Author Archives: Staff
FINRA Arbitration Panel: Morgan Stanley Liable For More Than $11.6 Million In Damages
On December 1st, 2022, a FINRA Arbitration Panel in Tampa, Florida awarded more than $11.6 million in damages to claimants (Case Number: 21-02127). Morgan Stanley—that national brokerage firm headquartered in Westchester County, New York—was the respondent in the case. The firm was found liable for unauthorized sales and transactions of certain securities. Here, our… Read More »
$20 Million Awarded To Whistleblower By SEC
On November 28th, 2022, the Securities and Exchange Commission (SEC) announced that $20 million is being awarded to a whistleblower who provided “critical information” that led to successful enforcement action. Notably, there were two separate claimants who sought whistleblower compensation in this case. The second claimant was denied. Here, our Miami SEC whistleblower lawyer… Read More »
Florida Broker Fined, Suspended For Improperly Authorizing Discretion In Customer Account
John Charles Barnes (CRD #862738) is an actively registered FINRA broker and registered investment adviser (RIA). Since 2019, Mr. Barnes has served as a financial representative of Wilmington Capital Securities, LLC in Naples, Florida. Previously, he was associated with RBC Capital Markets, LLC (2006 to 2019), also in Naples, FL. In September of 2022,… Read More »
More Than $10 Million Awarded To Whistleblower By Securities And Exchange Commission
On October 31st, 2022, the Securities and Exchange Commission (SEC) announced a whistleblower award in excess of $10 million. The whistleblower compensation was granted after the agency determined the whistleblower made a significant contribution to successful enforcement action in a securities fraud case. Documents and guidance provided by the whistleblower were essential to the… Read More »
Florida Broker Barred For Failure To Cooperate With Investigation Into Churning
Francis Joseph Velten Jr. (CRD #2291911) is a previously registered broker and previously registered investment adviser (RIA). Most recently, this broker was associated with Summit Brokerage Service (2006 to 2018), Independent Financial Group (2018 to 2020), and Ameriprise Financial Services (2020 to 2020)—all in New Port Richey, Florida. An investigation was launched into the… Read More »
SEC Settles Securities Fraud Case With “Cherry-Picking” Investment Professionals
On October 25th, 2022, the Securities and Exchange Commission (SEC) published an official litigation release confirming that the agency has obtained a final consent judgment in the securities fraud case involving Ramiro Jose Sugranes, Lina Maria Garcia, UCB Financial Advisers, Inc., and UCB Financial Services Limited. The defendants—as well as two relief defendants—will pay… Read More »
SEC Charges Firm In $600 Million Real Estate Ponzi Scheme, Linked To Florida
On October 13th, 2022, the Securities and Exchange Commission (SEC) announced securities fraud charges against a New Jersey-based real estate development firm and four of its executives. The SEC alleges that more than 2,000 investors were affected by a $600 million real estate Ponzi scheme. The securities fraud scheme has links to real estate… Read More »
SEC Litigation Release: Charges Filed In Florida Pump-And-Dump Securities Fraud Scheme
On September 30th, 2022, the Securities and Exchange Commission (SEC) announced investment fraud charges against four individuals and two companies in a court in South Florida. Securities fraud charges were filed against the following parties: Arbitrade Ltd (a company based in Bermuda); Cryptobontix Inc. (a company based in Canada); Troy R. J. Hogg of… Read More »
SEC Charges A South Florida Man With Real Estate Investment Fraud
On September 30th, 2022, the Securities and Exchange Commission (SEC) published a litigation release related to the real estate fraud charges against a South Florida man, a French national, and several related investment entities. The agency contends that Paulo Fernando De Bastos (Florida) and Joao Pedro Fonseca (France) raised more than $40 million from… Read More »
SEC Charges Loan Underwriter For Role In Nearly $200 Million Ponzi Scheme
On September 27th, 2022, the Securities and Exchange Commission (SEC) announced that a Florida man named Christian J. Gonzalez—a loan underwriter associated with MJ Capital Funding, LLC—has been charged with securities fraud. MJ Capital Funding, LLC is part of an ongoing $196 million Ponzi scheme investigation. Below, our Miami Ponzi scheme attorney provides a… Read More »
