Author Archives: Staff
Florida Financial Professional Suspended for Falsifying Customer Wire Request, Providing False Information to Investigators
On March 27th, 2020, the National Adjudicatory Council (NAC) released a final decision In the Matter of Department of Enforcement v. Linda C. Milberger—a case related to the allegations of misconduct raised against a securities broker and a financial professional. After reviewing the evidence, the NAC that Linda Milberger of Orlando, Florida falsified two… Read More »
SEC Awards More than $4.1 Million in Whistleblower Compensation Across Three Different Cases
Within the last four weeks, the Securities and Exchange Commission (SEC) has issued whistleblower awards to four individuals across three different legal matters. Since the program was created in 2010, the agency has now awarded more than $398 million in compensation to nearly 80 different people. Below, our South Florida SEC whistleblower lawyers highlight… Read More »
SEC Charges Miami-Beach Unregistered Penny Stock Dealer in Southern District of Florida
On March 24th, 2020, the Securities and Exchange Commission (SEC) announced charges against Justin W. Keener and his company JMJ Financial. According to federal regulators, the Miami Beach man unlawfully acted as an unregistered penny stock dealer. The agency alleges that Mr. Keener generated nearly $22 million in ill-gotten gains—violating federal law and undermining… Read More »
Palm Beach County Broker Barred After Refusing to Cooperate With ‘Selling Away’ Investigation
Antonio Gutierrez Puente (CRD#: 2695224) is a former registered broker and investment adviser. From February 1999 to September 2018, Mr. Puente was a representative at Valic Financial Advisors, Inc. and based at a branch location in Miami. In the fall of 2018, this broker was discharged by Valic Financial following the firm’s internal investigation… Read More »
SEC Charges Florida Resident in Connection With a $26 Million Investment Fraud Scheme
On March 13th, 2020, the Securities and Exchange Commission (SEC) announced securities fraud charges against Denis Sotnikov—a Russian national and resident of Broward County, Florida. Additionally, several companies that he owns and controls were also named as defendants in the complaint. Mr. Sotnikov is accused of selling more than $26 million worth of fraudulent… Read More »
SEC Charges Florida Investment Advisory Firm, Managing Partner in Fraud Case Involving Unregistered Securities
On March 10th, 2020, the Securities and Exchange Commission (SEC) announced securities fraud charges against Kinetic Investment Group LLC—a Sarasota, FL-based investment advisory company—and firm’s managing partner Michael Scott Williams. Regulators believe that the Kinetic Investment Group offered fraudulent, unregistered securities to investors in Florida and Puerto Rico. The company took in more than… Read More »
Securities and Exchange Commission Awards More Than $7 Million in Compensation to a Whistleblower
On February 28th, 2020, the Securities and Exchange Commission (SEC) announced that a whistleblower has been awarded more than $7 million in financial compensation. The award—which was the 73rd that has been issued by the agency—was approved after the SEC determined that whistleblower’s information served as the basis of enforcement action. Here, our Miami… Read More »
Florida Brokerage Firm Fined, Censured for Failure to Maintain Proper Supervisory System
In December of 2019, the Financial Industry Regulatory Authority (FINRA) sanctioned International Assets Advisory, LLC (CRD No. 10645)—an Orlando, Florida-based broker-dealer that operates nationwide—for its failure to implement and maintain an adequate supervisory system (FINRA Case #2017056579501). International Assets Advisory was fined $30,000 and ordered to pay more than $92,000 in financial restitution for… Read More »
SEC Charges Florida Real Estate Company, Two Executives in $170 Million Ponzi Scheme Case
On February 18th, 2020, the Securities and Exchange Commission (SEC) announced emergency legal action against a Florida real estate investment company and two of its lead executives. Specifically, the agency named: EquiAlt LLC, a Tampa, FL based real estate company; Brian Davidson, the Chief Executive Officer (CEO); and Barry M. Rybicki, the Managing Director…. Read More »
South Florida Broker Barred By FINRA After Refusing to Cooperate With Investigation Into Possible Undisclosed Outside Business Activities
Clark Morris Nobil (CRD#: 348552) is a former FINRA securities broker and previously registered investment advisor (RIA). From February of 1991 to August of 2019, Mr. Nobil was a representative with the firm Clark Nobil & Co.—where he was based at a branch location in Hallandale Beach, Florida. Recently, Mr. Nobil was indefinitely barred… Read More »
