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More Schools Sued Over Excessive 403(b) Fees

Two days after Yale, MIT, and NYU were sued for excessive 403(b) fees in their retirement plans, attorneys have added four more universities to the suit: Duke University, Johns Hopkins University, the University of Pennsylvania, and Vanderbilt University. Each suit alleges breach of fiduciary duties under the Employee Retirement Income Security Act of 1974 for allowing the plan to incur excessive investment, record-keeping and administration fees that cost participants millions of dollars in lost retirement savings. The lawsuits were the first to be filed among university 403(b) plans. The Duke, Johns Hopkins, UPenn and Vanderbilt 403(b) plans each have more than $3 billion in assets and tens of thousands of participants. The suits make very similar allegations. Over the relevant time periods, plaintiffs claim the university plans used multiple record keepers, imprudently used revenue sharing to pay for record-keeping services and harbored too many investment options, many of which were underperforming funds in a retail share class [...]

By |August 12th, 2016|Press Releases & News|
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Brian James Egan Barred by FINRA

FINRA barred Brian James Egan from the securities industry after allegedly failing to disclose trading accounts he held beyond his employer, Independent Financial Group. According to a settlement notice accepted by FINRA, Egan did not disclose eighty-seven brokerage accounts he held with a separate firm from April 2010 to July 2015. He allegedly held trading authority over said accounts, which were owned by himself, family members, and clients of his accounting and tax preparation practice. FINRA further claims that Egan transferred funds and securities from particular customer accounts to his own. Brian James Egan agreed to be barred from the industry in his settlement. He was registered with Independent Financial Group in Laguna Niguel, California between April 2010 and July 2015. He was terminated on July 28, 2015 for allegedly failing to disclose the brokerage accounts he held away form the firm, violating the firm's policy. FINRA claims Egan made misrepresentations in compliance forms he submitted to Independent Financial Group [...]

By |August 5th, 2016|Broker Check, FINRA, Press Releases & News|
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Thomas Conrad Jr. Defrauds Investors 40 Years After Ban

According to the SEC, Thomas Conrad Jr.--an 85 year old man from Alpharetta, Georgia who was barred from the securities industry 45 years ago for fraud--was defrauding investors all over again with the assistance of his 55 year old son, Stuart P. Conrad. The two allegedly defrauded investors in a group of hedge funds they managed that held $10.7 million. According to the SEC's complaint, Conrad ceased payouts to investors for over four years beginning in 2008. He, however, allegedly continued to pay out cash to himself, his son, other relatives, and a few favored investors from the investment fund. Thomas Conrad Jr.'s funds previously ran afoul when one substantial investment was found to be a Ponzi scheme run by another money manager, according to the agency. The fund had to repay $2.3 million of alleged "false profits" that the fund had received from the scheme. At the same time numerous investors were fighting for their [...]

By |July 28th, 2016|Fraud, Press Releases & News, SEC|
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Dez Bryant Sues Former Advisor

NFL star and Dallas Cowboy wide receiver Dez Bryant is suing his former advisor, Royce West. West is currently a Texas state senator. The suit claims that West breached his "professional and fiduciary duty." West filed suit against Bryant last month, seeking financial compensation for damages Bryant allegedly caused to a house he rented. Bryant's counterclaim states that West used Bryant's fame and success to "improperly line his own pockets and those of his business associates." West was formerly Bryant's attorney and advised Bryant on legal, financial, and business matters. Bryant claims that West used this position to suggest his friend David Wells to be Bryant's financial manager. Wells subsequently absconded with more than $200,000 of Bryant's money. West and Wells had created a company called Dez I Enterprises, Inc., through which West allegedly told endorsement companies and others to make payments to Wells. The suit claims Dez Bryant never received much of this money. [...]

By |July 21st, 2016|Fraud, Press Releases & News|
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