Futures Trader Pays $260,000 In Restitution For Securities Fraud
Robert Scott Wiens of Lakewood, Colorado, a director a futures trading firm RXM Holdings Ltd., was sentenced last week to a year in prison and paid more than a quarter-million in restitution for securities fraud. Wiens, who pleaded guilty in October, paid $260,000 of $734,140 in court-ordered victim restitution, according to the Colorado Department of Regulatory Agencies. […]
Banker Who Faked His Own Death Barred From Securities Industry
The SEC has barred from the securities industry Aubrey Lee Price, an imprisoned former Georgia investment adviser who pleaded guilty in 2014 to a massive fraud that helped bring down his troubled bank and cheated his clients out of millions of dollars. The penalty is inconsequential as Price is expected to spend three decades in […]
SEC Charges Edward Durante With Securities Fraud
The SEC charged Edward Durante, a recidivist securities law violator, with operating a multi-year offering fraud that targeted investors in New England, Ohio, and California. The SEC’s complaint alleges that between 2012 and 2014, Durante defrauded at least 50 relatively unsophisticated investors of at least $11 million through the sale of securities of VGTel, Inc., a […]
SEC Seeks $2.5M From Texas Attorney For Securities Fraud
Last year, the SEC charged a Texas attorney with defrauding investors with regard to two securities offerings, one pertaining to an oil and gas exploration venture and the other a fracking water filtration business deal. The case was filed in the U.S. District Court for the Northern District of Texas against attorney Gregory G. Jones […]
Alabama Man Indicted On Securities Fraud Charges
Last month, Jesse Morgan Hinson of Troy, Alabama was arrested for alleged violations of the Alabama Securities Act. Hinson turned himself in to Houston County law enforcement officials based on an arrest warrant issued after an October 2015 Houston County Grand Jury returned a four-count indictment. Hinson was released on $75,000 bond pending trial. The […]
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, […]
Two Colorado Advisers Arrested for Securities Fraud
According to Colorado securities regulators, two men have been arrested in unrelated securities fraud cases. Eddie Johnson of Sterling, Colorado was taken into custody after he was indicted on seven counts of securities fraud and four counts of theft. He is accused of soliciting $162,000 and a car valued at $30,000 from people who believed […]
FINRA December 2015 Disciplinary Actions: Part III
Denny P. Darmodihardjo (Roswell, GA) submitted an AWC in which he was assessed a deferred fine of $25,000 and suspended from association with any FINRA member in any capacity for 18 months. FINRA found that he engaged in excessive and unsuitable trading in a customer’s accounts. The findings stated that Darmodihardjo made recommendations for the accounts […]
Canarsie Capital Founder Pleads Guilty To Fraud, Lost $57M In Two Weeks
Owen Li, founder of Canarsie Capital, managed to lose $57 million in only two weeks, leaving his investors with only $200,000 and a letter of apology. Li is now also a convicted felon after admitting that he lied to investors and regulators about his hedge fund’s performance. He managed to do all of this before […]
CEO Hated For Price Hiking HIV Drug Charged With Securities Fraud
Martin Shkreli, the hedge fund manager and drug company CEO who rose to infamy after gouging the price of a life-saving pill from $10.50 to $750, has been charged with securities fraud. The FBI arrested Shkreli at his home in Manhattan. He is being processed at FBI headquarters in New York and is expected to be arraigned […]