ICON Leasing Funds Being Investigated
ICON Leasing Funds are currently being investigated as broker-dealers may have sold funds without performing adequate due diligence when recommending them to clients. The funds engaged in the acquisition, purchasing, and leasing of a variety of equipment to third parties in the United States, Europe, and Canada. It is based in New York City and […]
SEC Gets Freeze On AwesomePennyStocks Promoter’s Assets
The SEC won a freeze on John Babikian’s assets this week. Babikian is a Bugatti-driving 26 year-old from Montreal who operated a “pump-and-dump” scheme using penny-stock websites. He had put out an email list called AwesomePennyStocks to promote a coal company’s stock while simultaneously dumping his own shares. The email messages about this company and […]
New York To Welcome Regulated Bitcoin Exchanges
Bitcoin exchanges may soon be coming to the Empire State, but such exchanges will be subject to strict regulation. The New York State Department of Financial Services (NYSDFS) stated that it will weigh proposals for a regulated virtual currency exchange. Companies can now submit applications and proposals to manage virtual currency exchanges in the state, […]
SEC Charges San Diego Investment Adviser
Last week, the SEC filed charges against a San Diego investment advisory firm called Total Wealth Management, its Chief Executive Officer, Chief Compliance Officer, and an investment adviser representative for misleading investors and breaching their fiduciary duties to their clients. The SEC alleges that Total Wealth, its owner, and CEO made secret revenue sharing agreements […]
Agent Sentenced To Five Years In Southern California For Ponzi Scheme
National and State Resources Run a FINRA check on your broker or brokerage firm by clicking here. You can view FINRA Regional Office Locations or click on a state below to view the resources specific to that state. Investor’s Guide to Securities Industry Disputes – How to Prevent and Resolve Disputes with Your Broker. Better Business Bureau (BBB) — For […]
Ruling Upcoming On Fiduciary Duty For Brokers
Should brokers be required to act in the best interest of their clients when providing personalized investment advice, including recommendations about securities, to retail investors? The answer to that question is close to a resolution. Financial advisers registered with the SEC are already held to this fiduciary duty known as the “best interest” standard. Brokers, […]
Bitcoin Entrepreneurs Urge For More Regulation
Last month, the IRS declared that it would consider bitcoins as property and not currency for tax reasons. This came to the pleasant surprise of many Bitcoin proponents who have longed for more federal regulation and would like to see more of it. It is no secret that the lack of regulatory certainty is a […]
According To The SEC, More Than 200 Private-Equity Firms Have Imposed Bogus Fees
The SEC has announced that over half of the private-equity firms it has investigated have charged unjustified expenses and fees to investors without their knowledge. The 2010 Dodd-Frank Act gave the SEC more power in overseeing money managers and allowed the SEC to examine some firms for the first time. At the close of 2012, […]
Statute Of Limitations Extended For Securities Fraud Cases In Alabama
On Tuesday, the Governor of Alabama, Robert Bentley, signed legislation extending the statute of limitations for securities fraud and theft by deception to five years from the date the fraud was discovered. Previously, the statute of limitations for securities fraud had been five years from the date the deal occurred, and the statute of limitations […]
FINRA Begins Retrospective Rule Review
FINRA issued two new Regulatory Notices recently in order to review rules on an ongoing basis. Regultatory Notice 14-14 requests comments on FINRA’s communications with the public rules, and Regulatory Notice 14-15 requests comments on gifts, gratuities, and non-cash compensation rules. FINRA’s rule reviews are targeted toward ensuring their rules stay relevant and are effectively […]