Securities Fraud Trial Delayed For Alabama Tomato Farm Founder
A judge in Madison County, Alabama has granted a continuation for the trial scheduled for May in an alleged tomato farming scandal. James Lawhorne is alleged to have defrauded investors of Cypress Creek Organic Farms. The Alabama Securities Commission charged Lawhorne in December claiming that, while going by the alias “Jim Gilley,” he conned investors […]
Ohio Supreme Court Upholds Prison Term In Securities Fraud Case
The Ohio Supreme Court ruled today that ex-Evergreen Corporation President David Willan will serve his full ten year prison sentence for securities violations under the state’s racketeering laws. Writing for the 5-2 court, Justice Judith L. French noted that the court found that the three convictions unambiguously apply and subject Willan to a mandatory RICO […]
Former Georgia Attorney Pleads Guilty To Securities Violations
Hendrickx Toussaint, a former attorney from Atlanta, Georgia, has pleaded guilty in Madison County, Alabama Circuit Court to one count of Conspiracy to Commit Securities Fraud by employing a device, scheme or artifice to defraud, a Class C felony punishable by up to ten years and no less than a year and a day in […]
Department Of Labor Releases Proposal On Expanding Fiduciary Duties
Resources Know your rights, the relevant laws, and what questions to ask BEFORE you agree to an investment America’s individual and institutional investors have suffered enormous financial losses in recent years due to misrepresentations, omissions, and investment scams perpetrated by brokers and brokerage firms. The Frankowski Firm is dedicated to standing up for investors’ rights. […]
Alabama Man Arrested For Alleged Securities Violations
Alabama Resident Arrested For Alleged Securities Violations Timothy Lowell Franks of Winfield, Alabama was arrested earlier this month for allegedly violating the Alabama Securities Act. The arrest was the result of a March 2015 Marion County Grand Jury indictment, which charged him with six counts of violations: one count of Sale of Unregistered Securities, one […]
SEC Charges Former NFL Player With Fraud For Operating $31M Ponzi Scheme
Will Allen, a former National Football League cornerback, was charged with fraud by the SEC for allegedly running a Ponzi scheme that bilked investors out of $31 million. Allen allegedly worked with Susan Daub to create a number of companies, including Boston-based Capital Financial Partners, offering loans to professional athletes. Allen and Daub allegedly told […]
New Hampshire Seeks $3.6M Payment From LPL For Nontraded REIT Sales
Securities regulators from New Hampshire want LPL Financial to pay $3.6 million in fines and repayments to investors for allegedly unsuitable sales of real estate investments to elderly clients. The New Hampshire Bureau of Securities Regulation, in an action filed earlier this week, claims that it wants $2.4 million from LPL in buybacks and restitution […]
NYC Comptroller Wants Brokers To State They Are Not Fiduciaries
New York City comptroller Scott M. Stringer is pushing the state legislature to pass a law that would clarify the distinction between brokers and investment advisers to investors. Stringer’s proposal would mandate that all financial advisers directly state whether they must act in their clients’ best interests. “We need a uniform, national fiduciary standard, but […]
SEC Chairwoman Claims Fiduciary Battle Just Getting Started
SEC Chairwoman States Fiduciary Battle Is Just Beginning Mary Jo White, Chairwoman of the SEC, told legislators that the agency will continue at its own pace, over an extended period of time, to address raising investment advice standards for brokers. The agency will not be rushed by a similar Department of Labor rule currently pending. […]
Alabama Man Pleads Guilty In Ponzi Scheme Case
Alabama Resident Pleads Guilty In Ponzi Scheme Case Over a five year span, former Hoover, Alabama financial broker Bryan Anderson found eighteen people to invest $8.4 million in a number of investments and guaranteed that the investments were completely risk free. Roughly two thirds of those investors watched Anderson at the federal courthouse in downtown […]