Recent Blog Posts
The Nysa Fund (NSYAX) Was Down 42.40% In 2014
The Nysa Fund (NYSAX), offered by Pinnacle Advisors LLC, is a non-diversified fund that seeks long-term capital growth by primarily investing in publicly traded common stocks of companies. The fund may invest up to 15% of its assets in debt securities that are below investment grade, junk bonds, or unrated bonds. In 2014, NYSAX was down… Read More »
The Voya Russia Fund Down Over 40% In 2014
The Voya Russia Fund, formerly the ING Russia Fund, which trades under the ticker symbols LETRX, IIRFX, and IWRFX, invests the fund’s assets in Russian companies. The fund seeks to invest at least 80% of its assets in stocks of Russian companies and the other 20% of its assets in debt securities issued by… Read More »
The Ramius Strategic Volatility Fund Down Over 40% In 2014
The Ramius Strategic Volatility Fund, which trades under the ticker symbols RVOAX and RVOIX, is a non-diversified fund that seeks positive returns during extended bear markets. The fund seeks to invest in a portfolio of actively managed swap agreements strategically tied to “dynamic long volatility” indexes and “persistent long volatility” indexes. In 2014, the… Read More »
Financial Advisor To Professional Athletes Charged In Plot To Scam His Clients
The Federal Government has brought charges against Joseph Vaccaro, the CEO of Dynasty Management, which helps professional athletes “manage their business and wealth,” for conspiracy to commit fraud. According to the complaint, which was filed in United States District Court for the Southern District of California on or around October 2, 2014, the purpose… Read More »
Everest Capital Global Fund Closes After Massive Swiss Franc Trading Loss
On January 15, 2015, the Swiss National Bank (SNB) decided to remove a three-year cap, or peg, on its currency versus the Euro. In September 2011, the SNB set a minimum exchange rate of 1.20 Francs per Euro, thereby capping the Swiss Franc’s appreciation against the Euro, and other world currencies. The SNB claimed… Read More »
SEC Charges Two Miami Men With Defrauding Investors
On September 26, 2014, the Securities and Exchange Commission filed a complaint in Federal Court in Miami against Erick Laszlo Mathe and Ashif Jiwa for defrauding investors. The charges stem from their unregistered sale of securities of Vision Broadcast Network, Inc., a start-up television network and production company. The Fraud The complaint alleges that… Read More »
Ex-Wells Fargo Advisors Employee Wins Promissory Note Arbitration
A FINRA arbitration panel in New York City last week denied Wells Fargo Advisors’ claim against a former employee, Evan A. Sall, for breach of a promissory note. Wells Fargo Advisors filed the arbitration in 2013, seeking $77,693, plus interests, costs, and attorneys’ fees for the balance of the unpaid promissory note. Sall joined… Read More »
SEC Charges Two Florida Lawyers for Their Roles in Acting as Escrow Agents for Investor Money Placed in a Ponzi Scheme
On September 23, 2014, the SEC charged two Florida attorneys for their roles in an offering fraud conducted by a transfer agent that was the subject of an SEC enforcement action two months ago. The Fraud Cecil Franklin Speight and his company, International Stock Transfer (IST) were running a classic Ponzi scheme where investor… Read More »
Wells Fargo Advisors Agrees to Pay $5 Million Penalty to SEC for Failing to Maintain Adequate Controls and Providing an Altered Document
On September 22, 2014, the SEC announced that it charged Wells Fargo Advisors LLC with: failing to maintain adequate controls to prevent one of its employees from insider trading based on a customer’s nonpublic information, unreasonably delaying its production of documents during the SEC’s investigation, and providing an altered internal document related to a… Read More »
