Category Archives: Securities Fraud
FINRA Takes Disciplinary Action Against Two Florida Companies
According to reporting from the South Florida Business Journal, two Boca Raton companies, Newbridge Securities Corp and Shearson Financial Financial Services LLC, have been disciplined by the Financial Industry Regulatory Authority (FINRA). Newbridge was accused of overcharging customers in relation to sales orders, as a result they have agreed to pay a fine of… Read More »
Financial Adviser Induced Investments with False Statements, Stole from Client
According to a press release from the Securities and Exchange Commission (SEC), Nicholas M. Mitsakos, a California-based financial adviser, stole more than $800,000 from a client. Using his company Matrix Capital Markets, LLC, Mr. Mitsakos took in more than $2 million from the client before siphoning off 40% of the investment for his own… Read More »
NFL Player Files Lawsuit Against Former Financial Advisers
Recently, InvestmentNews.com reported that Pro Bowl NFL player Dez Bryant had filed a breach of fiduciary duty lawsuit against his former investment advisers. The lawsuit also accuses his ex-advisers, a group led by current Texas State Senator Royce West, of fraud and gross negligence. All financial advisers have a legal obligation to look out… Read More »
Morgan Stanley Advisor found Guilty of Churning, Having Affair with Married Client
Morgan Stanley financial advisor Ami Forte purportedly had more than a decade-long affair with client and co-founder of the Home Shopping Network, Roy Speer, and made 12,000 thousand unauthorized trades on Speer’s account and generated $40 million in fees, according to an Investment News report. Speer’s widow filed a FINRA arbitration proceeding against Forte… Read More »
Two Men Accused of Multi-Million Investment Fraud Scheme
A former Ithaca, NY accountant and a Plantation, Florida, man have been charged with defrauding investors out of $10 million that was diverted into their personal accounts. According to a recent Sun Sentinel article, FBI agents arrested Bruce Kane (60) and Burton Greenberg (75) on charges of wire fraud and conspiracy. Senol Taskin (50)… Read More »
Financial Advisor Accused of Defrauding Professional Athletes
The Securities and Exchange Commission (SEC) has made allegations that a Pittsburgh-based financial advisor victimized several professional athletes. Blazer Capital Management, founded by Louis Martin (Marty) Blazer III, marketed itself as a financial services advisory firm that specialized in handling the needs of high net worth, high profile, individuals. However, the SEC alleges that… Read More »
Texas Man Charged in Bitcoin Securities Fraud Case
A Texas man has pled guilty to what federal authorities describe as the first bitcoin-related securities fraud case, according to a U.S. News report. Bitcoin is a digital currency that operates independent from a central bank. Encryption techniques are used to regulate how many units are generated and verify the transfer of funds. The… Read More »
FINRA Fines Prudential Annuities Distributors, Inc. $950,000 for Failing to Prevent Theft of $1.3 Million From Elderly Customer’s Variable Annuity Account
On July 19, 2016, FINRA announced it fined Prudential Annuities Distributors, Inc. the sum of $950,000 for failing to detect and prevent a scheme that resulted in the theft of approximately $1.3 million from an 89-year-old customer’s variable annuity account. According to FINRA, Prudential “repeatedly failed to adequately investigate “red flags” that Travis A…. Read More »
Commodity Related Investment Fraud Lawsuit Filed in Florida Court
A lawsuit has been filed alleging that a Palm Beach County company has engaged in nearly $3 million of precious metal fraud. The lawsuit, which was brought in U.S. District Court, was filed by the United States Commodity Futures Trading Commission (CFTC) against Berkeley Enterprises. If you believe that you have been the victim… Read More »
A Guide to Entitlement to Credit Suisse Deferred Compensation
On October 20, 2015, Credit Suisse and Wells Fargo announced an exclusive recruiting arrangement “to provide relationship managers and their clients in Credit Suisse’s U.S. Domestic Private Banking business an opportunity to transition to Wells Fargo’s brokerage business, Wells Fargo Advisors.” The next day, Credit Suisse issued a press release where it confirmed, “we… Read More »
