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NJ Financial Advisor Pleads Guilty To Fraud

An ex-JPMorgan Chase financial advisor from Livingston, New Jersey pleaded guilty to embezzlement and securities fraud in connection to a $22 million investment fraud that lasted seven years. Prosecutors have called the scheme an elaborate "game of hide and seek." Michael Oppenheim confessed that he lied to his customers by telling them he would invest their money in low-risk municipal bonds. He also sent them false account statements that supposedly reflected those investments and the profits earned. Oppenheim however put the money into his own high-risk investments that performed poorly. Oppenheim managed $89 million for about 500 clients. U.S. Attorney Preet Bharara from Manhattan's Southern District stated that Oppenheim used his customers' cash to acquire cashier's checks and then deposited the cashier's checks in at minimum three online brokerage accounts he controlled at financial institutions other than JPMorgan Chase. He used the funds to trade in accounts he controlled as well as to pay for personal expenses, [...]

By |March 18th, 2016|Fraud, Press Releases & News, SEC|
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Former Broker Sentenced For Fraud & Tax Evasion

Jeffrey Eldred Gallagher of Bradenton Beach, Florida was sentenced in Springfield, Massachusetts for an investment scheme that defrauded victims out of over $600,000 from 2008 to 2012. According to U.S. Attorney Carmen Ortiz, Gallagher was sentenced by U.S. District Court Judge Mark G. Mastroianni to three years in prison. Gallagher was convicted in December 2015 after he pleaded guilty to one count of wire fraud, three counts of engaging in a monetary transaction, and two counts of tax evasion. Ortiz stated that in 1989 Gallagher had been convicted of one count of mail fraud and three counts of interstate transportation of stolen property in connection with his illegal and unauthorized options trading while he was a stockbroker. As a result of that crime, Gallagher lost his stockbroker's license and was sentenced to fifteen months in prison for defrauding clients and a former employer. In his more recent crime, Gallagher persuaded friends and associates to pay him money to [...]

By |March 17th, 2016|Fraud, Press Releases & News|
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Laidlaw Broker Facing Eight Complaints

The Frankowski Firm is investigating Laidlaw broker Ahmad Wares of New York. Wares is the target of several customer complaints, and Ware's clients who lost money investing with him may be able to recover their losses. Wares spent fifteen years in the securities industry and has been registered with Salomon Whitney in Farmingdale, New York since December 2015. Earlier registrations include Laidlaw & Company in London (2012-2015); EKN Financial Services in Melville, New York (2010-2012); First Midwest Securities in Melville (2008-2009); New Castle Financial Services in Melville (2007-2008); Empire Financial Group in Uniondale, New York (2005-2007); Ehrenkrantz King Nussbaum, Inc. in Melville (2002-2005); and Ladenburg Capital Management in Bethpage, New York (1998-2002). Of his former employers, four have since been expelled by FINRA: EKN Financial Services, New Castle Financial Services, Empire Financial Group, and Ehrenkrantz King Nussbaum. According to FINRA's BrokerCheck report on the former Laidlaw broker, Wares has had eight customer complaints filed against him as well as [...]

By |March 15th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Genworth To Pay $219M To Settle Securities Case

Genworth Financial Inc. has settled a class-action lawsuit alleging misrepresentations regarding its long-term-care insurance business for $219 million. Genworth, which is the biggest long-term-care insurance carrier, stated after the market closed last week that it had reached a preliminary settlement with plaintiffs. The suit claims Genworth, its chief executive Tom McInerney, and former chief financial officer Marty Kelin violated securities laws between 2013 and 2014. The plaintiffs allege that the company and its officers misrepresented the profitability of Genworth's long-term-care insurance business and issued false financial reports by understating necessary reserves. The fake disclosures resulted in a massive drop in the price of the firm's shares, causing the shareholders damages. “The Company believes that the Plaintiffs' claims are without merit, but is settling the lawsuit to avoid the burden, risk and expense of further litigation,” according to the settlement announcement. The court is expected to preliminarily approve the settlement around the middle of May and give final approval by late summer or early [...]

By |March 14th, 2016|Fraud, Press Releases & News|
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