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(614) 502-6165Boston-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  ...
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. ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 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 ...
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. ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
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 ...
