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So far Richard Frankowski has created 573 blog entries.

How FINRA Plans on Protecting Investors This Year

One of the most common claims our attorneys bring on behalf of clients is failure to supervise. Brokerages are responsible for the majority of their employees’ actions. When a broker or advisor is negligent, or guilty of fraud, an investor can seek compensation from the firm itself or from the supervisors for failure to supervise. FINRA is introducing new ways to crack down on negligent or fraudulent brokers. In FINRA’s 2017 Regulatory and Examination Priorities Letter the regulator states it “will devote particular attention to firms’ hiring and monitoring of high-risk and recidivist brokers, including whether firms establish appropriate supervisory and compliance controls for such persons.” Along with the creation of an examination unit, which is tasked with identifying high-risk brokers, FINRA also plans to “review firms’ supervisory procedures for hiring or retaining statutorily disqualified and recidivist brokers” and “assess whether firms develop and implement a supervisory plan reasonably tailored to detect and prevent future misconduct.” This attention to negligent [...]

By |February 8th, 2017|FINRA|
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SEC: Meyers Associates, L.P. Ignored Pump-And-Dump Scheme

The SEC announced administrative proceedings against John D. Telfer, who worked for Meyers Associates, L.P. as the firm's former anti-money laundering officer. The commission alleges that the firm failed to file Suspicious Activity Reports for $24.8 million worth of suspect transactions, which includes transactions in accounts controlled by Raymond H. Barton and William G. Goode who the SEC charged individually with operating a pump-and-dump scheme. In pump-and-dump schemes, people holdings stock try to inflate the price of that stock, many times via false or misleading statements or other announcements. After investors hurry to purchase the stock because on this misinformation, the operators of the scheme dump the stock. This causes the stock’s price to drop, and investors who bought the stock during the rush end up losing money. The SEC claims that Telfer and his firm should have been aware of the suspect circumstances underlying a number of transactions within client accounts. The commission further claims clients, such as Barton and Goode, [...]

By |February 2nd, 2017|Fraud, Legal Matters, Press Releases & News, SEC|
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Dwayne Edwards Accused Of Fraud By SEC

The SEC charged Dwayne Edwards with fraud and obtained an emergency asset freeze against the South Carolina businessman. The SEC alleges that he funneled money he obtained from investors who believed their money would be used for buying and renovating senior housing facilities. According to the commission, Dwayne Edwards illicitly commingled funds from a number of municipal bond offerings and the revenues of the facilities underlying the offerings. Each offering was purported to fund a specific assisted living or memory care facility in Alabama or Georgia. Edwards used investor funds for his own private use in addition to funding other unrelated bond offerings, according to the SEC. The complaint accuses Edwards of violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934. The complaint was filed in Newark, New Jersey federal district court. The court granted the SEC's request to freeze the assets of Edwards. The court also appointed a temporary receiver over the [...]

By |February 1st, 2017|Fraud, Legal Matters, Press Releases & News, SEC|
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Can FINRA’s CEO Create a New Era of Transparency?

Robert Cook, CEO of FINRA, embarked on a “listening tour” late last year. He spent months meeting with regulators, policymakers, investors and brokers (among others) to discover their primary concerns and to hear their ideas. What has emerged, it seems, is an agenda that prioritizes transparency at every level. One of the primary focuses of the tour involved hearing what firms of all sizes, but especially smaller firms, had to say about the rulemaking process. ThinkAdvisor reports that smaller firms feel ignored when it comes to rulemaking, despite being involved in the beginning stages, because their needs are not considered as the rules themselves change. Another concern from firms of all sizes is “that FINRA fails to incorporate cost-benefit analysis into its rulemaking and have a process for conducting a retrospective review of its rules.” In fact, these processes are in place, but as Cook points out, firms (and the public at large) do not necessarily know about them, which [...]

By |February 1st, 2017|Fraud, FINRA|
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Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.