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So far Richard Frankowski has created 573 blog entries.

Morgan Stanley Fined $13M By SEC

The SEC announced today that Morgan Stanley agreed to pay a $13 million fine to resolve allegations that it overbilled investment advisory clients due to coding and other billing system errors. Morgan Stanley also violated the custody rule regarding annual surprise examinations. The firm overcharged over 149,000 advisory clients because it failed to adopt and implement compliance policies and procedures reasonably designed to ensure that clients were billed appropriately in accordance with their advisory agreements, the SEC's order stated. The commission also said Morgan Stanley failed to validate billing rates contained in the firm's billing system against client contracts, fee billing histories, and other documentation. Morgan Stanley acquired over $16 million in excessive fees because of the billing errors that happened between 2002 and 2016, according to the SEC. The firm has repaid this complete amount in addition to interest to injured clients. Morgan Stanley failed to comply with the annual surprise custody examination requirements for two consecutive [...]

By |January 13th, 2017|Legal Matters, Press Releases & News, SEC|
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Leader of Staten Island Boiler Room Scam Fined $9.3 Million

Right before Christmas, in a Brooklyn, NY courtroom, John Desantis was found to have “fraudulently solicited more than $9 million from 300 investors in 40 states while he owned the Staten Island-based company, Premier Links, where he operated as an unregistered broker-dealer from December 2005 to August 2012,” as reported by SILive.com. He and his partners in crime defrauded those people, specifically seniors, with a boiler-room scam. They convinced 300 people to invest in microcap stocks – risky, volatile stocks from publicly traded companies. Court documents say that Desantis and his associates convinced the seniors “to send money via wire transfers and personal checks,” which they then “converted... to cash via ATM and teller withdrawals.” Boiler room scams are still popular, unfortunately, and they are designed to prey on the vulnerable. The North American Securities Administrators Association (NASAA) says that people lose billions of dollars every year in these scams. Recognizing the signs of a boiler room scam In a [...]

By |January 12th, 2017|Fraud|
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Gregory Dean And Donald Fowler Charged By SEC

The SEC charged two brokers, Gregory Dean and Donald Fowler, with violations of securities laws for a fraudulent excessive-trading scheme designed to profit themselves at the expense of their clients. The SEC accused Dean and Fowler of using a “high-cost trading strategy consisting of the excessive buying and selling of stocks” that led to “enormous losses” for customers but profited them through “substantial commissions and other fees.” The complaint, which was filed by the SEC in New York district court, states that Dean and Fowler used this strategy in twenty-seven client accounts while registered at J.D. Nicholas & Associates Inc., a broker-dealer no longer in business that was based in Syosset, New York, without “having a reasonable basis for believing the strategy was suitable for anyone.” The SEC claims the two churned three of those twenty-seven accounts. “This case marks another chapter in the SEC's pursuit of brokers who deploy excessive trading as a strategy in customer accounts to enrich themselves at customers' [...]

By |January 11th, 2017|Broker Check, Fraud, Press Releases & News, SEC|
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John Rafal Barred From Securities Industry

The SEC barred Connecticut investment adviser John Rafal for hiding a referral fee from a client and then attempting to thwart the SEC's investigation. He was also pay $577,297 in penalties. Rafal, the former president and CEO of Essex Financial Services Inc. in Essex, Connecticut, obtained a new customer with accounts valuing over $100 million from Peter D. Hershman, a Connecticut attorney, according to the SEC order. Rafal agreed to pay Hershman $50,000 annually from the advisory fees paid to Essex by the client, an elderly widow, the order said. As part of the original agreement, Hershman was to become a registered investment adviser. But Hershman never took the test required to become an RIA, making him ineligible to receive the referral payments. Rather, between early 2011 and April 2013, Rafal and Hershman disguised the referral payments as fake invoices for legal services to the Essex client and did not disclose them to the client. When Essex stopped the arrangement, Rafal paid [...]

By |January 10th, 2017|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.