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Mar 16, 2017

Aegis Capital Investigated By FINRA, SEC, And FINCEN

By |March 16th, 2017|FINRA, SEC|

Aegis Capital Corp., which is a mid-sized brokerage firm out of New York City and has 415 registered representatives, is currently under investigation from three regulators, according to a document filed by the SEC. These regulators include the Financial Industry Regulatory Authority (FINRA), the Securities Exchange Commission (SEC), and the Treasury Department's Financial Crimes Enforcement [...]

Mar 15, 2017

Paul Stanley Of Waddell & Reed Barred By FINRA

By |March 15th, 2017|Broker Check, FINRA News|

FINRA announced that it barred former Waddell & Reed Inc. broker Paul Stanley, who was dismissed by Wadell & Reed in January 2016 for failing to comply with the company's professional conduct, supervisory, and compensation policies. Stanley failed to show up for on-the-record testimony sought by the regulator. He, however, reached a settlement with FINRA, [...]

Mar 9, 2017

Voya To Pay $3.1M Fine For Disclosure Violations

By |March 9th, 2017|Failure To Disclose|

Voya Financial Advisors will pay nearly $3.1 million because of payments it got from its clearing broker in relation to mutual fund sales. The firm settled a cease-and-desist order from the SEC and will pay $2.6 million in disgorgement, $175,000 in prejudgment interest, and $300,000 in civil penalties. According to the Securities and Exchange Commission, [...]

Mar 8, 2017

Frank Black Permanently Barred By FINRA

By |March 8th, 2017|Legal Matters|

FINRA has barred Frank Black and his firm, Southeast Investments N.C. Inc., for failing to keep business-related emails and to comply with pertinent securities law, according to a FINRA panel. The regulator also claims he gave false testimony during an on-the-record interview and gave falsified documents pertaining to the company's branch office inspections. [...]

Mar 6, 2017

Herschel Knippa Faces Prison For $131M Scheme

By |March 6th, 2017|Legal Matters|

New York prosecutors claim Herschel Knippa, a former broker who pitched "worthless" stock to investors and television viewers, is looking at prison time for participating in a $131 million market manipulation scheme. U.S. Attorney Robert L. Capers in Brooklyn says Herschel, who goes by "Tres," of Dallas, Texas pleaded guilty Monday to conspiracy [...]

Mar 2, 2017

Craig David Dima Barred By FINRA

By |March 2nd, 2017|FINRA, FINRA News, Legal Matters, Press Releases & News, Securities Law Violations, Suitability, Unauthorized Trading|

Craig David Dima, an ex-registered representative with K.C. Ward Financial in Ronkonkoma, New York, was barred from the securities industry by FINRA for making unauthorized and unsuitable trades amounting to roughly $15 million in a seventy-three (73) year old retiree's account, as well as for misrepresenting the reasons for all the trades to the customer. [...]

Mar 1, 2017

Negligent Brokers and Investment Fraud – What You Need to Know

By |March 1st, 2017|Fraud|

It is a common misconception that securities fraud is strictly handled in criminal courts. There are also civil remedies for investors who have been defrauded out of their money, or whose brokers or advisors have acted negligently. Seeking those remedies is exactly what The Frankowski Firm does. We want to speak to investors directly here [...]

Feb 24, 2017

Will the New Administration Put an End to the Fiduciary Rule?

By |February 24th, 2017|Fraud|

New Administrations bring new rules – or, in this case, they do away with the old ones. One of the regulations on the chopping block is the so-called “fiduciary rule” issued last year by the Labor Department, which said that both financial advisors and brokers who worked on 401(k) and other retirement accounts had to [...]

Feb 8, 2017

Hamilton Ticket Resale Ponzi Scheme Investor Sues

By |February 8th, 2017|Fraud, Misrepresentation and Fraud, Ponzi Scheme, Press Releases & News, SEC, Securities Law Violations|

Adam Blank, an investor in the alleged $81 million Ponzi scheme pertaining to the buying and selling of tickets to popular shows, including Adele concerts and Broadway's Hamilton, sued his broker-dealer, alleging the firm made several false and misleading statements about its due diligence and investigation into the ticket operation. The suit was [...]

Feb 8, 2017

How FINRA Plans on Protecting Investors This Year

By |February 8th, 2017|FINRA|

One of the most common claims our attorneys bring on behalf of clients is failure to supervise. Brokerages are responsible for the majority of their employees’ actions. When a broker or advisor is negligent, or guilty of fraud, an investor can seek compensation from the firm itself or from the supervisors for failure to supervise. [...]

Feb 2, 2017

SEC: Windsor Street Capital Ignored Pump-And-Dump Scheme

By |February 2nd, 2017|Fraud, Legal Matters, Misrepresentation and Fraud, Press Releases & News, Pump-And-Dump, SEC, Securities Law Violations|

The SEC announced administrative proceedings against Windsor Street Capital and John D. Telfer, the firm's former anti-money laundering officer. The commission alleges that the firm failed to file Suspicious Activity Reports for $24.8 million worth of suspect transactions, which includes transactions in accounts controlled by Raymond H. Barton and William G. Goode who the SEC [...]

Feb 1, 2017

Dwayne Edwards Accused Of Fraud By SEC

By |February 1st, 2017|10b-5, Alabama, Bonds, Fraud, Legal Matters, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Act of 1933, Securities and Exchange Act, Securities Law Violations|

The SEC charged Dwayne Edwards with fraud and obtained an emergency asset freeze against the South Carolina businessman. The SEC alleges that he funneled money he obtained from investors who believed their money would be used for buying and renovating senior housing facilities. According to the commission, Dwayne Edwards illicitly commingled funds from a number [...]

Feb 1, 2017

Can FINRA’s CEO Create a New Era of Transparency?

By |February 1st, 2017|FINRA, Fraud|

Robert Cook, CEO of FINRA, embarked on a “listening tour” late last year. He spent months meeting with regulators, policymakers, investors and brokers (among others) to discover their primary concerns and to hear their ideas. What has emerged, it seems, is an agenda that prioritizes transparency at every level. One of the primary focuses of [...]

Jan 26, 2017

Michael J. Breton Banned For Cherry Picking Trades

By |January 26th, 2017|Fraud, Legal Matters, Misrepresentation and Fraud, Press Releases & News, SEC, Securities Law Violations|

Michael J. Breton, a Massachusetts investment adviser who the SEC accused of securities fraud, has agreed to be banned from the industry after the SEC discovered he was operating an illicit cherry-picking stock scheme. The commission filed suit against Breton and his firm, Strategic Capital Management, in federal district court in Massachusetts. claiming that they [...]

Jan 25, 2017

Buffer Annuities: Why Regulators Are Seeing Complaints

By |January 25th, 2017|FINRA, FINRA News, Legal Matters, Press Releases & News, Suitability, Variable Annuity|

Regulators are beginning to shift their attention toward buffer annuities, a new kind of variable annuity. These annuities are extremely complicated and utilize structured products, rather than mutual funds, in the sub-account as the underlying investment. Donald Lopezi, Senior Vice President and Regional Director of FINRA's western region, has noted that the regulator [...]

Jan 24, 2017

FINRA January 2017 Disciplinary Actions

By |January 24th, 2017|Alabama, Bonds, Broker Check, Churning, Conflict of Interest, Conspiracy, Failure To Supervise, Fiduciary Duties, FINRA, FINRA News, Fraud, Georgia, Hedge, Bond & Mutual Funds, Legal Matters, Master Limited Partnership, Misappropriated Funds, Misrepresentation and Fraud, Non Traded Real Estate Investment Trust, Ponzi Scheme, Press Releases & News, Private Placements, Pump-And-Dump, REIT, SEC, Securities Law Violations, Selling Away, Suitability, Variable Annuity|

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may [...]

Jan 23, 2017

Charles Schwab Sued Over Own 401(k) Plan

By |January 23rd, 2017|401(k), Fiduciary Duties, Legal Matters, Press Releases & News|

A participant in the Charles Schwab Corp. 401(k) plan has sued the plan and corporate executives, claiming they violated their duties under the Employee Retirement Income Security Act (ERISA) by offering Schwab funds that were “more expensive than comparable alternatives available in the marketplace.” The suit was filed in United States District Court in [...]

Jan 19, 2017

Henry Al Dean Watson Barred By FINRA

By |January 19th, 2017|Broker Check, Churning, FINRA, FINRA News, Press Releases & News, Unauthorized Trading|

FINRA announced that it barred an ex-Hilliard Lyons broker, Henry Al Dean Watson, who recently settled a customer complaint accusing him of excessive trading and commissions, unauthorized trades, and portfolio mismanagement. Watson broke FINRA rules by failing to appear to give testimony before the regulator. Watson began in the securities business in 1984. He [...]

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