Author Archives: Staff
SEC Amends Whistleblower Rules—Seeks To Encourage More Whistleblower Tips
In 2010, the United States Congress created the SEC whistleblower program as part of the Dodd-Frank Act. Through the whistleblower program, securities industry insiders and others with relevant information can receive a financial reward for voluntarily coming forward and reporting information to regulators that leads to successful enforcement action in a securities fraud case…. Read More »
Florida Brokerage Firm Censured, Fined For Failure To Establish And Implement Property Supervisory System
Kovack Securities Inc. (CRD#: 44848/SEC#: 8-50847) is a Fort Lauderdale headquartered brokerage firm that is licensed to operate in 53 U.S. states and territories. On August 23rd, 2022, the Financial Industry Regulatory Authority (FINRA) announced a censure and a significant civil fine against Kovack Securities Inc. for its failure to put a proper supervisory… Read More »
Florida Broker Fined And Suspended For Unsuitable Investment Recommendations
Phil Donahue (CRD#: 1206346) is a licensed securities broker and registered investment adviser (RIA). Currently, Mr. Donahue serves as a registered representative for Primerica Advisors and PFS Investment Inc. in Panama City Beach, Florida. On August 10th, 2022, the Financial Industry Regulatory Authority (FINRA) fined and suspended Mr. Donahue for violation of FINRA Rule… Read More »
SEC Awards $16 Million To Two Whistleblowers
On August 9th, 2022, the Securities and Exchange Commission (SEC) announced two more whistleblower awards to individuals who provided critical information to help bring a stop to investment fraud. These two whistleblower awards are related to the same underlying matter. The SEC has now awarded more than $1.3 billion in financial compensation to 281… Read More »
SEC Charges Broker And Registered Representative In Complex Unsuitable Investments Case
On July 29th, 2022, the Securities and Exchange Commission (SEC) released a litigation update in the matter of Aegis Capital Corp (CRD#: 15007/SEC#: 801-71386, 8-31616). The federal agency has charged the company’s former managing director Alan Z. Appelbaum (CRD#: 500336) as well as former registered representative Paul F. Gallivan (CRD#: 5793918) in relation to… Read More »
Florida Health Insurance CEO Charged With Investment Fraud
On July 20th, 2022, the Securities and Exchange Commission (SEC) announced investment fraud charges against Health Insurance Innovations (HII) and its former Chief Executive Officer (CEO) Gavin Southwell. A Florida resident, Mr. Southwell served as the health insurance carrier’s CEO from November of 2016 through April of 2021. In this blog post, our Miami… Read More »
SEC Issues Three Whistleblower Awards (More Than $23 Million In Compensation In Total)
The Securities and Exchange Commission (SEC) has recently issued three more whistleblower awards. With the latest award, the federal agency has now granted more than $1.3 billion in financial compensation to 278 individuals through the SEC whistleblower program. In this article, our Miami investment fraud attorney discusses the most recent awards. SEC Whistleblower Awards:… Read More »
SEC Litigation Update: Securities Fraud Charges Filed Against Four Unregistered Brokers Who Sold Sky Securities In Florida
On July 13th, 2022, the Securities and Exchange Commission (SEC) published a litigation update in the case against four unregistered brokers in South Florida who improperly sold securities in Sky Group USA, LLC. Sky Group USA is a payday loan business with a main headquarters in Miami, FL. The individuals charged by the SEC… Read More »
UBS Will Pay $25 Million To Settle Yield Enhancement Strategy (YES Strategy) Fraud Charges
On June 29th, 2022, the Securities and Exchange Commission (SEC) announced that UBS Financial Services Inc., the multinational investment banking company and brokerage firm, will pay around $25 million to settle investment fraud charges related to its Yield Enhancement Strategy (YES Strategy). Here, our Miami unsuitable investment losses lawyer discusses the settlement and Yield… Read More »
Florida FINRA Arbitration Panel Finds Charles Schwab & Co., Inc. Responsible For Robo-Advisor Error
On June 23rd, 2022 a FINRA arbitration panel in Palm Beach County, Florida awarded a claimant $79,249.93 in compensatory damages (Case Number: 20-02414). The respondent in the case was Charles Schwab & Co., Inc. (CRD#: 5393/SEC#: 801-29938,8-16514), the national broker-dealer and investment advisory firm with a main office in San Francisco, California. Here, our… Read More »
