charges Attorneys for Fraudulent Legal Opinions Used by Promoters in Pump-and-Dump Scheme May 05, 2009 SEC Charges Attorneys for Fraudulent Legal Opinions Used by Promoters in Pump-and-Dump Scheme
FINRA Fines Fifth Third Securities $1.75 Million for 250 Unsuitable Variable Annuities Transactions April 20, 2009 Fifth Third Securities fined $1.75 million for unsuitable variable annuity sales, orders restitution, recission ...
SEC Charges Ohio Investment Adviser With Defrauding Elderly Clients of $2.3 Million April 13, 2009 SEC charges Crossroads Financial Planning and Julia Jarvis with defrauding elderly clients of $2.3 million ...
Ponzi Scheme Utilized Promissory Notes Supported by Collateral Signed in Names of Fictitious Persons April 09, 2009 Robert P. Copeland used fictitious names to assign property as collateral for bank notes ...
SEC Halts Multi-Million Dollar Ponzi Scheme Aimed at Chinese-Americans April 06, 2009 Multi-million dollar ponzi scheme targeting members of the Chinese-American community shut down ...
SEC Charges Seattle-Area Firm in Multi-Million Dollar Scam Targeting Religious Community and Charitable Investors April 02, 2009 SEC charges Tacoma, WA, firm in multi-million dollar scam which marketed for funds to help Bolivian widows and orphans ...
SEC Halts $68 Million Ponzi Scheme Involving Caribbean-Based Bank and Swiss Affiliate March 26, 2009 Millenium Bank's ponzi scheme claiming returns 321% higher than CD's shut down ...
FINRA Fines 25 Firms More Than $2.1 Million for Failures in Mutual Fund Breakpoint Review, Other Violations March 23, 2009 25 firms fined more than $2.1 million for improper mutual fund sales practices ...
SEC Prevails in Bench Trial of Jonathan Curshen, a Promoter in an Internet "Pump and Dump" Scheme March 12, 2009 Jonathan Curshen found liable in trial for inaccurate promotion of Freedom Golf Corporation stock ...
SEC Halts Multi-Million Dollar Real Estate Investment Fraud March 09, 2009 SEC seeks asset freeze of Diversified Investment Group and others involved in large-scale real estate fraud ...
SEC Warns Investors and Financial Firms of Government Impersonators March 02, 2009 The SEC is warning investors about con-artists who may use the names of SEC employees to mislead potential victims ...
SEC Emergency Action Halts Fraud at Unregistered Hedge Fund February 26, 2009 Westgate Capital solicited investors with false claims of an almost unbroken eight-year string of monthly investments ...
SEC Obtains Emergency Relief in Minnesota Hedge Fund Fraud Case February 23, 2009 SEC obtains an emergency restraining order against Minnesota based Paramount Partners and associated organizations ...
SEC Halts Ponzi Scheme Targeted at Deaf Community February 19, 2009 An injunction was issued against Hawaii-based Billion Coupons, Inc., involving in a Ponzi scheme and misappropriation ...
New FINRA Arbitration Rules for ARS Cases February 18, 2009 FINRA announces special arbitration procedure for investors seeking consequential damages related to Auction Rate Securities
SEC Charges Quest Holdings and Craig T. Jolly in Internet-based Ponzi Scheme and Other Fraud February 11, 2009 SEC charges Quest Holdings and Craig T. Jolly in internet-based fraudulent investment scheme ...
SEC Brings Fraud Charges and Obtains Emergency Relief to Stop Ongoing Prime Bank Scheme Targeting Seniors February 10, 2009 SEC brings fraud charges against Brian V. Prendergast and obtains emergency relief to stop bank scheme targeting seniors ...
Court Awards SEC Over $642,000 from Defendants in Stock Manipulation Scheme January 27, 2009 Judgment entered against Jeffrey Steven Stone and Janette Diller Stone for artificially inflating stock price ...
FINRA Fines Leonard & Co. for Sale of Unregistered Securities January 21, 2009 FINRA Fines Leonard & Co. of Troy, Michgan, for illegal sale of more than two million shares of penny stock ...
SEC Seeks Temporary Restraining Order To Halt CRE Capital Corporation Ponzi Scheme January 21, 2009 CRE Capital Corp scheme netted at least $25 million from over 120 investors...
Oil and gas promotor Star Exploration charged with soliticing funds for dry holes and diverting investor funds... December 24, 2008 Oil and gas promotor Star Exploration charged with soliticing funds for dry holes and diverting investor funds...
SEC Sues for Registration and Fraud Violations in Beverage Creations, Inc. stock offerings December 24, 2008 SEC charges three stock promoters for registration and fraud violations in Beverage Creations, Inc. stock offering ...
State Securities Regulators Offer Tips to Help Investors Avoid Dishonest Investment Professionals December 23, 2008 State Securities Regulators Offer Tips to Help Investors Avoid Dishonest Investment Professionals ...
FINRA Launches Comprehensive Mutual Fund Expense Analyzer December 23, 2008 FINRA Launches Comprehensive Mutual Fund Expense Analyzer ...
New Measures to Provide Transparency for Municipal Bond Investors December 12, 2008 SEC and MSRB implement new measures to provide transparency for municipal bond investors ...
SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme December 11, 2008 SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme
Birmingham, Alabama Mayor and Friends Indicted For Bribery Scheme in Municipal Bond Deals December 05, 2008 Birmingham, Alabama Mayor indicted for bribery scheme in connection with municipal bond deals ...
Prosper Marketplace Inc. Enters Settlement With State Securities Regulators Over Sales of Unregistered Securities December 02, 2008 Online ‘Peer-to-Peer’ Lending Service Agrees to $1 Million Penalty
Unregistered Broker-Dealer Blue Square Management, Inc. Solicited Investments In Fictitious ATM Management Company December 02, 2008 Unregistered broker-dealer Blue Square Management, Inc. solicited investments in entirely fictitious ATM management company
State Securities Regulators Reach Out to "Sandwich Generation" Investors November 25, 2008 State securities regulators reach out to those funding children's schooling and parents' care ...
4NExchange and Executives Ordered to Pay $720,000 in Penalties to Resolve CFTC Charges of Fraud and Misappropriation in Foreign Currency Scam November 21, 2008 4NExchange and executives charged for conducting ponzi scheme through misrepresentations ...
Biltmore Financial Group, Inc. and J. V. Huffman, Jr. Charged in $25 Million North Carolina Ponzi Scheme November 17, 2008 North Carolina Biltmore Financial CEO defrauded 500 investors and used the money to fund his lavish lifestyle ...
Citigroup Global Markets Fined $300,000 for Failing to Supervise Commissions Charged to Customers on Stock and Option Trades November 14, 2008 Citigroup to reimburse customers affected by brokers overcharging for commissions ...
SEC Charges Phony Investment Adviser Jeffrey Laumbattus for Defrauding Investors and Obtains Emergency Asset Freeze November 13, 2008 SEC charged Jeffrey Laumbattus for defrauding investors through false account statements and misleading comments ...
State Securities Regulators Remind Auction Rate Securities Investors to Contact Firms About Buyback Offers November 12, 2008 Securities Regulators Remind Auction Rate Securities Investors to Contact Firms About Buyback Offers ...
AARP and NASAA Launch "Free Lunch Seminar Monitor" Program November 11, 2008 AARP and NASAA Launch “Free Lunch Seminar Monitor” Program ...
J.P. Turner Fined $250,000 for Failing to Supervise Commissions Charged on Stock Trades November 07, 2008 J.P. Turner was fined $250,000 for failing to supervise commissions charged on stock trades ...
Unregistered Broker-Dealer Sentenced to 10 Years Incarceration November 04, 2008 Unregistered Broker-Dealer sentenced to 10 Years Ifor scheme that raised more than $1 million from investors....
SEC Alleges "The Bottom Line of South Florida" and "Summit Trading" Were Part of Ponzi Scheme November 03, 2008 "The Bottom Line of South Florida" ponzi scheme sold more than $30 million of securities to at least 80 investors ...
SEC Charges "Strictly Stocks Investment Company" Fraudulently Targeted Retired Police Officers and Firefighters October 27, 2008 Owner of "Strictly Stocks Investment Company" charged with misappropriating funds from retirees for personal use ...
SEC Charges Four Stock Promoters with Market Manipulation October 14, 2008 Defendants charged for bribing financial advisor with kickback for purchasing defendants' stock ...
Judgment Entered Against Southwestern Medical Solutions, Inc. in Penny Stock Fraud October 08, 2008 Judgment Entered Against Southwestern Medical Solutions, Inc. for false press releases regarding FDA approval ...
Brokers Sold Variable Life Policies Using Subprime Mortgage Refinancing October 08, 2008 Brokers sold variable life policies using subprime mortgage refinancing ...
NASAA Cautions Investors Against Making Uninformed, Sudden Decisions Amid Wall Street Crisis September 28, 2008 North American Securities Administrators Assoc. cautions against making uninformed, sudden decisions amid Wall Street crisis
SEC Charges South Florida Investment Adviser With Multi-Million Dollar Misappropriation and Ponzi Scheme September 28, 2008 Anthony A. James charged with misappropriating at least $5.2 million from at least 44 clients to fund his lavish lifestyle
Complaint Names Nine in Fraudulent "Pump and Dump" Scheme involving eCarfly, Inc., now known as Market 99, Ltd September 28, 2008 Complaint Names Nine in Fraudulent "Pump and Dump" Scheme involving eCarfly, Inc., now known as Market 99, Ltd
CFTC Sues Boca Raton Resident Michael A. Meisner and His Company, Phoenix Diversified Investment Corp., in Commodity Pool Anti-Fraud Action September 28, 2008 CFTC alleges Boca Raton, Florida resident Michael A. Meisner misappropriated commodity pool participants’ funds ...
Chicago Broker Barred For Trade-Reallocation September 24, 2008 Marc Willis, of Chicago, Illinois, found guilty of after-the-fact reallocation of favorable trades ...
DeWitt, NY Employee of MML Investor Services Stole from Customers September 24, 2008 David Rozzano of DeWitt, NY office of MML Investor Services, used customer funds for own benefit ...
SEC Brings Fraud Charges Against Global Marketing Consultants, LLC September 22, 2008 Global Marketing Consultants, LLC sold unregistered "non-depleting custodial" bank accounts...
SEC Charges Two In Expedia Short Selling Scheme September 22, 2008 David S. Davidson and Lloyd S. Beirne placed phony buy orders to drive up stock in order to profit from subsequent drop ...
SEC Consent Order Entered Against American Energy Resources Corporation September 18, 2008 American Energy Resources Corp. sold interests in oil and gas wells through cold call telephone solicitations ...
SEC Issues New Rules to Protect Investors Against Naked Short Selling Abuses September 18, 2008 SEC Issues New Rules to Protect Investors Against Naked Short Selling Abuses ...
North American Mining Ventures, Inc. Charged by SEC September 11, 2008 SEC alleges Rick J. Boros, a/k/a Vincent Kwiatkowski used investor funds to pay personal debts and family expenses ...
Dallas, TX based Barron Moore and principals expelled for illegal sales of unregistered penny stock iStorage Networks September 08, 2008 Dallas, TX firm Barron Moore expelled, fined for sales of unregistered penny stock iStorage Networks
"Homeland Communications Corp" Fraud Charged September 08, 2008 SEC says repeat offender Donald D. LaBarre raised at least $3.8 million from approximately 250 investors ...
Two Credit Suisse Brokers Indicted for Auction-Rate Securities Fraud September 04, 2008 Brokers accused of falsifying the names of the Auction Rate Securities sold to clients ...
Quogue, NY Mayor Charged With "Cherry-Picking" Profitable Customer Trades August 30, 2008 George Motz allegedly "cherry-picked" profitable customer trades for hedge fund ...
SEC Charges Bay Area Investment Adviser in Real Estate Investment Scam August 28, 2008 Mark J.P. Boucher settles charges he used investor money to pay a portion of his home mortgage ...
CFTC Announces Formation of Retail Foreign Currency Fraud Enforcement Task Force August 28, 2008 CFTC Task Force investigating and litigating fraud in the off-exchange retail foreign currency (forex) market ...
SEC Shuts "Universal Lease" Timeshare Fraud August 25, 2008 Scam raised $428 million from fraudulent and unregistered securities ...
Royal Forex Management Foreign Currency Scheme Halted August 25, 2008 Royal Forex Management of Dallas made false representations of trading success, used investor funds for personal expenses ...
SEC Freezes Funds in Trans-Atlantic "Pump and Dump" Scheme August 16, 2008 Bremerton, Wash.-based GHL Technologies, Inc., and its CEO charged with making a series of false press releases ...
Securities Regulators Announce Settlement With Wachovia Over Sale of Auction Rate Securities August 15, 2008 Wachovia Securities joins list of securities firms agreeing to buy back Auction Rate Securities ...
SEC Charges Defendants in $255 Million Ponzi-Type Scheme Involving Wextrust Capital, LLC and Other Wextrust Entities August 11, 2008 Wextrust Capital scheme targeted Orthodox Jewish community, raised $255 million from 1200 investors ...
UBS Agrees to Auction Rate Securities Settlement August 09, 2008 UBS to restore approximately $22 billion in liquidity to its customers who invested in auction rate securities ...
SEC Sues Russian for Scheme to Intrude Into Online Accounts, Manipulate Market August 08, 2008 Russian manipulated prices of stocks by breaking into the online brokerage accounts of U.S. investors ...
NY Atty General Forces Citigroup to Buy Back Billions in Auction Rate Securities August 07, 2008 NY Attorney General Settlement Requires Citigroup to buy back billions of dollars of Auction Rate Securities at full value...
Massachusetts charges Merrill Lynch with Auction Rate Securities fraud August 06, 2008 Massachusetts complaint alleges "particularly egregrious" fraud by Merrill Lynch as to Auction Rate Securities ...
SIPC Warns Investors of New Identity Theft "Phishing" Scheme August 05, 2008 SIPC investigating phony emails sent by a supposed "senior investment advisor" claiming to act for an actual SIPC member ...
Albany, NY, broker suspended and fined for "cutting and pasting" customer signature August 05, 2008 Sean Patrick Martin "cut and pasted" public customer’s signature on an asset reallocation form ...
SEC Stops Spam E-mail Pump and Dump Scheme in Lexington Resources, Inc. Stock July 31, 2008 Lexington Resources, Inc. insiders pumped stock price through spam e-mails ...
Permanent Injunction In Time Share Stock Fraud July 28, 2008 Texas-based Mark Meyer & Associates issued fraudulent "Universal Lease" investments in Cancun time shares ...
SEC sustains bar of broker for freeriding and sharing in customer profits July 28, 2008 John D. Audifferen of May Davis Group, Inc,. found guilty of freeriding, sharing in customer profits...
NY Attorney General Charges UBS with Deceptively Selling "Auction Rate Securities" to Customers as "Cash Equivalents" July 24, 2008 Lawsuit Charges UBS with Deceptively Selling “Auction Rate Securities” to Customers as “Cash Equivalents" ...
SEC Obtains Order Halting Alleged Offering Fraud by Purported Alternative Energy Company July 23, 2008 SEC Obtains Order Halting Alleged Offering Fraud by Purported Alternative Energy Company ...
New Hampshire enacts legislation aimed at misleading senior certifications and professional designations July 08, 2008 New Hampshire enacts legislation aimed at misleading senior certifications and professional designations
Business Week Highlights 401(k) Rollover Frauds July 04, 2008 "Ruined by 401(k) Predators" article alleges Morgan Stanley brokers deceived Kodak and Xerox retirees ...
Massachusetts Charges UBS with Fraud in Auction Rate Securities Dealings June 27, 2008 Accuses UBS of "profoundly deceptive" sales tactics in auction rate securities ...
SEC Shuts Stolen-Password Trading Scheme June 27, 2008 Joshua M. Eudowe used other investors brokerage accounts to increase price of stocks he was selling ...
Final judgments in $120 million affinity fraud June 26, 2008 Alanar, Inc. a broker-dealer that raised at least $120 million from more than 10,000 investors across the United States ...
SEC Announces $103 Million Fair Fund Distribution Involving Banc of America June 19, 2008 Banc of America mutual fund shareholders reimbursed for illegal market timing ...
SEC Obtains Asset Freeze Against Massachusetts-Based Investment Adviser Stephen F. Clifford June 19, 2008 Stephen F. Clifford charged with $3 million elder fraud scam ...
NASAA Identifies Traps Likely to Burn Investors This Summer June 18, 2008 NASAA Identifies Traps Likely to Burn Investors This Summer ...
Stephen L. Hochberg Pleads Guilty in Boston, MA Invesment Fund Scam June 18, 2008 Stephen L. Hochberg used investor funds for his own personal expenses and business debts ...
Webster, NY broker barred by FINRA June 16, 2008 Paul Douglas Paratore barred for converting $3,772.71 of a public customer's insurance premiums ,,,
Jamesville, NY broker barred by FINRA June 16, 2008 Richard Steven Petrell barred for submitting false expense reports ...
Final Judgment for Defrauding Investors Regarding Potential Investment in Under Armour IPO June 16, 2008 Ronald K. Bowen falsely claimed he had access to Under Armour IPO shares ...
NAIC Warns Seniors on Annuity Sales Practices June 09, 2008 National Association of Insurance Commissioners Warns Senior Citizens Of Deceptive Annuity Sales Practices
Buffalo, NY, Broker Barred by FINRA June 06, 2008 Charles Robert Murdough borrowed $25,000 from a public customer ...
SEC stops manipulation of InterFinancial Holdings June 03, 2008 Defendants manipulated stock price of company with minimal assets or capitalization ...
Final Judgments Entered Against Defendants Terry E. Provence and DT Capital LLC June 02, 2008 Permanent injunction in fraudulent options trading scheme ...
SEC shuts down fraudulent misconduct at North American Clearing, Inc. May 28, 2008 SEC shuts down fraudulent misconduct at North American Clearing, Inc ...
Advance-Fee Scams Using Fake Regulator Web Sites and False Broker Identities May 17, 2008 Advance-Fee Scams Using Fake Regulator Web Sites and False Broker Identities ...
Newport, RI Woman Accused of $7 Million Commodities Trading Ponzi Scheme May 09, 2008 Defendant claimed investors losses were due to her dyslexia and instead of "going short" she "went long" with a trade ...
Merrill Lynch clients who hold auction rate securities should get their money back within a year May 09, 2008 Merrill Lynch customers who thought they were investing in "money market" funds to remain frozen for another year ...
SEC Stops Multi-Million Dollar Fictitious Currency Trading Program May 08, 2008 SEC Stops Multi-Million Dollar Fictitious Currency Trading Program ...
SEC Halts San Diego Hedge Fund Fraud May 07, 2008 SEC files an emergency action to halt ongoing $30 million hedge fund fraud by an investment adviser located in San Diego ...
Wall Street Trader Charged With Fraud For Spreading False Rumor April 25, 2008 Paul S. Berliner spread false rumor causing stock to drop so he could profit from short position ...
Victor, NY broker suspended for borrowing $10,000 from public customer April 24, 2008 Susan A. Mann suspended for 10 business days for borrowing $10,000 from a public customer ...
Final Judgment Entered Against Former San Francisco-Area Stockbroker Concerning Fraudulent Scheme That Violated the Privacy Rights of His Elderly Customers April 23, 2008 Stockbroker sold confidential personal information of over 500 of his elderly customers to six different insurance agents ...
FINRA Offers Resources to Guard Against Early Retirement Seminar Scams April 23, 2008 FINRA Offers Resources to Guard Against Early Retirement Seminar Scams ...
SEC Launches New Offensive to Alert Investors About Phony Investment Solicitations April 16, 2008 The SEC lists 56 unregistered soliciting entities and affiliated phony agencies or organizations ...
NBC Dateline hidden camera investigation exposes abusive sales of annuities to senior citizens April 11, 2008 NBC Dateline shows how when insurance agents go into the seniors' homes, it is literally the wolf among the lambs ...
SEC Halts Craig's List Online Account Intrusion and Identity Theft Scheme April 08, 2008 SEC Halts Online Account Scheme Using Identities of Craig's List Job Applicants ...
Jury finds stock promoter liable for the fraudulent promotion of "The Children's Internet" stock April 06, 2008 Jury finds stock promoter liable for the fraudulent promotion of "The Children's Internet" stock....
SEC to Issue Guidance On Equity-Indexed Annuities April 03, 2008 SEC Chairman says equity-indexed annuities can be exceptionally complex and often are unsuitable for senior investors ...
State Securities Regulators Announce New Model Rule on the Use of Senior Certifications and Professional Designations April 02, 2008 State Securities Regulators Announce New Model Rule on the Use of Senior Certifications and Professional Designations ...
FINRA spells out the options available to investors holding unexpectedly illiquid auction rate securities (ARS) because of ARS auctions failures. March 31, 2008 FINRA Issues Guidance to Investors Caught in ARS Auction Failures ...
Craig H. Reinhard Sentenced to More Than 12 Years in Prison for Ponzi Scheme That Preyed Mostly Upon Elderly Investors March 27, 2008 Craig H. Reinhard Sold Fictitious Certificates of Deposits to Elderly Investors and Issued Phony Account Statements ...
Brian Anthony Zirnheld, a Registered Representative from Wheatfield, New York, has been suspended for one year for selling an unsuitable variable annuity to customers suffering from dementia March 26, 2008 Brian Zirnheld sold variable annuity to customers suffering from dementia ...
NASAA, SIPC Offer Answers to Investors Concerned About the Safety of Their Brokerage Accounts March 25, 2008 NASAA, SIPC Offer Answers to Investors Concerned About the Safety of Their Brokerage Accounts ...
Stock Promoter receives 10-year sentence for orchestrating Spam-Fueled Pump-and-Dumps of unregistered offerings. March 19, 2008 Stock Promoter receives 10-year sentence for Spam-Fueled Pump-and-Dumps ...
Court Orders Former Majority Leader of the Connecticut State Senate, to Pay Over $791,000 in Connection with Fraud Relating to State Pension Fund. March 14, 2008 Court Orders Former Majority Leader of the Connecticut State Senate, to Pay Over $791,000 ...
FINRA issued an Investor Alert today cautioning homeowners to carefully weigh all of their options before tapping into their home equity through reverse mortgages to obtain additional income for their retirement years. March 13, 2008 FINRA issued an Investor Alert Warning of Using Reverse Mortgages,,,
The Commission today filed civil fraud charges against Linda Woolf and David Gengler, former speakers for "Teach Me to Trade" securities trading workshops. March 11, 2008 SEC Sues Former "Teach Me to Trade" Workshop Speakers for Securities Fraud ...
Former boy band promoter and Ponzi scheme operator Lou Pearlman confessed to bilking investors of more than $300 million over a 15-year period. March 06, 2008 Former boy band promoter and Ponzi scheme operator Lou Pearlman confessed to bilking investors of more than $300 million
FINRA announced today that it has fined and suspended 16 current and former registered representatives of State Farm VP Management Corp. of Bloomington, IL, for misconduct involving FINRA's Continuing Education requirements. March 06, 2008 FINRA announced today that it has fined and suspended 16 current and former ...
The SEC, NASAA, and FINRA announced a new initiative to protect senior investors. The goal of the initiative is to identify effective practices in dealing with senior investors, and to provide information about these practices publicly. February 28, 2008 SEC, NASAA and FINRA Announce New Steps to Help Protect Senior Investors ...
FINRA Settles with Five Firms for Improper Mutual Fund Sales to More than 5,300 Households. February 28, 2008 FINRA Settles with Five Firms for Improper Mutual Fund Sales to More than 5,300 Households ...
The SEC filed civil securities fraud charges stemming from a $10 million securities fraud that victimized over 75 investors from several affinity groups, including the Filipino community, church members, and military personnel. February 27, 2008 SEC Charges Six in Multi-Million Dollar Fraud Targeting the Filipino Community, Church Members, and Military...
SEC Charges Individual with Usurping Identity of a Public Shell Corporation, by Fabricating, Issuing, and Trading Fraudulently Issued Shares February 26, 2008 SEC Charges Individual with Fabricating, Issuing, and Trading Fraudulent Shares
NASAA Brings Fraud Prevention Focus to America Saves Week February 25, 2008 NASAA Brings Fraud Prevention Focus to America Saves Week ...
Frank J. Russo was sentenced in U.S. District Court for the District of Massachusetts to 18 years in prison to be followed by 3 years of supervised release. February 25, 2008 Massachusetts-Based Investment Adviser Indicted in Federal Court on Charges of Investment Adviser Fraud and Mail Fraud ...
The Securities and Exchange Commission issued an Order Instituting Administrative Proceedings, Making Findings, and Imposing Remedial Sanctions against Robert A. Loffredi, a resident of Hinsdale, Illinois. February 22, 2008 SEC Commences Action Against Illinois Stockbroker for Theft ...
The Securities and Exchange Commission filed an action against Clean Care Technologies, Inc. ("CCT"), its former president and principal owner, and two salespeople, who orchestrated a fraudulent unregistered offering. February 21, 2008 SEC Announces Action to Recover Fraudulently Obtained Funds Raised via Sham Securities Offering ...
Oppenheimer & Co. has agreed to be fined $250,000 and to pay $4.25 million in restitution to five dozen mutual fund companies. February 21, 2008 Oppenheimer & Co. to Pay $4.5M To Settle FINRA Market Timing Charges ...
The Ohio Court of Appeals affirms the conviction on securities fraud and registration charges of an investment promoter charged with victimizing financially unsophisticated retirees. February 21, 2008 Ohio Court Affirms Convictions, 19-Year Sentence for Scammer of Retirees ...
In a unanimous opinion, the United States Supreme Court ruled that an individual participant in an ERISA qualified 401k Plan may sue under ERISA for harm to the participant's individual 401(k) account. February 20, 2008 U.S. Supreme Court Allows Individuals to Sue for 401k Losses ...
The confessed operator of a New York "boiler room" that specialized in foreign currency exchanges and took in more than $6.5 million was sentenced to 12 years and six months in prison. February 15, 2008 Boiler Room Boss Gets 12-Plus Years After Pleading Guilty in $6.5M Operation ...
The SEC filed complaints against Defendants Ameer Khan, Raquel Kohler and Stephen Ziegler, arising from their involvement in Mutual Benefits Corp.'s offering fraud which raised more than $1 billion from approximately 30,000 investors. February 15, 2008 SEC Files Complaints Arising from "Viatical Settlement" Fraud Which Raised More than $1 billion from approximately 30,000...
FINRA has charged John Edward Mullins, of Margate, NJ, with misappropriating almost $400,000 from a 97-year-old February 14, 2008 FINRA Charges Broker for Misappropriating Almost $400,000 from 97-Year-Old Widow and Her Charitable Foundation ...
SEC Charges Group of Florida Brokers Stock Manipulation in Connection With Sale of Stock in SCL Ventures And Weida Communications. February 13, 2008 SEC Charges Group of Florida Brokers Stock Manipulation ...
The SEC announced that it filed a Complaint against Strategic Management & Opportunity Corporation ("SMPP")... February 07, 2008 SEC Alleges "Pump and Dump" Market Manipulation by Strategic Management & Opportunity Corporation ...
NASAA calls for immediate action to improve the fairness of the system of securities arbitration. February 06, 2008 State Securities Regulators Say New Study Clearly Shows Investors View Securities Abitration as Biased and Unfair ...
The SEC filed a civil action seeking permanent injunctions, disgorgement and civil penalties in connection with fraudulent offers and sales of approximately $180 million in notes to over 800 investors since the early 1990's. February 06, 2008 SEC Files Civil Action Against VesCor Capital Corp. and Val E. Southwick For Issuing Fraudlent "Promissory Notes" ...
Massachusetts Charges Merrill Lynch in Connection with the Sales of Unsuitable CDOs to the City of Springfield; Merrill Lynch Agrees to Reimburse $13.9 million. February 01, 2008 Massachusetts Charges Merrill Lynch in Connection with the Sales of Unsuitable CDOs to the City of Springfield ...
FINRA announced today that it has fined Banc One Securities Corporation $225,000 for making unsuitable sales of deferred variable annuities and for having inadequate systems and procedures governing annuity exchanges. January 29, 2008 FINRA Fines Banc One for Unsuitable Variable Annuity Sales, Inadequate Supervision of Fixed-to-Variable Annuity Exchanges ...
The Securities and Exchange Commission obtained an order temporarily restraining Bryan S. Behrens and National Investments, Inc., from continuing to engage in the fraudulent offer and sale of securities. January 10, 2008 SEC Obtains TRO to Halt Fraudulent Ponzi-like Scheme ...
NASAA today issued a Senior Investor Alert warning that retirees and those nearing retirement can face serious traps as they manage the savings they have accumulated throughout their working years. September 10, 2007 State Securities Regulators Issue Senior Investor Alert - Highlight "Free Lunch" Seminar Abuse ...