Recent Blog Posts
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 »
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 »
