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So far Richard Frankowski has created 573 blog entries.

Valic Financial Advisors Fined $1.75M

Referring to several conflicts of interest regarding how the firm paid brokers selling annuities, FINRA announced that it fined Valic Financial Advisors Inc. $1.75 million. FINRA found that VFA "failed to have a reasonable system to address and review the conflict of interest created by its compensation policy,” the regulator stated. It specifically pointed to occasions when VFA's customers decided to move assets out of variable annuities to other in-house products, including VFA indexed annuities, as causing the fine. “From October 2011 through October 2014, VFA created a conflict of interest by providing registered representatives a financial incentive to recommend that customers move their funds from Valic variable annuities to the firm's fee-based platform or into a Valic fixed index annuity,” FINRA said. “VFA further incentivized the conflict by prohibiting its registered representatives from receiving compensation when moving customer funds from a Valic VA to non-Valic VAs, mutual funds or other non-Valic products.” “During 2012 and 2013, [...]

By |January 2nd, 2017|FINRA, Press Releases & News|
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VFG Securities Settles Claims With FINRA

VFG Securities Inc., a small broker-dealer, and its owner, Jason Vanclef, reached a settlement agreement with FINRA regarding allegations that he and the firm had customers overly concentrated in illiquid investments and had used a book he had written to pump up these alternative investments. FINRA had filed a complaint claiming that the firm failed to supervise its brokers to ensure that customers' portfolios would not become overly concentrated in illiquid investments. Between November 2010 and June 2012, nearly 95% of VFG Securities' revenue was obtained through the sale of nontraded REITs and other direct participation programs, which are illiquid assets for retails investors, FINRA said. FINRA further accused Vanclef of using a book he had written, "The Wealth Code," as sales literature to promote investments in nontraded REITs and DPPs "to lure" potential investors to VFG Securities. Vanclef “repeatedly claimed in 'The Wealth Code' that nontraded DPPs and nontraded REITs offer both higher returns and [...]

By |January 2nd, 2017|FINRA, Press Releases & News|
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Ash Narayan Banned For Defrauding Pro Athletes

Former financial adviser Ash Narayan agreed to be barred from associating with brokerage or advisory firms to settle regulators' allegations that he secretly received nearly $2 million from companies that he invested his professional athlete clients in for at least five years. Narayan additionally placed clients in unsuitable private investments and misrepresented himself as a CPA, according to a complaint filed by the SEC. Narayan, who was managing director of the Irvine, California office of RGT Wealth Advisors, a Dallas firm with about $4.3 billion in assets under management, was temporarily suspended by the Certified Financial Planner Board of Standards in October, pending investigation of the allegations. In February, RGT Wealth Advisors terminated Mr. Narayan, who had worked there since 1997, according to the SEC complaint. The alleged fraud occurred between 2010 and early 2016, during which time he directed $33 million to a company he was heavily involved with and knew was in poor financial condition. [...]

By |December 30th, 2016|Fraud, Press Releases & News, SEC|
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Phil Fiore Jr. Fired By UBS For Multiple Violations

UBS Financial Services Inc. fired Phil Fiore Jr., one of its top brokers based in Stamford, Connecticut, for failing to keep the firm informed of outside business activities, even while he was under heightened supervision. Fiore was terminated at the close of November for violating firm policies, including not disclosing an unpaid directorship at a not-for profit entity affiliated with a client; not seeking approval to operate a charity golf tournament; and not seeking firm approval to make blog posts, according to his FINRA BrokerCheck report. He also failed to disclose to UBS that a new client had made an investment in Fiore's outside business, which had been approved by UBS, also according to BrokerCheck. Phil Fiore Jr. was a Senior Vice President and part of the FDG Institutional Consulting Group, in addition to being one of the top-ranked advisers in his state, according to Barron's magazine. Barron's also said the group had $8 billion in client assets in 2015. Fiore had [...]

By |December 29th, 2016|Broker Check, FINRA, Press Releases & News|
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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.