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So far Richard Frankowski has created 573 blog entries.

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 the majority of its enforcement efforts are focused on situations involving investor rip-offs. "It's a lot of cases that don't involve fraud, that don't involve a lot of big dollars," said Ryan. "Someone's got to enforce these rule violations. That's a space we're very good at." FINRA targets supervisory lapses, sales of unsuitable complex products - notably those aimed at elderly investors - and brokers engaging in outside business activities and "selling away" from the firm's list of products. The authority does not involve itself in areas handled by government agencies: “We're there really to discipline,” said Ryan. “We're not in the business of law enforcement [...]

By |November 5th, 2015|FINRA, Press Releases & News|
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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 felony charges in Calhoun County for securities violations. Brian A. McVeigh, District Attorney for the 7th Judicial Circuit, Calhoun County, and Joseph Borg, Director of the Alabama Securities Commission announced the arrest. Register first faces probation violation charges in California, unrelated to the securities violations. A hearing in California will be scheduled for the probation violation charges, and then he may be extradited to Alabama for the securities charges. A March 2014 session of the Calhoun County Grand Jury returned a four-count indictment against Register, alleging one count of acting as an unregistered investment adviser; two counts of fraud in connection with the advising others [...]

By |November 2nd, 2015|Fraud, Press Releases & News|
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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. The sentence was suspended, and Waskom was allowed to return to Texas for his probationary period. A condition on that probationary period was verification that Waskom had paid $28,350 restitution in full to the Alabama victim. A Jefferson County Grand Jury had indicted Waskom in October 2011 on charges of violating Alabama securities laws. He was not, however, arrested until earlier this year. It is unknown whether the project behind the investment Waskom sold to the victim even exists. But according to the indictment, Waskom had failed to disclose that the requested money would be used for non-investment purposes. Waskom had approached the Alabama investor, [...]

By |October 30th, 2015|Press Releases & News|
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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. For those advisers, “Fidelity served as a haven from regulatory oversight as it ignored blatant unregistered investment advisory activity,” according to a statement from Galvin's office. Fidelity believes it has done nothing wrong. “We do not believe that Fidelity has violated any laws or regulations in connection with this matter,” said Adam Banker, a Fidelity spokesman. “We look forward to reviewing the details of this matter and addressing them appropriately.” “Fidelity, of all companies, knows full well the range of investor protection provisions resulting from regulatory oversight,” Galvin stated. “For them to knowingly allow unregistered activity on their broker-dealer platform is a profound failure of [...]

By |October 29th, 2015|Press Releases & News|
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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.