+1-888-741-7503

|Richard@frankowskifirm.com

About Richard Frankowski

This author has not yet filled in any details.
So far Richard Frankowski has created 573 blog entries.

Texas Man Convicted Of Securities Fraud

A federal jury on Monday convicted a Rockwall, Texas man of securities fraud arising from an investment scheme he ran, according to U.S. Attorney John Parker of the Northern District of Texas. Mark Lee Cleaton was found guilty on four counts of wire fraud and is facing a maximum penalty of twenty years in prison and a $250,000 fine for each count. United States District Judge Jane Boyle remanded Cleaton into the custody of U.S. marshals pending sentencing on February 4, 2016. Cleaton, according to court documents, was the managing member of North American Capital LLC., which was located in Dallas. Cleaton also created a limited partnership, North American Capital Investment Fund, LP ("NACIF") in August 2009. From August 2009 to July 2010, Cleaton solicited $350,000 in investments for NACIF from several people. He promised to invest that money in short-term, high-yield, real estate projects. In reality, though, he used the money for himself. Cleaton provided false investment memoranda and [...]

By |October 21st, 2015|Fraud, Press Releases & News|
Read More

FINRA Fines Twelve Firms A Combined $6.7M

FINRA ordered twelve firms to pay restitution over $4 million and fines over $2.6 million for failing to apply sales charge discounts to customers' purchases of Unit Investment Trusts ("UITs") and relevant supervisory failures. The firms sanctioned include First Allied Securities, Inc. of San Diego, CA; Fifth Third Securities, Inc. of Cincinnati, OH; Securities America, Inc. of La Vista, NE; Cetera Advisors LLC of Denver, CO; Park Avenue Securities LLC of New York, NY; Commonwealth Financial Network of Waltham, MA; MetLife Securities, Inc. of New York, NY; Comerica Securities of Detroit, MI; Cetera Advisor Networks LLC of El Segundo, CA; Ameritas Investment Corp. of Lincoln, NE; Infinex Investments, Inc. of Meridian, CT; and The Huntington Investment Company of Columbus, OH. FINRA's Executive Vice President and Chief of Enforcement, Brad Bennett, stated, "Firms need to ensure that their registered representatives are providing customers the sales charge discounts to which they are entitled. The firms sanctioned today failed to provide these discounts, resulting in [...]

By |October 20th, 2015|FINRA, Press Releases & News|
Read More

What Advisers Get Wrong About Variable Annuities

Both advisers and insurers believe that variable annuities with guaranteed benefit riders are the most complicated annuity products. Certain aspects of these annuity contracts can lead to misconceptions among advisers regarding how the products work and among customers regarding what they are purchasing. “A lot of the people selling these products simply don't fully understand it. And why don't they? Because they're so darn complex,” said Jim Shambo, president of Lifetime Planning Concepts. “I've never met a client who understands them, and I've never met a salesmen who fully understands them.” Variable annuities with guaranteed benefit riders offer consumers an income floor in the event markets perform poorly and allow for upside participation during up markets. Guaranteed lifetime withdrawal benefits ("GLWBs") are the most popular living benefit rider in variable annuity contracts, comprising over eighty percent of variable annuity sales in 2014. Shambo believes that one of the biggest reasons for adviser and customer confusion is a "two-bucket" concept. One [...]

By |October 19th, 2015|Uncategorized|
Read More

Securities Industry, DOL Fight Over Cost Of Fiduciary Rule

Labor Secretary Thomas Perez backed a proposal to increase investment advice standards for retirement accounts by arguing that studies showing the need for such a rule are more reliable than those funded by the securities industry that question it. In a speech last week, Perez quoted the "conservative estimates" of a White House Council of Economic Advisers study showing retirement savers lose $17 billion annually due to brokers selling them high-fee products, which the rule seeks to prevent. "When you look at all of the peer-reviewed empirical academic studies that have been published in this area, they overwhelmingly support our fundamental position that conflicts of interest are harming American savers to the tune of billions of dollars," stated Perez. Perez spoke directly about industry studies: "Most of the industry-commissioned research reaching the opposite conclusion does not meet equally rigorous analytical standards." The Securities Industry and Financial Markets Association performed its own review of the White House study, finding it unsatisfactory. [...]

By |October 19th, 2015|Press Releases & News|
Read More

Fill Out The Form To Receive A Free Confidential Consultation

Consultation

The recoveries, verdicts, favorable outcomes, and testimonials described on this site are not an indication of future results. Every case is different, and regardless of what friends, family, or other individuals may say about what a case is worth, each case must be evaluated on its own facts and circumstances as they apply to the law. The valuation of a case depends on facts, the damages, the jurisdiction, the venue, the witnesses, the parties, and the testimony, among many other factors. No representation is made that the quality of the legal services performed is greater than the quality of the legal services performed by other lawyers.

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.