Category Archives: Investment Fraud
South Florida Financial Advisor Pushed Clients Into Unsuitable Investments
Christopher Robert Hickman (CRD No. 3267599), a general securities broker from Delray Beach, Florida, has been suspended from the industry for five months, fined $5,000 and ordered to pay more than $115,000 in financial restitution to six different investors. Without admitting to or denying any wrongdoing, Mr. Hickman, who is employed at Cetera Investments… Read More »
Brokerage Allegedly Defrauded Investors, Misrepresented Relationship with City of Jacksonville
On August 4th, 2017, FINRA’s Department of Enforcement filed a complaint against CSSC Brokerage Services, Inc. (CSSC) and its principal and CEO Eric S. Smith. Within the document, the Department of Enforcement alleges that Mr. Smith and CSSC defrauded investors by materially misrepresenting the company’s financial condition in a bridge loan securities offering that… Read More »
Florida Broker-Dealer Censured, Fined $100,000 for Penny Stock-Related Misconduct
On July 11th, 2017, FINRA’s Department of Enforcement announced that it reached a settlement with Spartan Securities Group, LTD (CRD No. 104478), a registered brokerage firm, based in Clearwater, Florida. Without admitting to or denying any misconduct, Spartan Securities accepted penalties that include a: Public censure; and $100,000 fine. These penalties were brought against… Read More »
SEC Charges Investment Adviser With Defrauding Professional Athlete and His Wife
Washington D.C., Aug. 22, 2017— sec.gov/news/press-release/2017-147 The Securities and Exchange Commission today charged investment adviser Jeremy Drake with defrauding two clients, a high profile professional athlete and the athlete’s wife, by deceiving them about the investment advisory fees they were paying. The SEC alleges that Drake went to elaborate lengths to conceal his fraud,… Read More »
SEC Awards $4.5 Million to Two Securities Industry Whistleblowers
Earlier this year, the Securities and Exchange Commission (SEC) announced two major awards to securities industry whistleblowers. First, a whistleblower who had information of serious securities industry misconduct was awarded $4 million, for offering a detailed and specific tip that led to major enforcement action. Then, soon after, a company insider was awarded more… Read More »
Miami Broker Suspended for Five Months for Undisclosed Private Securities Transactions
The Financial Industry Regulatory Authority’s (“FINRA”) Department of Enforcement announced that Leon Edward Dixon (CRD No. 723675), a registered financial advisor based in Miami, Florida, was sanctioned for participating in undisclosed private securities transactions. At the time of the alleged misconduct, Mr. Dixon was employed as a registered securities broker at AXA Advisors, LLC…. Read More »
Florida Broker Suspended for Eighteen Months for Undisclosed Outside Business Activities
Recently, FINRA’s Department of Enforcement announced an eighteen month suspension of William Campbell Webb (CRD# 1621426), a Florida broker who was most recently employed at the Panama City office of Raymond James & Associates. Mr. Webb was also assessed a deferred fine of $15,000 for his misconduct. The case against Mr. Webb involved multiple,… Read More »
Fort Lauderdale Broker Permanently Barred for Unsuitable Investment Recommendations, Unauthorized Trading
Recently, FINRA’s Department of Enforcement permanently barred Florida broker Scott Allen Sibley (CRD#: 1523981) from the securities industry. Mr. Sibley was accused of recommending unsuitable investments to at least 10 different clients and engaging in unauthorized trading on another client’s brokerage account. Without admitting or denying any of the allegations, Mr. Sibley consented to… Read More »
Palm Beach Gardens Brokerage Firm Ordered to Pay $2.3 Million in Restitution
Legend Equities Corporation (CRD#: 30999), a brokerage firm headquartered in Palm Beach Gardens, Florida, has accepted and consented to sanctions that include public censure and financial restitution that is currently estimated at $2,300,188. Without admitting or denying any wrongdoing, the firm agreed to these penalties to settle FINRA Case #2016050259801. This claim stemmed from… Read More »
Ameriprise Financial Services Broker Barred for Failure to Disclose Private Transactions
On May 30th, 2017, a FINRA Hearing Panel issued a final decision in the case that has been brought against former Ameriprise Financial Services broker Jim Seol (CRD#: 2876279). After reviewing the allegations against this investment advisor, the hearing panel issued sanctions, permanently barring Mr. Seol from the securities industry for his failure to… Read More »
