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Mickey Long Banned From Selling Alt. Investments

The Texas State Securities Board has banned broker Mickey Long from recommending alternative investments, including nontraded REITs, after he concentrated a client's account with too many such investments. The state also suspended him for forty-five days and put him on heightened supervision by his firm, Calton & Associates Inc., for two years. Regulators have become increasingly concerned about high-commission products such as nontraded REITs over the past couple of years. In this case, “[t]he agent recommended that a client invest in certain alternative investments, namely nontraded REITs and private offerings of interests in oil and gas entities,” according to Mickey Long's central registration depository profile. “The client had elected within the client's account opening documents to have no more than 20% allocated to the 'highest risk/aggressive' risk tolerance level and no more than 60% allocated to the 'highest risk/moderate' risk tolerance level.” According to Texas' order, Long put almost 36% of the customer's invested assets into the former [...]

By |October 10th, 2016|Press Releases & News|
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SEC Charges Duo For $20M Penny Stock Fraud

The SEC charged an ex-microcap CEO and a boiler room operator with pressuring senior citizens and other investors to purchase penny stocks in a $20 million fraud. Craig V. Sizer is the former CEO of Sanomedics, which supposedly sold non-contact infrared thermometers, and chairman of software applications company Fun Cool Free, according to the SEC. The Commission alleges that Sizer hired Miguel "Michael" Mesa and gave him a list of pitch points for use by boiler room agents hired by Mesa to assist in attracting and defraud investors in both companies. The statement claims that investors were promised lucrative profits and were falsely told that their cash would be used for research and development and that there would be no sales commissions. “We allege that Sizer and Mesa fraudulently touted Sanomedics and Fun Cool Free stocks as profitable investments, while in fact only Sizer and Mesa and the sales agents were profiting at the expense of [...]

By |September 27th, 2016|Fraud, Press Releases & News, SEC|
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FINRA Bars Broker Douglas Wayne Studer

FINRA has barred former broker Douglas Wayne Studer, who was named in estate documents to inherit his 91-year-old customer's waterfront condominium in Fort Lauderdale, Florida. FINRA investigated Studer for potentially violating his former employer's firm policy by being named in his customer's estate documents, according to a settlement notice accepted by FINRA's department of enforcement. FINRA started looking into the former broker in 2012. On August 2, FINRA asked Studer to provide on-the-record testimony, but he failed to appear. In settling the matter, he agreed to be barred without admitting or denying FINRA's findings. Studer, who had been a broker for 15 years, worked for Kovack Securities Inc., from October 8 until his termination in July. There are two customer disputes listed on his BrokerCheck profile, both of which have been closed. If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential [...]

By |September 22nd, 2016|Broker Check, FINRA, Press Releases & News|
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Caldwell International Securities To Pay $2M

Caldwell International Securities Corp. will pay roughly $2 million to settle charges that it hurt its investors. Further, the company's founder, Greg Caldwell, has agreed to be banned from the industry. According to FINRA, Caldwell International will pay a fine of $1 million and an additional $1 million in restitution to investors who lost money as a result of excessive trading in their accounts, which is called churning. Caldwell, himself, will pay $50,000 under the settlement. The firm failed to prevent unsuitable investment methods and churning as it grew and changed strategies, FINRA said. Its supervisory systems and procedures did not evolve with the risks that came with its growth. Caldwell International had been a small, regional broker-dealer operating its home office out of ex-President Lennie Freiman's house on a ranch in Fischer, Texas until 2011, according to the regulatory authority. At that point, the firm began to grow quickly, opening new branches in New York [...]

By |September 1st, 2016|FINRA, Press Releases & News|
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