Recent Blog Posts
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 »
FINRA Complaint: Miami-Dade County Broker Improperly Engaged in Improper Outside Business Activities (OBAs)
Robert Henderson (CRD#: 1160413) is a previously registered securities broker. From December of 2010 to November of 2019, Mr. Henderson was a representative of IFS Securities, where he was based out of a branch office in Miami Lakes, Florida. Previously, this financial advisor was also associated with First American Capital and Trading Corp. and… 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 »
SEC Charges Issuer and CEO With Fraud and Violation of Securities Industry Whistleblower Laws— Sought to Silence Complaints By Investors
On November 4th, 2019, the Securities and Exchange Commission (SEC) filed an amended complaint against Mykalai Kontilai, the Chief Executive Officer (CEO) of a company called Collectors Café. Notably, Collectors Café is also being charged as part of a $23 million securities fraud scheme. Not only is Mr. Kontilai accused of committing securities fraud,… Read More »
Florida FINRA Arbitration Panel Holds Brokerage Firm Liable for Nearly $2 Million in Investor Losses
On November 6th, 2019, a FINRA arbitration panel in Boca Raton, FL awarded a trio of investors nearly $2 million in damages (Case Number: 16-03072). The claim, which was brought by the three investors and several entities that they controlled, was filed against Ross, Sinclaire & Associates, LLC (CRD#: 25440/SEC#: 801-78513)—a large brokerage firm… Read More »
Executive Who Owned and Operated $1.3 Billion Florida Ponzi Scheme Sentenced to More than Two Decades in Prison
Earlier this year, the United States Attorney’s Office for the Southern District of Florida indicted Robert H. Shapiro and two other men on investment fraud charges. Mr. Shapiro—the owner and Chief Executive Officer (CEO) of the Woodbridge Group—was accused of operating a $1.3 billion Ponzi scheme in Florida. In total, more than 8,000 investors,… Read More »
FINRA Settlement: Two Florida Financial Advisors Barred for Churning the Account of an Elderly Investor
On October 21st, 2019, the Financial Industry Regulatory Authority (FINRA) announced a settlement with two former securities brokers (Disciplinary Proceeding No. 2016049321302). Ami Kathryn Forte (CRD No. 2457536) and Charles Joseph Lawrence (CRD No. 3131566) have both been barred from the securities industry for their role in churning the brokerage account of an impaired… Read More »
Florida Broker Barred After He Failed to Cooperate With an Investigation Into Private Securities Transactions
Bobby Wayne Coburn (CRD#: 1464789) is a previously licensed securities broker. From February of 2009 to April of 2019, this financial professional was a representative of Securities America, Inc.—working at a branch office in Fort Meade, Florida. Earlier this year, Mr. Coburn was discharged by Securities America for allegedly soliciting investment from several of… Read More »
