Recent Blog Posts
Florida Broker Fined, Suspended For Undisclosed Private Securities Transactions
Clinton F. Byrd (CRD#: 4673625) is a previously registered investment advisor and broker. From August of 2007 to June of 2021, Mr. Byrd was a representative of Cantella & Co. Inc, a brokerage firm in Tallahassee, Florida. In 2021, this broker was discharged from that firm after confidence was lost because of a failure… Read More »
Former SPAC CFO Charged In Connection To Multi-Million Dollar Securities Fraud Scheme
On January 3rd, 2022, the Securities and Exchange Commission (SEC) officially announced securities fraud charges against Cooper J. Morgenthau, the former Chief Financial Officer (CFO) of a company called African Gold Acquisition Corp. The investment entity was organized as a special purpose acquisition company (SPAC). In total, the SEC alleges that investors were defrauded… Read More »
SEC Secures Eight Figure Judgment Against Unregistered Penny Stock Dealer In Florida
On December 21st, 2022, the Securities and Exchange Commission (SEC) published an official litigation release announcing that an eight figure judgment has been obtained against a penny stock dealer in Florida. Justin W. Keener—who did business as JMJ Financial—has been ordered to pay $10.2 million. Below, our Miami penny stock fraud attorneys discuss the… Read More »
SEC Charges Four Individuals With Cryptocurrency Scheme Targeted At Spanish-Speaking Investors, Including In Florida
On December 14th, 2022, the Securities and Exchange Commission (SEC) charged four people as part of a cryptocurrency securities fraud scheme that was allegedly targeted at Spanish-speaking investors, including investors in Florida. The following individuals were named as part of the nearly $10 million investment fraud scheme: Francisley Valdevino Da Silva; Juan Antonio Tacuri… Read More »
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 »
