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So far Richard Frankowski has created 573 blog entries.

Banker Who Faked His Own Death Barred From Securities Industry

The SEC has barred from the securities industry Aubrey Lee Price, an imprisoned former Georgia investment adviser who pleaded guilty in 2014 to a massive fraud that helped bring down his troubled bank and cheated his clients out of millions of dollars. The penalty is inconsequential as Price is expected to spend three decades in federal prison. He submitted his offer to be banned from the industry in August, and the SEC accepted it this week, thus resolving the SEC's civil action against him. Price had disappeared in 2012, having written suicide notes confessing to defrauding his clients and Montgomery Bank & Trust. In some of the notes, he detailed his intent to jump from a ferry in Florida. A Florida judge declared Price legally dead roughly six months after he disappeared, but federal authorities never believed that he was actually dead. On New Year's Eve 2013, Price was captured in a routine traffic stop on I-95 near Brunswick, Georgia. [...]

By |January 15th, 2016|Fraud, Press Releases & News, SEC|
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SEC Charges Edward Durante With Securities Fraud

The SEC charged Edward Durante, a recidivist securities law violator, with operating a multi-year offering fraud that targeted investors in New England, Ohio, and California. The SEC’s complaint alleges that between 2012 and 2014, Durante defrauded at least 50 relatively unsophisticated investors of at least $11 million through the sale of securities of VGTel, Inc., a shell company he controlled. According to the SEC’s complaint filed in federal district court in Manhattan, Durante defrauded investors by selling approximately six million shares of VGTel stock to investors using a fictitious name to hide his criminal past and lying to investors regarding the use of stock sale proceeds. Durante also bribed investment advisers, who advised their clients to purchase VGTel stock without disclosing to their clients that they had been bribed. Durante also engaged in matched trading of VGTel stock with a stockbroker to artificially control the stock’s market price. The SEC’s complaint charges Durante with violating Sections 17(a) of the Securities Act [...]

By |January 14th, 2016|Fraud, Press Releases & News, SEC|
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SEC Seeks $2.5M From Texas Attorney For Securities Fraud

Last year, the SEC charged a Texas attorney with defrauding investors with regard to two securities offerings, one pertaining to an oil and gas exploration venture and the other a fracking water filtration business deal. The case was filed in the U.S. District Court for the Northern District of Texas against attorney Gregory G. Jones and Aquaphex Total Water Solutions. The SEC recently filed a motion for summary judgment, stating in its brief that Jones should be ordered to pay a maximum civil penalty of $2,530,000, disgorgement of $985,000, and an additional disgorgement of $480,000 with prejudgment interest of $17,042.39. In its original complaint, the SEC alleged that in 2009 Jones represented a group of European investors who invested about $6 million in an entity called Edwards Exploration. Jones had an agreement with Edwards in which Edwards was to pay him for performing particular services, including providing due diligence with relation to the European investors' shares. The SEC claims Jones [...]

By |January 13th, 2016|Fraud, Press Releases & News, SEC|
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SEC Issues Report On Review Of “Accredited Investor” Definition

The SEC issued a report evaluating the definition of "accredited investor" as part of its obligations under the Dodd-Frank Act. Perhaps most significantly, the report recommends modifications to the definition that could drastically change capital fundraising and the ability for issuers to rely on exemptions from registering their securities offerings. Currently, accredited investors are defined as those natural persons whose income exceeds $200,000 individually or $300,000 jointly with their spouses for the two most recent years and who reasonably anticipate income to remain constant in the current year; those natural persons whose net worth exceeds $1 million, excluding the value of their primary residence; and certain entities with assets exceeding $5 million. Financial Threshold Recommendations The report suggests that the SEC consider one or more of the following recommendations as related to the required financial thresholds for individuals or entities to qualify for “accredited investor” status: Impose investment limitations on the current income and net worth thresholds, such as limiting investments [...]

By |January 12th, 2016|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.