SEC Moves Swiftly to Stop North Carolina-Based Ponzi Scheme
In an urgent response, the Securities and Exchange Commission (SEC) has taken decisive action to halt an alleged Ponzi scheme operated by Nayeem Choudhury, a resident of Durham, North Carolina, and his hedge fund, Dream Venture Capital Group LLC. The SEC filed a complaint with the United States District Court for the Middle District of […]
SEC Settles Charges Against RSE Markets Inc. for Running an Unregistered Securities Exchange
The Securities and Exchange Commission (SEC) recently concluded its investigation and reached a settlement with RSE Markets Inc. regarding allegations of operating as an unregistered securities exchange. RSE Markets was engaged in running a marketplace that facilitated the buying and selling of securities, specifically equity interests in collectible assets like valuable cars and watches. The […]
SEC Takes Action Against Former Florida Brokerage Representative for Defrauding Senior and Disabled Customers
The Securities and Exchange Commission (SEC) has filed charges against Joseph Michael “Mike” Todd and his companies, Todd Financial Services, LLC (TFS), and TFS Insurance Services LLC (TFS Insurance), for engaging in fraudulent activities that victimized at least 20 brokerage customers, resulting in the misappropriation of a minimum of $3 million. According to the complaint, […]
The Suitability of Volatility-Linked Investment Products for Most Investors
Retirees and other retail investors should exercise caution when considering investments in volatility-linked products. The Cboe Volatility Index (VIX), often referred to as the “fear index,” attempts to track future volatility in the stock market based on S&P 500 Index put and call options over a 30-day period. Recently, the Financial Industry Regulatory Authority (FINRA) […]
Investors File Negligence Lawsuits Against Oppenheimer
David Wayne Krumrey, a former stockbroker registered with Oppenheimer Co. Inc. and based in The Woodlands, Texas, is facing multiple customer-initiated investment-related arbitration claims, with investors seeking significant damages. One such claim, filed on April 1, 2020, alleges that Krumrey breached fiduciary duty in equity transactions conducted in the customer’s account between January 1, 2016, […]
UBS Reaches Settlement with SEC Over Inappropriate VXX Investments
UBS Financial Services Inc. (“UBS”) recently settled charges with the Securities and Exchange Commission (“SEC”) concerning its failure to adopt and implement suitable investment policies for volatility-linked exchange-traded products (“ETPs”) from January 2016 to January 2018. The SEC found that UBS’s discretionary Portfolio Management Program (“PMP”) financial advisors purchased and held the iPath S&P 500 […]
Investor Losses Allegedly Linked to Oppenheimer Broker David
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SEC has taken action against Royal Alliance Associates
SEC has taken action against Royal Alliance Associates The Securities and Exchange Commission (SEC) has taken action against Royal Alliance Associates (RAA) due to substantial losses suffered by advisory clients holding the iPath S&P 500 VIX Short-Term Futures ETN, commonly known as VXX. The SEC has imposed a fine of over $500,000 on RAA […]
FINRA Warned of Risks of VIX-Linked Exchange Traded Products
FINRA Warned of Risks of VIX-Linked Exchange Traded Products A recent spike in stock market volatility has brought into focus the enormous risks associated with certain exchange-traded-products (ETPs) linked to the Chicago Board Options Exchange (CBOE) Volatility Index (VIX). However, these products have previously been the subject of several warnings by the Financial Industry […]
Former B. Riley Wealth Management Investment Advisors Accused of Wrongdoing That Cost Investors Almost $4 Million.
Former B. Riley Wealth Management Investment Advisors Accused of Wrongdoing That Cost Investors Almost $4 Million. Brian Michael Sterz (CRD# 5333667) was permitted to resign from B. Riely Wealth Management in November of 2021 for failing to follow firm policies and procedures. At least three customers have sued Sterz, B. Riley Wealth Management, and Miracle […]