Financial Advisor Raul Benitez Faces Multiple Allegations of Unsuitable Investment Recommendations
The recent allegations against financial advisor Raul Benitez have raised significant concerns within the securities industry. Benitez, formerly employed by Wells Fargo Clearing Services, LLC, is under scrutiny following at least six customer complaints and one termination for cause. The complaints, documented by The Financial Industry Regulatory Authority (FINRA), allege unsuitable investment recommendations and various […]
Federal Sentencing of Fraudster Highlights the Ongoing Fight Against Elder Financial Abuse
In a significant legal development, a federal judge in Montgomery, Alabama, has sentenced Nicholas Houston Allen to 76 months in prison for his involvement in a fraudulent scheme targeting elderly victims. Allen, who had previously pleaded guilty to two counts of wire fraud, exploited his victims for a substantial amount of money under false pretenses. […]
SEC Charges 16 Firms with $81 Million Penalty for Recordkeeping Failures
On Feb. 9, 2024, in a significant enforcement action, the Securities and Exchange Commission (SEC) announced charges against five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisers for widespread and longstanding failures to maintain and preserve electronic communications. These firms have collectively agreed to pay more than $81 million in […]
Affinity Fraud: A Hidden Threat to Investors Highlighted by the Wilkinson Family Speaker Series
Affinity fraud, a pernicious form of investment fraud targeting specific groups with shared identities, took center stage at the University of Oklahoma College of Law’s Wilkinson Family Speaker Series. This series, generously funded by Bruce Wilkinson, a 1969 OU College of Law alumnus, aims to educate students, alumni, and the broader Oklahoma community about critical […]
The DOL Elevated Conduct Standards for Retirement Advisors
The U.S. Department of Labor (DOL) has recently finalized a rule designed to elevate conduct standards for financial advisors who provide retirement advice. This new regulation, which redefines the role of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA), aims to ensure that advisors adhere to high standards of care and […]
Enhancing Investor Protection: The SEC’s New Public Service Campaign
The recent announcement by the Securities and Exchange Commission (SEC) regarding its new public service campaign emphasizes a pivotal initiative in bolstering investor protection across the financial landscape. This campaign, aimed at educating and empowering investors, reflects a proactive approach by regulatory authorities to mitigate risks associated with securities investments. As securities fraud attorneys and […]
SEC Charges JAG Capital Advisors and Founder with Investment Fraud
In recent news, the Securities and Exchange Commission (SEC) has brought forth charges against JAG Capital Advisors and its founder, Joshua Goltry, alleging they defrauded investors. This development highlights ongoing concerns in the investment community about fraudulent activities that can harm investors and create mistrust in financial markets. According to the SEC’s press release, JAG […]
Supervisory failure leads to $500K fine by FINRA: An insight into Oppenheimer & Co. Case
In a wake up call for broker-dealers, the Financial Industry Regulatory Authority (FINRA) has slapped a whopping fine of $500,000 on Oppenheimer & Co. for failing to properly supervise certain trades. As reported, Oppenheimer’s brokers are under target for directly placing trades with fund companies on behalf of customers without requisite inspection bringing the supervisory […]
SEC Secures $4.5 Billion Settlement in Landmark Terraform Labs and Do Kwon Case
On June 13, 2024, the Securities and Exchange Commission (SEC) announced a landmark settlement with Terraform Labs PTE, Ltd. and its CEO, Do Kwon, totaling over $4.5 billion. This resolution follows a unanimous jury verdict that held the defendants liable for orchestrating fraud involving crypto asset securities, resulting in massive investor losses when the scheme […]
Investment News: Next DOL Fiduciary Proposal Generates Opposition Prior to Release
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