Financial Adviser Sentenced For Defrauding Disabled Woman
Jodene Beaver has spent the majority of her 56 years dealing with physical and mental impairments. She is able to live on her own with the help of her family who cares for her and work as a grocery-store greeter. Two months after her father died, Beaver placed her trust in Jason Wade Cox, a […]
Fiat Chrysler Investigated For Alleged Securities Fraud
Fiat Chrysler Automobiles N.V. is being investigated for allegedly violating specific sections of the Securities Exchange Act of 1934 by issuing materially misleading information to the investing public pertaining to the company’s compliance with safety recalls. In July, the National Highway Traffic Safety Administration announced an enforcement action and record $105 million fine imposed on […]
FINRA Expels Halcyon Cabot Partners And Bars CEO And CCO
FINRA expelled New York-based Halcyon Cabot Partners, Ltd., and barred Chief Executive Officer Michael Morris and Chief Compliance Officer Ronald Heineman from the securities industry, for fraud, sales practice abuses, and widespread supervisory and anti-money laundering failures. FINRA found that Halcyon, Morris and Heineman engaged in a scheme to conceal a kickback of private placement fees. […]
Mobile, Alabama Man Arrested For Alleged Securities Violations
Richard James Tucker of Mobile, Alabama was arrested last week by Baldwin County, Alabama Sheriff’s Department deputies for alleged violations of the Alabama Securities Act. The arrest was subsequent to a June 2015 Baldwin County Grand Jury Indictment charging Tucker with three counts of Fraud in Connection with the Sale of Securities, including one count […]
Former New Jersey Fire Chief To Pay $6.7M For Securities Fraud
Vincent P. Falci, a former New Jersey fire chief, his wife, his son, and the companies he started have been ordered to repay $6.7 million they bilked from investors. Fallacy and his companies made false and misleadings statements to 182 investors, according to a release from Acting Attorney General John J. Hoffman. Falci created and provided […]
North Carolina Man Arrested For Securities Fraud
U.S. marshals arrested John Natale Michelotti of Clemmons, North Carolina for a fraud that bilked victims of over $200,000. Michelotti is charged with obtaining property by false pretense and two counts of securities fraud, according to the U.S. Marshals Service in a press release. The North Carolina Secretary of State’s office took out warrants against […]
Whole Foods Hit With Shareholder Suit For Misleading Pricing Scandal
Whole Foods’ misleading product labeling drew the ire of the New York City Department of Consumer Affairs and illuminated a scandal that “irreparably damaged” the company’s image, according to a shareholder’s claim in court. Bryan O’Malley, a Whole Foods shareholder, sued the company’s top executives for breach of fiduciary duty and unjust enrichment pertaining to […]
Two Charged In Alabama Securities Fraud Case
Bruce Alexander Gwyn of Metairie, Lousiana and James Anthony Ghio of Fairhope, Alabama were arrested on charges of fraud and illegal sales, the Alabama Securities Commission announced. The indictment alleges that they offered or sold securities described as limited partnership interests in Level III Trading Partners LP to an Alabama resident. The indictment further accuses […]
FINRA Sanctions Ten Former Global Arena Representatives
During a 2014 onsite exam, FINRA found numerous securities violations at Global Arena Capital Corp., including misleading sales pitches, customer account churning, as well as other business misconduct. The regulatory authority has banned seven former registered representatives from the industry, suspended an eighth, and barred two former branch managers from serving in a principal capacity. […]
Texas Bitcoin Ponzi Scheme Operator Pleads Guilty To Securities Fraud
In a landmark case that marked the intersection of cryptocurrency and traditional securities law, Trendon Shavers of McKinney, Texas, pleaded guilty to securities fraud for operating a multimillion-dollar Ponzi scheme using Bitcoin. Known as the founder of Bitcoin Savings & Trust (BS&T), Shavers promised investors consistent, high-yield returns, misleading many into believing they were part […]