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So far Richard Frankowski has created 573 blog entries.

New Jersey Woman Pleads Guilty To $1.2M Securities Fraud

An ex-New Jersey Investment Adviser pleaded guilty to 31 of 37 charges in two indictments brought against her in 2012 and 2013 for operating a $1.178 million Securities and Annuities fraud scheme, announced the New Jersey Attorney General's Office and the Office of the Insurance Fraud Prosecutor. Janet Fooshee admitted to falsifying and sending more than a hundred financial account statements that inflated fourteen of her clients' accounts by a total of $818,000 on Friday before Somerset County Superior Court Judge Edward M. Coleman. She further admitted to thieving about $151,000 from four clients, taking over $191,539 in illegal investment adviser fees, bilking another client out of nearly $81,000, and stealing the identities of at minimum eight corporations. Fooshee, also known as Janet Gurley and Janet Katz, also admitted to bilking over two dozen retirees and others over a decade, starting in 2003. In return for her guilty plea, the prosecution recommended a seven-year prison sentence and the payment of $415,000 [...]

By |December 16th, 2015|Fraud, Press Releases & News|
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Broker-Dealer Settles Variable Annuity Case for $475k

Comprehensive Asset Management and Servicing Inc. ("CAMS") has agreed to pay $475,000 to settle claims that the firm failed to reasonably supervise representatives' sales of variable annuities, among other complaints. From February 2008 and 2012 the New Jersey broker-dealer "failed to establish, maintain and enforce a supervisory system and procedures reasonably designed to supervise variable annuity transactions," according to FINRA. Particularly, the firm failed in a number of instance to acquire customer information--including ages, investment experience and objectives--for a satisfactory review of variable annuity transactions. CAMS further failed to implement controls so variable annuity applications were forwarded promptly to a principal for approval and failed to produce evidence of prospectus delivery. “For years now, we have had a new system and controls in place to supervise the processing of variable annuities,” said Timothy Smith, president of parent company The Comprehensive Group. “We note specifically that FINRA did not find that any variable annuity trades for clients during that time were [...]

By |December 15th, 2015|FINRA, Press Releases & News|
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Texas REIT Plummets Following Ponzi Allegations

Stock in United Development Funding IV has gone into a free fall following a report published on an investor website that alleged the real estate investment trust has operated for years like a Ponzi scheme. Harvest Exchange, an online professional network for investors, published an anonymous post about UDF called "A Texas-Sized Scheme: Exposing the Darkest Corner of the REIT Business, United Development Funding," which currently controls $1.3 billion of assets in various REITS, including UDF IV. Based out of the Dallas-Fort Worth area, UDF IV was a nontraded REIT that listed on the NASDAQ in June 2014. It was sold to investors from 2009 to 2013 at $20 per share. “The UDF umbrella exhibits characteristics emblematic of a Ponzi scheme,” according to the Harvest posting. Those characteristics include new capital used to fund distributions to existing investors and subsequent UDF companies providing significant liquidity to earlier vintage UDF companies, allowing them to pay earlier investors. Once the funding of [...]

By |December 14th, 2015|Fraud, Press Releases & News, SEC|
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Woman Receives Over $1M Award In Churning Case Against Former Morgan Stanley Broker

A FINRA arbitration panel awarded over $1 million to an elderly woman who claim to be ripped off by an ex-Morgan Stanley broker. Arbitrators recently found for Genevieve Lenehan, giving her punitive and compensatory damages, attorneys' fees, and other costs that amounted to $1.06 million. Lenehan claimed that the broker, Justin Amaral, both churned and reverse-churned her account. Amaral was a financial adviser to Lenehan and her husband, who passed away five years ago. When Mr. Lenehan died, Amaral allegedly began a systematic investment strategy in which he bought and sold closed-end funds and initial public offerings to generate fees, according to Ms. Lenehan's attorney. In addition, Amaral moved into a wrap account thousands of shares of General Electric stock that Ms. Lenehan had accumulated while working as a secretary at the manufacturing firm, beginning during World War II. By putting them in a wrap account, Amaral could charge a fee on shares that she had no intention of selling [...]

By |December 11th, 2015|FINRA, Press Releases & News|
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