Category Archives: Investment Fraud
New NFLPA Registered Financial Advisor Is The Subject of a FINRA Disciplinary Proceeding
On April 1, 2016, the Financial Industry Regulatory Authority (“FINRA”) Department of Enforcement filed a Complaint against James Goetz, a NFLPA Registered Financial Advisor. The Complaint alleged that while employed by Merrill Lynch, Goetz invested in at least five private companies without making required disclosures or receiving authorization from Merrill Lynch. FINRA also alleges… Read More »
Massachusetts Financial Adviser Forged Documents, Sold Unsuitable Investments
On December 1st, 2016, the Enforcement Section of the Massachusetts Securities Division filed an administrative complaint against former LPL Financial broker Roger S. Zullo. The complaint alleges that Mr. Zullo, a Boston-based financial adviser, forged sensitive financial documents and intentionally pushed his clients into unsuitable investments. Authorities allege that he did this simply to… Read More »
Federal Jury Convicts Financial Executive in Cay Clubs Ponzi Scheme Case
On March 6th, 2017, the United States Department of Justice (DOJ) announced that David W. Schwartz, the former Chief Financial Officer (CFO) of Cay Clubs Resorts, has been convicted of several serious offenses by a federal jury. Mr. Schwartz now faces up to 93 years in prison. Cay Clubs, which at one point employed… Read More »
Utah Brokerage Firm Permanently Banned for Selling Unregistered Penny Stocks
Recently, FINRA expelled the broker-dealer ACAP Financial Inc. from any future dealing within the securities industry. The Salt Lake City-based brokerage firm was accused of unlawfully selling unregistered securities. More specifically, the firm sold billions of shares of four different penny stocks without properly registering them with the SEC. A complete account of the… Read More »
Morgan Stanley Hit With Multimillion Dollar Penalty for Overbilling Customers
On January 13th, 2017, the Securities and Exchange Commission (SEC) announced that it had reached a $13 million settlement with the financial giant Morgan Stanley. The settlement came in relation to charges that Morgan Stanley had been systematically overbilling its clients and that the company failed to comply with key securities regulations. Beyond the… Read More »
FINRA Takes Disciplinary Action Against New Jersey Financial Adviser
The Financial Industry Regulatory Authority (FINRA) recently suspended Alex Etter for two years for misconduct he committed while he was a registered financial adviser. According to investigators, Etter put his personal financial interests and the interests of his firm ahead of that of his clients. In doing so, his brokerage company netted more than… Read More »
California Lawyer Charged With Stealing Investor Money
Recently, the Securities and Exchange Commission (SEC) announced several charges against Emilio Francisco, an Orange County, California-based lawyer for his role in a multi-million dollar investment fraud scheme. According to the agency, Francisco conducted a large scale fraud targeting foreign investors through the use of the EB-5 Immigrant Investor Program. In all, the SEC… Read More »
Owners of Day Trading Firm Charged with Defrauding Inexperienced Investors
The Securities and Exchange Commission (SEC) has filed investment fraud charges against Naris Chamroonrat and Adam L. Plumer for their role in creating a scheme that defrauded several hundred investors from all over the globe. According to the agency, the two men operated a fake day trading firm and used it to bilk investors… Read More »
FINRA Permanently Bans Two Florida Brokers for Selling Unregistered Securities
The Financial Industry Regulatory Authority (FINRA) has permanently barred Philip Brisard and Kenley Brisard from having any further association with any FINRA member due to their investment-related misconduct. According to FINRA, both men have consented to the sanctions against them without admitting or denying any culpability. Through their firm, Brisard & Brisard, Inc, the… Read More »
SEC Brings Investment Fraud Charged Against a Miami Beach Firm
In the United States District Court for the Southern District of Florida, the Securities and Exchange Commission (SEC) has brought serious investment fraud charges against Onix Capital LLC and its sole owner and manager Alberto Chang-Rajii. Onix Capital is an asset management company that is based in Miami Beach, Florida. In all, the SEC… Read More »
