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So far Richard Frankowski has created 573 blog entries.

Red River Securities Barred From Industry By FINRA For Oil And Gas Fraud

FINRA has barred Red River Securities, a broker-dealer formerly out of Plano, Tax, and its Chief Executive Officer Keith Hardwick for fraudulently selling five oil and gas joint ventures, calling the actions of both "egregious." A FINRA panel mandated the firm and Hardwick pay $24.6 million in restitution to its clients. One client affected was a seventy-four year old, self-employed farmer and dog breeder who had a net worth of $2 million, liquidity of $20,000, and $150,000 in annual income. With these facts, the FINRA panel found that her investment of $94,754, which was much more than half of her yearly income, in three high-risk oil and gas ventures within one year, was unsuitable. The panel found that Red River Securities and Hardwick had performed a pattern of misrepresentations and omissions that lasted almost four years and involved sales in the high-risk joint ventures. The panel stated that the oil and gas joint ventures, risky by their very nature, also misrepresented [...]

By |March 10th, 2017|Fraud, FINRA|
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Voya To Pay $3.1M Fine For Disclosure Violations

Voya Financial Advisors will pay nearly $3.1 million because of payments it got from its clearing broker in relation to mutual fund sales. The firm settled a cease-and-desist order from the SEC and will pay $2.6 million in disgorgement, $175,000 in prejudgment interest, and $300,000 in civil penalties. According to the Securities and Exchange Commission, Voya failed to disclose to its customers the compensation it got from its clearing firm for selling mutual funds. The firm's website states that Pershing LLC is its clearing broker. Fundamentally, the Commission stated that in its arrangement with Pershing, Voya would obtain a portion of the platform fee paid by mutual fund companies to Pershing in return for particular administrative services Voya performed. "These payments created a conflict of interest in that they provided a financial incentive for Voya Financial Advisors to favor the mutual funds in the clearing firm's no-transaction-fee mutual fund program over other investments when giving investment advice to its advisory [...]

By |March 9th, 2017|Uncategorized|
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Frank Black Permanently Barred By FINRA

FINRA has barred Frank Black and his firm, Southeast Investments N.C. Inc., for failing to keep business-related emails and to comply with pertinent securities law, according to a FINRA panel. The regulator also claims he gave false testimony during an on-the-record interview and gave falsified documents pertaining to the company's branch office inspections. In September 2012, FINRA asked Black for documents showing the firm's branch office inspections, the panel stated. Black allegedly provided a three-page inspections calendar, showing forty-three brach offices Black purported to have inspected from March 2010 to August 2012. FINRA personnel "found anomalies that undercut [Black's] credibility and the reliability of the documents he provided to evidence his purported branch office inspections," the panel stated. Four ex-Southeast Investments' brokers testified that neither Black nor anyone from the firm ever conducted an inspection of their branch offices. Frank Black, who claimed to have driven long distances and through the night to perform the [...]

By |March 8th, 2017|Legal Matters|
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Herschel Knippa Faces Prison For $131M Scheme

New York prosecutors claim Herschel Knippa, a former broker who pitched "worthless" stock to investors and television viewers, is looking at prison time for participating in a $131 million market manipulation scheme. U.S. Attorney Robert L. Capers in Brooklyn says Herschel, who goes by "Tres," of Dallas, Texas pleaded guilty Monday to conspiracy to commit securities fraud. Authorities say the scheme ran from around 2009 to 2015 and artificially controlled the price and volume of traded shares of ForceField Energy Inc., a distributor of LED lighting products. They claim Herschel Knippa got kickbacks to shill the stock at investor conferences and as a TV guest commentator. Participants communicated with burner phones and encrypted text messages, according to the prosecution. Knippa could be sentenced to up to five years in prison, restitution and a fine. The Frankowski Firm has years of experience representing investors who have lost money as the [...]

By |March 6th, 2017|Legal Matters|
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