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So far Richard Frankowski has created 573 blog entries.

Charles Schwab Sued Over Own 401(k) Plan

A participant in the Charles Schwab Corp. 401(k) plan has sued the plan and corporate executives, claiming they violated their duties under the Employee Retirement Income Security Act (ERISA) by offering Schwab funds that were “more expensive than comparable alternatives available in the marketplace.” The suit was filed in United States District Court in San Francisco on January 19, 2017. It claimed that executives breached their fiduciary duties, stating they “imprudently and disloyally larded the plan with unnecessary, expensive and poorly performing investment products and services.” The suit is currently seeking to be certified as a class-action suit.   Plaintiff Christopher Severson, a participant in the SchwabPlan Retirement Savings and Investment Plan, asserted in his complaint that offering Charles Schwab products and services enabled the company to reap “significant fees and profits at the expense of the plan and its participants.” The complaint claims that Schwab included among the plan's investment options certain mutual funds and collective trusts that [...]

By |January 23rd, 2017|Legal Matters, Press Releases & News|
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Henry Al Dean Watson Barred By FINRA

FINRA announced that it barred an ex-Hilliard Lyons broker, Henry Al Dean Watson, who recently settled a customer complaint accusing him of excessive trading and commissions, unauthorized trades, and portfolio mismanagement. Watson broke FINRA rules by failing to appear to give testimony before the regulator.Watson began in the securities business in 1984. He was registered with a number of firms before registering with Hilliard Lyons in January 2012. He worked there until October and is not currently licensed with any other firm.As happens quite regularly, FINRA wanted  Henry Al Dean Watson's testimony in relation to an inquiry about an arbitration claim filed by a customer against him, the settlement stated. Watson failed to appear to provide testimony, thus violating industry rules. He consented to the sanction without admitting or denying the findings.His FINRA BrokerCheck profile states that Watson made no contribution in a $166,500 arbitration award from 2015 in which a client alleged excessive trading and commissions, unauthorized trades and portfolio mismanagement. [...]

By |January 19th, 2017|Broker Check, FINRA, Press Releases & News|
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Registered Investment Advisors vs. Brokers: Who Do You Need?

Whether you are just beginning to build an investment portfolio, or have been investing for years, chances are you will need the guidance of a finance professional to ensure that your investments are sound and protected. Depending on your needs, risk tolerance and interests, you may find yourself working with a registered investment advisor (RIA) or a broker. There are differences in how these groups work in regards to their duties and the regulatory bodies they answer to, so we thought we would break those differences down for you. Registered Investment Advisors RIAs owe a fiduciary duty to their clients. This means they must put the interest of their clients ahead of their own when they recommend purchases, trades or sales. In short, a RIA cannot make a trade unless he or she: Discloses any conflicts of interest in regards to the trade with the client. Discloses any potential risks of the trade to the client. Has given the client [...]

By |January 17th, 2017|Fraud, Broker Check|
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Richard Gearhart & George McKown Charged With Securities Fraud

Richard Gearhart of Lowell, Indiana and George McKown of Indianapolis, Indiana have been indicted on fraud charges after prosecutors claim they sold securities to investors despite not being registered to do so. The two were charged with conspiracy to commit securities fraud, securities fraud, and wire fraud, said U.S. Attorney David Capp. According to court documents, Gearhart and McKown allegedly sold securities to people who transferred their pensions, annuities, 401(k)s and cash to invest with them, through Asset Preservation Specialists Inc. under the guarantee that their investments would remain safe. Neither Richard Gearhart nor George McKown was registered to sell securities with the U.S. Securities and Exchange Commission or the state of Indiana. Secretary of State Connie Lawson said in a news release that no matter how trustworthy someone seems, potential investors should ensure that person and the person's businesses are registered with the state of Indiana. "Gearhart had all the warning signs of a typical [...]

By |January 16th, 2017|Fraud, Press Releases & News, SEC|
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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.