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Philadelphia Broker Pleads Guilty To Fraud

William Bucci, a former stockbroker from Philadelphia, Pennsylvania, pleaded guilty to securities fraud and related charges for thieving around $3 million from investors for an import business that never existed and other ventures. According to prosecutors, Bucci told investors that he would import high-end olive oil and wine from Italy. He further convinced his clientele to loan him money for a Jersey Shore home. Prosecutors said he used most of the money on personal expenses. Bucci, who lived in Philadelphia but worked in the suburbs, paid back some early investors partially with money he received from later investors in classic Ponzi fashion. Currently, the exact amount of his fraud is unknown. Bucci has posted bail and will be sentenced by U.S. District Judge Joel Slomsky on Novemeber 17, 2016. Bucci's plea memorandum states that he solicited brokerage clients, former schoolmates, friends, and relatives to provide him with cash from 2004 to 2011 with the promise that he would repay them [...]

By |June 15th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Nebraska Advisor Accused of $1M Fraud, Commits Suicide

Jerome "Joe" Bonnett, a longtime financial advisor from Omaha, Nebraska who was accused by state officials of misappropriating over $1.35 million of client funds, has committed suicide. Bonnett operated the Bonnett Wealth Management investment firms. Two Nebraska law enforcement officials familiar with the two month investigation stated that Bonnett's clients have lost as much as $2 million. The FBI is also involved in the investigation. The allegations, which span at least nine years, have “all the makings of a Ponzi scheme,” officials said. Bonnett had been charged with two felonies: first-degree forgery and a fraudulent insurance charge, Douglas County Attorney Don Kleine said. Kleine also stated he filed the initial charges to try to ensure that Bonnett remained in the Omaha area. Prosecutors said they asked a judge to set “significantly high” bail. The judge set Bonnett’s bail at $100,000 and ordered him to surrender his passport. He paid $10,000 — 10 percent of the bail amount — and [...]

By |June 10th, 2016|Fraud, Press Releases & News|
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Wells Fargo Broker Banned By FINRA

Former Wells Fargo broker John Christopher Pierce agreed to be barred from working with any firm registered with FINRA after he allegedly stole from his clients' bank accounts. At the time of the alleged misconduct, Pierce was both a registered broker-dealer with Wells Fargo as well as a personal banker at a Wells Fargo Bank branch in Pennsylvania, according to a letter accepted by FINRA. The scheme allegedly began at the beginning of March when he issued an instant debit card with a daily withdrawal limit of $1,500 under the name of a Wells Fargo Bank customer. Pierce then used the card to make two unauthorized ATM withdrawals totaling $1,380 for his personal use. After a complaint was made with the bank, Pierce replenished the account with funds from another customer without consent. Pierce was registered with Wells Fargo Advisors in January 2014 and was terminated this past March. He agreed to be barred from associating with any FINRA [...]

By |June 3rd, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Alabama Man Sentenced For Securities Fraud

Keith Michael Rogers of Huntsville, Alabama was sentenced by Madison County Circuit Court Judge Alison Austin to three years in prison for securities fraud. He received a ten year split sentence and will serve three years and has seven suspended. Judge Austin also ordered Rogers to pay $1.7 million in restitution. The sentencing follows Rogers' guilty plea in March in which he admitted to using his clients' investment money in a Ponzi scheme. The plea included one count of securities fraud. According to authorities, Rogers took more than $2.5 million from his investors and was using the money for his personal expenses and using funds from new clients to pay back earlier clients in classic Ponzi fashion. According to Madison County Assistant District Attorney Jay Town, Rogers' clients included former University of Alabama running back Kenneth Darby. According to FINRA's BrokerCheck, Rogers has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to [...]

By |May 27th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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