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So far Richard Frankowski has created 573 blog entries.

Canadian Trader Charged for Short Selling U.S. Stocks

The SEC filed a complaint in U.S. District Court in San Francisco alleging that Andrew Evans, a Canadian trader at his firm, Maritime Asset Management, illegally shorted U.S. stocks from December 2010 until May 2012.  Evans will pay more than $1 million in settlement charges. Evans allegedly sold stocks at a high market price with the knowledge that the company was planning a follow-on offering at a lower cost in the near future.  Evans then purchased stocks at a lower price to cover his short sales.  He made an illegal profit of $582,175 with no market risk that is typically involved in legal sales. The complaint alleges that Evans violated an anti-manipulation provision, Rule 105 of the federal securities laws.  This provision forbids short selling an equity security during a restricted period for the purpose of buying the same security through the follow-on offering for a profit. Jina Choi, Regional Director of the SEC, stated, “Rule 105 was specifically designed [...]

By |July 23rd, 2015|Legal Matters|
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Investment Adviser Charged With Defrauding Retired Teachers

A Miami broker defrauded investors by siphoning money from retirees’ investments through a Ponzi scheme. The SEC alleges the adviser conducted a Ponzi scheme with money he raised for the Sterling Investment Fund, which he fraudulently claimed invested in mortgages and properties in Florida and Georgia.  Many of the adviser’s investors were public servants such as teachers and police officers who believed they were making safe investments for their retirement savings.  The adviser promised investors there was no risk involved in the investment and further promised annual returns of eight to twelve percent.  However, instead of investing their money, the adviser used the fund assets to pay personal expenses and make fictional returns to investors.  The adviser created false reports of valuations to send to his investors. “Williamson lured retired teachers, law enforcement officers, and others into believing that the Sterling Investment Fund was a safe investment generating significant returns,” said Eric I. Bustillo, SEC Regional Director.  “Investors entrusted him [...]

By |July 21st, 2015|Legal Matters|
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Broker-Dealers Fined for Wrongful Bond Trades

The SEC charged nearly two dozen companies and individuals who bought and sold securities for a Chicago-based trading firm without registering as a broker-dealer with the SEC as required under the federal securities laws. The securities laws regulating broker-dealer registration ensure the protection of investors by allowing the SEC to conduct periodic inspections of firms and requiring firms to maintain books and records for all securities transactions. An SEC investigation uncovered Global Fixed Income, LLC, which primarily purchased investment grade corporate bonds, entered into contracts with third parties who worked as unregistered broker-dealers.  The unregistered brokers bought billions of dollars’ worth of newly issued bonds which caused Global Fixed Income’s allocation in the bond offerings to increase.  Because the offerings were oversubscribed, Global Fixed Income could sell the bonds quickly for a profit compared to the dollar value of the trade.  This wrongful profit was split among Global Fixed Income and the third-party unregistered broker-dealers.  The parties committed this misconduct [...]

By |July 21st, 2015|SEC|
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SEC Gives Award To Whistleblower

Whistleblower Gets Award In the SEC’s first retaliation case, a whistleblower will be awarded 30 percent of the amount collected by the SEC during the charge. The SEC recently established a whistleblower program that encourages whistleblowers to report key information to help the SEC enforce actions.  Through the whistleblower program, the SEC awards whistleblowers between 10 percent and 30 percent of amounts collected in a successful case. Due to the efforts of a whistleblower, the SEC was able to successfully enforce actions with sanctions in In the Matter of Paradigm Capital Management, Inc. and Candace King Weir, File No. 3-15930 (June 16, 2014). However, the whistleblower in Paradigm suffered retaliation and other hardships as a result of reporting high-quality, original information to the SEC.  Other hardships included a demotion to a position that included investigating the very conduct the whistleblower reported.  Paradigm also changed the whistleblower’s job functions, specifically by removing supervisory responsibilities.  The SEC awarded the whistleblower the maximum [...]

By |July 20th, 2015|Press Releases & News, SEC|
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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.