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Morgan Stanley Subject Of Arbitration Filed By NC Couple

Two North Carolina investors have filed an arbitration claim with FINRA against Morgan Stanley  over unsuitable investments involving the firm’s Cushing MLP High Income Exchange Traded Note. The married couple, who are retirees in their sixties, are accusing the brokerage firm of common law fraud, negligence, breach of fiduciary duty, negligent supervision, and failure to adequately disclose the risks associated with their investment. The Claimants assert that they have lost of $100,000. According to them, the Morgan Stanley broker invested about $150,000 of their money in the Exchange Traded Note, which is connected to master limited partnerships with shipping and energy assets. According to their attorneys, the couple did not understand the extent of the risks involved in that they could potentially lose their principal. Rather, Claimants were told they would make money. The Cushing MLP High Income Exchange Traded Note seeks to give investors cash upon maturity or early repurchase, as well as variable coupon payments every quarter (depending [...]

By |March 14th, 2016|FINRA, Fraud, Press Releases & News|
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Former Broker Indicted On Fraud Charges

Claus Foerster, an ex-broker from South Carolina, was indicted by a grand jury for bilking customers out of $2.8 million during a fourteen-year span. Foerster operated his scheme from 2000 to 2014 while working as a financial advisor at Smith Barney & Co., Morgan Keegan & Co. and Raymond James Financial Inc., according to an indictment in the U.S. District Court in Spartanburg, South Carolina. The allegations stem from FINRA's 2014 decision to bar Foerster from the securities industry for operating a Ponzi scheme. Foerster would tell customers that he had an "excellent investment" for them at SG Investments, a fictional company that Foerster claimed would provide higher returns than the brokerage firms that employed him, according to the indictment. After clients agreed to the investment, Foerster then told them to take out money from their brokerage accounts and put it into their personal banking accounts. Deposits were then transferred to him in the form of checks. Foerster kept the [...]

By |March 11th, 2016|FINRA, Fraud, Press Releases & News|
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JPMorgan Broker Gets 5 Years For Gambling Funds

Michael Oppenheim, a former JPMorgan Chase & Co. broker who claims to have thieved millions of dollars from clients because his brain was "hijacked" by an addiction to gambling on sports, was sentenced to five years in prison. At his peak, Oppenheim had nearly 500 clients and managed just shy of $90 million at JPMorgan. However, he fell into so much debt that even his bookie felt bad for him, according to Oppenheim's attorney. The former JPMorgan broker also got the sympathy of U.S. District Judge Analisa Torres, who stated that Oppenheim's addiction and his care for his disabled daughter were why she gave him fewer than the ten years the prosecution wanted. She further noted that Oppenheim's addiction grew substantially mere months after the birth of his daughter. “I am cognizant that gambling is a mental disorder which is aggravated during periods of stress and depression,” said Torres, who extolled Oppenheim for showing remorse for his actions. Oppenheim bet [...]

By |March 9th, 2016|Fraud, Press Releases & News|
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Financial Advisor For Ex-Alabama Football Player Pleads Guilty To Fraud

Keith Michael Rogers, a financial advisor from Huntsville, Alabama, pleaded guilty to one count of fraud in connection with the sale of securities, according to the Alabama Securities Commission. Specifically, Rogers' plea was attributed to his engaging in an act, practice or course of business which operated as a fraud or deceit upon his victims. Rogers has also been sued by former University of Alabama football star Kenneth Darby. Rogers' guilty plea was entered before Madison County Circuit Judge Allison Austin. In 2014, the financial advisor was sued by several investors, including Darby, for $2.4 million. In the suit, Darby asserted that he lost his life savings of over $250,000 because of Rogers. Rogers was arrested in 2015 based on an arrest warrant and indictment returned by the July 2015 Madison County Grand Jury. He will be sentenced on April 18. The prosecution will ask for a ten-year prison sentence for Rogers, according to the statement made by the Alabama [...]

By |March 9th, 2016|Fraud, Press Releases & News|
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