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Industry News & Information

Part of what makes Meyer Wilson so unique is that we do not spread our resources thin over many different legal practice areas; nor do we take on a large caseload of investor claims cases. Investment and securities arbitrations and lawsuits require a deep understanding of the securities industry and tremendous attention to detail.

LPL Financial Sued in Classaction Over Variable Annuities

Boston-based LPL Financial has been sued by two Nebraska investors in a class action alleging the sale of unsuitable variable annuities in their retirement accounts. The lawsuit alleges that the firm's broker, Bob Bennie, made material&nbsp ...

Survey: 1 in 5 Over Age 65 Likely to Be Victims of Financial Fraud

At least one in five Americans over the age of 65 has been the victim of financial abuse and/or financial fraud, according to a June 15, 2010 press release issued by the Investor Protection Trust. That's approximately 7.3 million Americans exploited. ...

FINRA Issues Compliance Guidelines Regarding Use of Blogs and Social Networking Websites

The Financial Industry Regulatory Authority (FINRA) recently issued Regulatory Notice 10-06 regarding the use of blogs and social networking websites such as Facebook, Twitter, and LinkedIn by brokers to communicate with the public. The Notice mak ...

SEC Files Complaint to Halt $300 Million Ponzi Scheme Involving Supposed Gold Mining Investments

Last week, the United States Securities and Exchange Commission ("SEC") filed a complaint against several individuals charging that they perpetrated a $300 million Ponzi scheme, selling promissory notes to over 3,000 investors in the United States a ...

Investor Squares Off Against Merrill Lynch Over "Investor Sophistication"

Investors are filing increased numbers of arbitration claims against investment firms for investment misconduct and fraud relating to the sales of complex investment products. A common defense, according to a June 11 Wall Street Journal article, is t ...

FINRA Proposes Expanding Registration to Include Broker-Dealers' "Back Office" Staff

The Financial Industry Regulatory Authority (FINRA) recently issued Regulatory Notice 10-25 in which it proposed expanding registration requirements in the securities industry to include those individuals working in a broker-dealers’ “back off ...

Former South Florida Lawyer Sentenced to 50 Years for $1.2b Ponzi Scheme

Scott Rothstein was sentenced to 50 years in prison for his role in the operation of a $1.2 billion Ponzi scheme. Rothstein pled guilty in January to running the Ponzi scheme in which he sold stakes in legal settlements, in which people sell large s ...

Securities America Requests Broker-Dealers Be Subpoenaed in Legal Battle Involving Medical Capital Private Placements

In a move Massachusetts securities regulators are calling an attempt to delay proceedings based on a "dangerous false presumption," Securities America is asking the Court to subpoena other broker-dealers that sold Medical Capital notes, according to ...

Northern Colorado Ponzi Scheme Involves $3.5 Million

Jeremy Hart and Richard Novaria were arrested on Friday, May 28, 2010, for their alleged connection to a Northern Colorado Ponzi scheme that involved $3.5 million. The pair has been accused of duping nearly 25 investors in association with ...

"Pump and Dump" Investment Scams Tied to BP Oil Spill

Federal officials are warning investors to be wary of pump-and-dump schemes in the aftermath of the BP oil spill, according to The Sacramento Bee. These scams are relatively common after a natural or environmental disaster, and several popped up in ...

Investor Claims Involving "100 Percent Principal Protected Notes" Soar

In the last few years, individual investors have lost billions of dollars collectively due to the marketing of complex, supposedly safe, securities by brokerage firms and securities advisors. Now, investors are bringing new cases against firms and ad ...

NY Investment Adviser Ken Starr Charged With Fraud

News recently broke that the government has charged Kenneth Ira Starr, the New York investment adviser used by many of the stars, with fraud. This alleged investment fraud equates to about $30 million. The federal complaint makes the allegation that ...

Life Settlement Securities Scam

Life settlements have received a lot of negative attention due to the industry’s high fees and aggressive sales tactics. Now there is another set of potential problems associated with life settlements.A life settlement is a financial transaction in ...

Alternative Energy Scams

Many investors have become attracted to “green” investments. While there are legitimate ones out there, some of these investments are fraudulent. Just last year, the Securities and Exchange Commission (SEC) accused San Diego-based Nova Gen Corp. ...

Joanne Schneider Withdraws Plea on Ohio Securities Fraud Charges

In 2009, Joanne Schneider pled guilty to thirteen counts of fraud and securities violations involving a $60 million investment scam, according to the Associated Press. The scam involved a failed real estate development in the Cleveland suburb of Parm ...

Spongetech Executives Charged With Alleged Securities Fraud

The top executives at Spongetech Delivery Systems Inc., a small company that frequently advertised at various sport venues, including the Yankee Stadium, have been arrested and charged in an alleged investment fraud scheme. According to U.S. Attorn ...

Senate Passes Financial Reform Bill

Last Thursday night, the U.S. Senate passed The Restore American Financial Stability Act, which seeks to implement financial reforms, curb abusive lending practices, and limit risk-taking by large institutions.Under the current version of the Act, th ...

SEC Files Ohio Lawsuit Naming Former Brokers of World Group Securities

The SEC filed a federal court lawsuit in northern Ohio last week against two former brokers of World Group Securities (WGS), the Georgia-based broker-dealer affiliate of the financial services firm, World Financial Group. The SEC's Complaint alleges ...

Martin Wegener New England Financial | Michigan Stockbroker Fraud

A Grand Rapids stockbroker is currently under investigation by the Securities and Exchange Commission (SEC) for investment fraud, according to several area news reports. The former stockbroker, Martin T. Wegener, worked for New England Financial, whi ...

FINRA Focuses on Unsupervised Brokers Selling Fraudulent Securities

Recent statistics show that FINRA (the Financial Industry Regulatory Authority, Inc.) is keeping a much closer eye on unsupervised stockbrokers who are engaging in the illegal sale of private securities transactions that are not approved by their bro ...

FINRA Proposes Eliminating "Inability-To-Pay" Defense

The Financial Industry Regulatory Authority (FINRA) recently proposed a change to FINRA Rule 9554 which would eliminate the “inability-to-pay” defense in customer arbitration cases. The “inability-to-pay” defense frustrates a customer’s ...

Santa Ana Man Faces Prison Following Ponzi Scheme

An investment fraud scam that cost investors $14.5 million dollars has led to a Santa Ana investment advisor facing more than 10 years in a federal prison. The man was also ordered to pay $14.5 million in restitution for his involvement in what is re ...

How to Avoid Financial Loss From Unauthorized Trading

In most instances, your stockbroker is required to obtain your permission before making a purchase or sale in your investment account. When your broker does not get your authorization and goes ahead and makes a transaction anyway, you may have an una ...

Nevin Shapiro and Capitol Investments USA, Inc. - Alleged Ponzi Scheme

Meyer Wilson has launched an investigation into an alleged $900 million Ponzi scheme operated by Nevin Shapiro through his company Capitol Investments USA, Inc. ("Capitol"). According to the complaint filed by the United States Securities and Excha ...

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