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Frankowski Firm Investigating Former Raymond James Broker

The Frankowski Firm is currently investigating the potential claims of people of who lost money investing with Glenn Guthrie, a former broker with Raymond James Financial Services in Birmingham, Alabama. According to FINRA's BrokerCheck report, Guthrie is the subject of a customer complaint and an employment separation after allegations of selling away. In 2015, a customer accused Guthrie of selling away while employed at Raymond James. The customer has asked for $1,490,000 in damages, plus interest. The customer complaint alleges that Guthrie described the investment as safe and one in which he had a personal investment, while Guthrie knew or should have known that the company was failing and did not own the legal rights to the technology it was marketing. Guthrie is also alleged to have advised the private company to take actions against the best financial interests of the customer in order to protect Guthrie's own personal financial interests in the company. Guthrie was removed from his position [...]

By |February 1st, 2016|Broker Check, FINRA, Press Releases & News|
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FINRA’s Six Tips For Investors In 2016

FINRA wants investors to get off on the right financial foot in 2016 and offers investors these six tips for the new year: If you don’t know where you’re going, any road will take you there. Are your goals current, or have they changed? Setting clear, prioritized goals – each with steps to achieve the goal, a price tag and a time frame – will help guide your investment approach. Focus on your financial security. Take advantage of day-to-day opportunities to help build your finances for the long term, such as benefiting from tax breaks for college savings or retirement; paying your credit-card debt on time and in full; and setting aside some funds for the unexpected. Understand the impact of higher interest rates. Yes, the Fed raised the federal funds rate and might do so again, but that alone might not change your investment strategy. There are several factors to keep in mind as you consider what action, if any, [...]

By |December 31st, 2015|Broker Check, FINRA, Fraud, Press Releases & News|
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Morgan Stanley To Pay $8.8M For Unsupervised Trading

The SEC ordered Morgan Stanley Investment Management and brokerage firm Societe Generale Americas to pay $8.8 million and $1 million respectively for what it says was unsupervised prearranged trading conducted by a portfolio manager and a trader. In what the SEC called an attempt to give certain clients preferential treatment, Morgan Stanley portfolio manager Sheila Huang allegedly arranged the sales of mortgage-backed securities to Societe Generale trader Yimin Ge at predetermined prices in 2011 and 2012. She then bought them back at a small markup. She also sold bonds at above-market prices but repurchased them at “unfavorable prices,” without disclosing this to the client, a scheme called "parking." Marshall S. Sprung, co-chief of the SEC Enforcement Division's Asset Management Unit, said Morgan Stanley failed to see what Ms. Huang was doing because of the firm's lack of supervisory oversight and failure to implement policies against these acts. “Instead of playing by the rules, [Ms.] Huang engaged in prearranged trading schemes that benefited some [...]

By |December 28th, 2015|Broker Check, FINRA, Press Releases & News|
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FSC Securities To Pay $1.28M In Ponzi Case

FSC Securities will pay a $1.28 million arbitration award to investors who were defrauded by Aubrey Lee Price, who had feigned his death in 2012 to avoid being investigated for his $40 million Ponzi scheme. FSC, a broker-dealer in the AIG Advisor Group, was alleged by 8 investors to have failed to supervise a number of unnamed brokers, who sold the investors "unspecified fraudulent securities as part of a Ponzi scheme," according to FINRA's arbitration award. John Chapman, lawyer for the investors, claimed that Price and two ex-FSC brokers solicited investments in the primary vehicle for the scheme, which was called the PFG fund. In an investigation by the FBI, the bureau found that Price started making risky investments in 2009, after he had left FSC. Chapman claims that two FSC advisers pushed client money into the PFG fund, both of whom eventually left FSC. “FSC did a really bad job paying attention and supervision. [sic] They were asleep at the [...]

By |August 17th, 2015|Broker Check, FINRA, Fraud, Press Releases & News|
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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.