+1-888-741-7503

|Richard@frankowskifirm.com

FINRA January 2017 Disciplinary Actions

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may have legal recourse. Please contact attorney Richard Frankowski today at 888-741-7503 for a free consultation. FINRA censured and fined VFG Securities, Inc. of Culver City, California $50,000, $10,000 of which is joint and several with Jason Bryce Vanclef. According to FINRA, the firm and Vanclef distributed and listed for sale online Vanclef's self-published book, which contained, false, exaggerated, unwarranted, or misleading statements, and omitted material facts or qualifications where the omissions caused the communication to be misleading. The findings also state they provided customers with misleading personalized recommendation spreadsheets. Advisors Clearing Network, Inc. of Pasadena, California was also censured and fined $50,000. FINRA found that it [...]

By |January 24th, 2017|Broker Check, FINRA, Fraud, Legal Matters, Press Releases & News, SEC|
Read More

Registered Investment Advisors vs. Brokers: Who Do You Need?

Whether you are just beginning to build an investment portfolio, or have been investing for years, chances are you will need the guidance of a finance professional to ensure that your investments are sound and protected. Depending on your needs, risk tolerance and interests, you may find yourself working with a registered investment advisor (RIA) or a broker. There are differences in how these groups work in regards to their duties and the regulatory bodies they answer to, so we thought we would break those differences down for you. Registered Investment Advisors RIAs owe a fiduciary duty to their clients. This means they must put the interest of their clients ahead of their own when they recommend purchases, trades or sales. In short, a RIA cannot make a trade unless he or she: Discloses any conflicts of interest in regards to the trade with the client. Discloses any potential risks of the trade to the client. Has given the client [...]

By |January 17th, 2017|Fraud, Broker Check|
Read More

Richard Gearhart & George McKown Charged With Securities Fraud

Richard Gearhart of Lowell, Indiana and George McKown of Indianapolis, Indiana have been indicted on fraud charges after prosecutors claim they sold securities to investors despite not being registered to do so. The two were charged with conspiracy to commit securities fraud, securities fraud, and wire fraud, said U.S. Attorney David Capp. According to court documents, Gearhart and McKown allegedly sold securities to people who transferred their pensions, annuities, 401(k)s and cash to invest with them, through Asset Preservation Specialists Inc. under the guarantee that their investments would remain safe. Neither Richard Gearhart nor George McKown was registered to sell securities with the U.S. Securities and Exchange Commission or the state of Indiana. Secretary of State Connie Lawson said in a news release that no matter how trustworthy someone seems, potential investors should ensure that person and the person's businesses are registered with the state of Indiana. "Gearhart had all the warning signs of a typical [...]

By |January 16th, 2017|Fraud, Press Releases & News, SEC|
Read More

Leader of Staten Island Boiler Room Scam Fined $9.3 Million

Right before Christmas, in a Brooklyn, NY courtroom, John Desantis was found to have “fraudulently solicited more than $9 million from 300 investors in 40 states while he owned the Staten Island-based company, Premier Links, where he operated as an unregistered broker-dealer from December 2005 to August 2012,” as reported by SILive.com. He and his partners in crime defrauded those people, specifically seniors, with a boiler-room scam. They convinced 300 people to invest in microcap stocks – risky, volatile stocks from publicly traded companies. Court documents say that Desantis and his associates convinced the seniors “to send money via wire transfers and personal checks,” which they then “converted... to cash via ATM and teller withdrawals.” Boiler room scams are still popular, unfortunately, and they are designed to prey on the vulnerable. The North American Securities Administrators Association (NASAA) says that people lose billions of dollars every year in these scams. Recognizing the signs of a boiler room scam In a [...]

By |January 12th, 2017|Fraud|
Read More

Fill Out The Form To Receive A Free Confidential Consultation

Consultation

The recoveries, verdicts, favorable outcomes, and testimonials described on this site are not an indication of future results. Every case is different, and regardless of what friends, family, or other individuals may say about what a case is worth, each case must be evaluated on its own facts and circumstances as they apply to the law. The valuation of a case depends on facts, the damages, the jurisdiction, the venue, the witnesses, the parties, and the testimony, among many other factors. No representation is made that the quality of the legal services performed is greater than the quality of the legal services performed by other lawyers.

Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.