RONALD MOLO BARRED BY FINRA, CHARGED BY SEC FOR STEALING MONEY FROM ELDERLY CLIENTS
Ronald Molo, a former stockbroker with Edward Jones, has been barred by Financial Industry Regulatory Authority (“FINRA”) for failing to respond to a request for information regarding a customer’s allegation that he stole funds from his clients by wiring the funds to a bank account controlled by his wife without her knowledge. According to the […]
WHAT IS A REAL ESTATE PONZI SCHEME?
A Ponzi scheme is a kind of investment fraud in which earlier investors get returns using money obtained from later ones. In a typical Ponzi scheme, the fraudster promises investors a high rate of return with no risk. Ponzi schemes inevitably fail when the influx of new investors ceases and there is insufficient money to […]
HARVEY LINDER SUED BY ALABAMA SECURITIES COMMISSION IN UNPRECEDENTED LAWSUIT TO OVERTURN CORRUPT EXPUNGEMENT AWARDS
Alabama Securities Commissioner Joseph Borg has brought a lawsuit against Financial Industry Regulatory Authority (“FINRA”) arbitrator Harvey Linder, alleging that Mr. Linder engaged in “fraud, corruption, and undue means” in expunging (i.e., wiping clean) five customer complaints brought against financial advisor Kent Kirby, formerly of Merrill Lynch. Harvey Linder Accused of Fraud According to the […]
EMERSON EQUITY BROKER HIT WITH $1.37 MILLION L BOND LOSS CLAIM
According to Investment News, Tony Barouti, a stockbroker registered with Emerson Equity and based in Los Angeles, California, has been hit with a $1.37 million arbitration claim from customers who lost money in GWG Holdings L Bond investments. As previously covered in this space, GWG Holdings, Inc., a financial services firm based in Dallas, Texas, filed for […]
WESTPARK CAPITAL L BOND INVESTORS MAY HAVE RECOURSE IN $1.6 BILLON FUND COLLAPSE
WestPark Capital clients who were sold GWG Holdings L bonds may have the right to pursue legal claims to recover their losses in the risky, illiquid investments. WestPark Capital, a broker dealer headquartered in Los Angeles, California, is believed to be among the advisory firms who sold L Bonds to its clients. As previously covered […]
GWG HOLDINGS BANKRUPTCY RAISES MISGIVINGS FOR HOLDERS OF $1.6 BILLION IN L BONDS
As previously covered in this space, GWG Holdings, Inc., a financial services firm based in Dallas, Texas, filed for bankruptcy on Wednesday, April 20. The bankruptcy filing had been predicted based on the company’s failures to make principal and interest payments on its L Bonds series and its missed deadlines to file audited financial statements […]
GWG HOLDINGS, INC. FACING POTENTIAL CHAPTER 11 BANKRUPTCY
Investment News reports that GWG Holdings, Inc. is preparing to file for Chapter 11 bankruptcy. The leading cause of bringing the company to the verge of bankruptcy is its failure to pay investors. GWG Holdings, which issues a series of high-yield bonds known as L Bonds, has defaulted on bond payments and missed the deadline […]
WHAT IS HEDGE FUND FRAUD?
The term “hedge fund” refers to a cooperation between private investors. Because hedge funds are often only accepted by investors with substantial personal wealth, there are few laws in place to safeguard them. The larger profits offered by hedge funds are often accompanied by a greater financial commitment and less control. Hedge funds are based […]
HOLDING STOCKBROKERS AND BROKERAGE FIRMS ACCOUNTABLE FOR NEGLIGENCE – HOW CAN YOU DO IT!
One of the most widespread misunderstandings among individual investors is that to recover investment losses from a stockbroker or the broker-dealer for which he or she works, they must establish that they were purposefully deceived about their investments or otherwise defrauded. Financial professionals, such as stockbrokers, may commit intentional misconduct in a variety of ways, […]
DEUTSCHE BANK SLAPPED WITH $2 MILLION FINE FOR EXECUTION FAILURES
Deutsche Bank Securities, Inc. has been fined $2 million by the Financial Industry Regulatory Authority (“FINRA”) for failure to follow FINRA’s rules regarding best execution of trades. Deutsche Bank submitted a Letter of Acceptance, Waiver, and Consent without admitting or denying FINRA’s findings. Deutsche Bank Securities Deutsche Bank Securities has been a member of FINRA […]