Author Archives: Staff
Miami Financial Advisor Barred for Violating FINRA Rule 8210; Accused of Investment Fraud and Association With Firm After Disqualification
In the summer of 2019, FINRA filed an investment fraud complaint against Robert J. Escabio—a registered financial advisor from Miami, Florida. On February 5th, 2020, the Office of Hearing Officers released a final decision in the case of Department of Enforcement v. Robert Juan Escobio. For his failure to cooperate with an investigation in… Read More »
SEC Awards More than $300,000 to Two Whistleblowers Who Helped Stop Separate Fraud Schemes
On January 22nd, 2020, the Securities and Exchange Commission (SEC) announced two new whistleblower awards. Financial compensation has been issued to a securities industry insider and an investor who both voluntarily provided information that was used to help halt fraud schemes. Here, our Miami investment fraud attorneys provide an overview of the two latest… Read More »
Miami Broker Facing FINRA Complaint for Misrepresentation, Unsuitable Investment Recommendations
Roberto A. Hernandez (CRD#: 1404389) is licensed securities broker and registered investment adviser (RIA). Since 2007, Mr. Hernandez has been employed as a representative of Merrill Lynch. Pierce, Fenner & Smith at a branch office in Miami, FL. In the fall of 2019, an investor filed a complaint against the Merrill Lynch broker alleging… Read More »
SEC Charges Businessman and his Company in Massive Ponzi Scheme Case—He Falsely Claimed to Have Offices in Florida
On January 14th, 2020, the Securities and Exchange Commission (SEC) announced that it obtained an emergency asset freeze in an alleged $75 million investment fraud case. The agency believes that an Illinois-based businessman named Kenneth D. Courtright, III operated a Ponzi scheme through his company, Todays Growth Consultant Inc. In total, more than 500… Read More »
South Florida FINRA Arbitration Panel Holds Merrill Lynch Liable for More Than $25,000
On December 31st, 2019, a FINRA arbitration panel based in Boca Raton, FL ordered the licensed brokerage firm Merrill Lynch, Pierce, Fenner & Smith, Inc. to pay two investors $25,739.00 in compensatory damages (Case Number: 18-04115). The panel determined that a portion of the investors’ losses were caused by the firm’s negligence. Below, our… Read More »
SEC Charges Florida Man in Multimillion Dollar Microcap Securities Fraud Case
On January 2nd, 2019, the Securities and Exchange Commission (SEC) announced securities fraud charges against six individuals. Through a web of interconnected companies, these defendants are alleged to have generated more than $35 million in proceeds in illegal stock sales. One of the defendants, Aaron Dale Wise, is a resident of Florida. Below, our… Read More »
SEC Halts Florida Penny Stock Fraud Targeted at Senior Citizen Investors
On November 27th, 2019, the Securities and Exchange Commission (SEC) announced that it obtained an emergency order to freeze the assets of a Florida-based penny stock fraud scheme. The fraud at issue in this case allegedly affected more than 110 investors, most of them senior citizens. The defendants named were: NIT Enterprises, Inc.; Gary… Read More »
South Florida Brokerage Firm Fined for Failure to Supervise Private Placement Offerings; Broker Suspended
Bruce Howard Jordan (CRD#: 1223556) is a licensed securities broker. Since February of 2015, Mr. Jordan has been associated with Newbridge Securities Corporation (CRD #104065) based in Boca Raton, Florida. Prior to that, he also served as a representative for Bedminster Financial Group, Midtown Partners & CO., and VFinance Investments. Earlier this Fall, Bruce… Read More »
South Florida Broker Suspended By FINRA—Faces Complaints Over Breach of Fiduciary and Unsuitable Trading
Gregory Alan Ricker (CRD#: 1834893) is a former licensed broker and registered investment advisor. From 2009 to 2012, he was employed at National Securities Corporation. After that, he served as a securities representative for WestPark Capital in Boca Raton, Florida. Earlier this fall, Mr. Ricker was suspended indefinitely by FINRA after he failed to… Read More »
SEC Halts Multi-Million Dollar Ponzi Scheme in South Florida
On November 19th, 2019, the Securities and Exchange Commission (SEC) announced that it obtained an emergency restraining order and asset freeze in order to stop a $6 million Ponzi scheme in Palm Beach County, Florida. According to the agency, the Ponzi scheme was operated by: Neil Burkholz of Palm Beach County, FL; Frank Bianco,… Read More »
