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So far Richard Frankowski has created 573 blog entries.

FINRA December 2015 Disciplinary Actions: Part II

Wunderlich Securities, Inc. (Memphis, TN) submitted an AWC in which the firm was censured and fined $50,000. FINRA found that it failed to establish, maintain, and enforce an adequate supervisory system and written procedures regarding the preparation and dissemination of consolidated reports. The findings stated that although the firm’s WSPs expressly permitted the preparation and dissemination of consolidated reports, they did not adequately address how the firm would supervise the use of consolidated reports. The firm also failed to establish, maintain, and enforce an adequate supervisory system or written procedures to ensure the accuracy of any valuation information that was provided by a registered representative in a consolidated report and mandating the inclusion in consolidated reports of specific disclosures regarding the source and accuracy of any valuation information that was provided by a registered representative. In addition, the firm failed to establish, maintain, and enforce an adequate supervisory system and written procedures to ensure that supervisory reviews of consolidated reports were [...]

By |December 28th, 2015|FINRA, Press Releases & News|
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FINRA December 2015 Disciplinary Actions: Part I

Brookstone Securities, Inc. (Lakeland, FL) was censured, fined $1,000,000 and required to pay, jointly and severally with Christopher Dean Kline (Baraboo, Wisconsin) and Antony Lee Turbeville (Lakeland, FL) $1,620,100 plus prejudgment interest in restitution to their respective customers. Kline and Turbeville were barred from association with any FINRA member in any capacity. David William Locy (Overland Park, Kansas) was fined $25,000, barred from association with any FINRA member in any supervisory or principal capacity and suspended from association with any FINRA member in any capacity for two years. FINRA found that the firm, acting through Turbeville and Kline, fraudulently made material misrepresentations of fact and omitted material facts that misled senior and retired customers regarding the risks associated with CMOs, in willful violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Monex Securities, Inc. (Houston, TX) submitted an AWC in which the firm was censured, fined $25,000, and required to pay $9,678.52 plus interest in [...]

By |December 23rd, 2015|FINRA, Press Releases & News|
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Canarsie Capital Founder Pleads Guilty To Fraud, Lost $57M In Two Weeks

Owen Li, founder of Canarsie Capital, managed to lose $57 million in only two weeks, leaving his investors with only $200,000 and a letter of apology. Li is now also a convicted felon after admitting that he lied to investors and regulators about his hedge fund's performance. He managed to do all of this before he turned thirty. Li surrendered to U.S. authorities Wednesday and pleaded guilty to a single count of securities fraud and making a false statement, according to Manhattan U.S. Attorney Preet Bharara. Li faces up to twenty years imprisonment. The hedge fund crumbled earlier this year after the firm lost $57 million, nearly all of the money held by its 41 investors from December 31, 2014 to January 16, 2015. According to the prosecution, Li lost roughly $18 million at the beginning of January when he started selling off long equity positions in the fund and eliminated all of its short positions. The resulting unhedged, long [...]

By |December 18th, 2015|Fraud, Press Releases & News, SEC|
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CEO Hated For Price Hiking HIV Drug Charged With Securities Fraud

Martin Shkreli, the hedge fund manager and drug company CEO who rose to infamy after gouging the price of a life-saving pill from $10.50 to $750, has been charged with securities fraud. The FBI arrested Shkreli at his home in Manhattan. He is being processed at FBI headquarters in New York and is expected to be arraigned today in Federal Court in Brooklyn. Shkreli, the CEO of Turing Pharmaceuticals, is alleged to have illicitly taken stock from a biotech company he founded to pay off debts from unrelated business transactions. Shkreli gained America's ire in September when he increased the cost of Daraprim by 5,000 percent. Daraprim, the common name for the drug pyrimethamine, is the only medication for treating toxoplasmosis, an infection contracted from cat parasites that can cause birth defects. It is also used as a co-treatment for HIV infections, some cancers, and malaria. When asked by an audience member at a healthcare summit what he would do differently if [...]

By |December 17th, 2015|Fraud, Press Releases & News|
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