Category Archives: Investment Fraud
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 »
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 »
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 »
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 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 »
