History Of Investors Capital Corporation’s Malfeasance
Investors Capital Corporation, a dually-registered independent Broker/Dealer and Investment Advisory firm, has a long history of malfeasance. In the summer of 2014, Patricia S. Miller, a former financial adviser with ICC, was arrested for orchestrating a massive Ponzi scheme that cost her clients millions in savings. Through her scheme, she obtained $4.1 million from over […]
NBA Star Sues Former Financial Adviser
Future National Basketball Association Hall of Famer Tim Duncan of the San Antonio Spurs has filed a second lawsuit against a former financial adviser he alleges cost him millions of dollars in lost investments. Duncan’s lawsuit, which was filed last week, contends that Charles Banks of Atlanta, Georgia encouraged Duncan to invest $1.1 million in […]
FINRA Issues Investor Alert On IRS Impersonation Scam
FINRA issued a new investor alert, called Tools of the Fraud Trade: Phones and Emotions, warning investors not to send money or provide personal information to a massive IRS impersonation scam timed to coincide with the recent deadline for anyone who filed a federal tax extension this past April. More than 700,000 people have reported getting […]
FINRA Wants ‘Significant Fine’ From MetLife For Variable Annuity Sales
MetLife Inc., the biggest life insurer in the country, said that FINRA will seek a “significant fine” from the company’s broker-dealer unit as part of an investigation into potential violations relating to variable annuities. MetLife stated that it is cooperating with the investigation. The examination centers on possible violations “regarding alleged misrepresentations, suitability, and supervision […]
FINRA Interested In Disciplining, Not Punishing
FINRA emphasized that the regulatory authority’s first goal is the “blocking and tackling” of enforcing its rules, not collecting massive financial penalties, stated Russell Ryan, FINRA Senior Vice President and Deputy Chief of Enforcement, at the Securities Docket Securities Enforcement Forum in Washington. FINRA does levy some hefty fines every once in a while, but […]
California Man Indicted For Defrauding Alabama Investor
Daniel Scott Register of Valencia, California was indicted in Calhoun County, Alabama on charges of defrauding an Alabama investor. Register was arrested on October 6 by the Orange County, California Sheriff’s Department. He was then transferred on October 9 to a correctional facility in Los Angeles, and a hold was placed on him for pending […]
Texas Man Sentenced For Selling Unregistered Securities To Alabama Investor
Richard Waskom of McKinney, Texas pleaded guilty to one count of Sale of Unregistered Securities before Jefferson County, Alabama Circuit Court Judge Tommy Nail and was given probation for selling unregistered securities pertaining to a project to re-enter previously drilled oil wells. Waskom was sentenced, under a plea deal with prosecutors, to five years imprisonment. […]
Massachusetts Charges Fidelity With Dishonest And Unethical Behavior
In an administrative complaint, Massachusetts charged Fidelity Brokerage Services with dishonest and unethical behavior for letting unregistered investment advisors perform trades on the Fidelity broker-dealer platform, thus creating fees for both the firm and the unregistered advisors. At minimum, thirteen unregistered Massachusetts investment advisors used Fidelity’s platform, according to William Galvin, secretary of the commonwealth. […]
Five More Firms To Pay $18M For Overcharges
FINRA has ordered five broker-dealers to reimburse clients a sum of $18.4 million for charging them improper fees on mutual funds. Edward Jones will pay $13.5 million, Stifel Nicolaus & Co., $2.9 million, Janney Montgomery Scott, $1.2 million, Axa Advisors, $600,000, and Stephens Inc., $150,000. FINRA found that as far back as July 2009 the mutual […]
FanDuel, DraftKings Accused Of “Insider Trading”
FanDuel and DraftKings, the two major daily fantasy sports websites, have been accused of insider trading, raising questions as to whether the increasingly lucrative daily fantasy sports world should face more regulatory scrutiny. This month, a DraftKings employee admitted to accidentally releasing NFL data before the start of the third week of NFL games. That […]