Category Archives: Investment Fraud
MORGAN STANLEY OWES $4.2 MILLION TO FORMER PROFESSIONAL ATHLETE AND A MEGA BALL LOTTERY WINNER
FINRA arbitration panel finds Morgan Stanley negligently supervised Financial Advisor who put clients’ money into Miami Beach hip-hop nightclub. On December 26, 2018, FINRA released an arbitration award against Morgan Stanley awarding $3,332,000 to James Groves, a Mega Ball Lottery winner in 2013, and $879,000 to Asante Samuel, who retired in 2013 from the… Read More »
Fort Lauderdale Securities Broker Sentenced to Six Years in Prison
On December 4th, 2018, the United States Attorney’s Office for the Southern District of Florida announced that Salvatore Colonna — a former Fort Lauderdale-based investment broker — has been sentenced to six years in prison for his role in a multimillion dollar securities fraud scheme. In connection with the case, former securities broker Salvatore… Read More »
South Florida Broker Suspended for Eight Months for Unsuitable Investment Recommendations
David H. Fagenson (CRD#: 1652012) is an actively registered securities broker and investment advisor. Since December of 2016, Mr. Fagenson has been employed at Newbridge Securities Corporation in Boca Raton, Florida. Previously, this representative was also associated with UBS Financial Services (2010 to 2016) and Merrill Lynch (2004 to 2010). On November 21st, 2018,… Read More »
SEC Charges Two Florida Men, Florida Company in Penny Stock Fraud Allegedly Targeted at Senior Investors
On November 15th, 2018, the Securities and Exchange Commission (SEC) filed a complaint in the United States District Court for the Eastern District of New York against five individuals. Several companies were also listed in the complaint. Specifically, securities fraud charges were brought against: Mark Burnett of Rosslyn, New York Jeffrey Miller of Bellmore,… Read More »
FINRA Complaint: Tampa Broker Submitted False Reimbursement; Misled Investigators
Nancy Kimball Mellon (CRD#: 1253484) is a former registered broker and registered investment advisor. From 2012 to 2016, Ms. Mellon was associated with Wells Fargo Clearing Services, LLC based at a branch office in Tampa, Florida. Previously, she was also a representative for Morgan Stanley (2009 to 2012) and for Citigroup (2004 to 2009)…. Read More »
SEC Adds Miami, FL Company to PAUSE Database; Entity Accused of Soliciting Investors Using Misleading Information
On October 31st, 2018, the Securities and Exchange Commission (SEC) announced the addition of 16 unregistered companies and investment entities the official Unregistered Soliciting Entities (PAUSE) list. This database is provided free to the public, as a tool for investors to help them protect themselves from fraud. Companies and investment entities can be added… Read More »
South Florida Broker Barred By FINRA; Accused of Falsifying Documents
Wilfred Rodriguez Jr. (CRD#: 2504369) served as a registered representative of Wells Fargo Clearing Services from July of 2003 to August of 2018. During his time at the firm, Mr. Rodriguez Jr. was based out of a branch office in Boca Raton, Florida. On August 1st, 2018, Wells Fargo filed a Uniform Termination Notice,… Read More »
Florida Arbitration Panel Awards Investor $210,000
On October 3rd, 2018, a FINRA Arbitration Panel in Tampa, Florida awarded $210,000 in financial compensation to an investor who filed a negligence claim. The securities fraud case was filed against Caldwell International Securities (CRD#: 104323) and two of its former brokers: Sean Francis Lanci (CRD#: 4180997) and Dominic Paul Rota (CRD#: 4886731). Notably,… Read More »
SEC Charges Company, CEO for Selling Unregistered Securities Through EB-5 Immigrant Investor Program
On September 21st, 2018, the Securities and Exchange Commission (SEC) announced an $11.5 million settlement with an Illinois-based company, CMB Export LLC, its Chief Executive Officer Patrick Hogan, and 37 related limited partnerships. This settlement was reached in order to resolve charges related to unregistered securities that were improperly sold to foreign investors who… Read More »
South Florida Broker Suspended for Negligent Supervision
Jose Luis Leon (CRD#: 1789460) served as a registered broker at BAC Florida Investments from 1988 to 2017. During this time, Mr. Leon was based out of a branch office in Coral Gables, Florida. On September 19th, 2018, Jose Luis Leon was suspended from the securities industry for six months and fined $10,000 for… Read More »
