NJ Financial Advisor Pleads Guilty To Fraud
An ex-JPMorgan Chase financial advisor from Livingston, New Jersey pleaded guilty to embezzlement and securities fraud in connection to a $22 million investment fraud that lasted seven years. Prosecutors have called the scheme an elaborate “game of hide and seek.” [su_spacer size=”10″]Michael Oppenheim confessed that he lied to his customers by telling them he would […]
Broker Took $1.7M By Churning Accounts
Broker Edward Beyn allegedly received over $1.7 million in commissions and fees by excessively trading his clients’ accounts, or “churning,” while he was a registered representative with Craig Scott Capital, according to FINRA’s Enforcement Department. [su_spacer size=”10″]FINRA claims Beyn churned nine accounts of six of his customers, all of whom are over 60 years old, […]
Former Broker Sentenced For Fraud & Tax Evasion
Jeffrey Eldred Gallagher of Bradenton Beach, Florida was sentenced in Springfield, Massachusetts for an investment scheme that defrauded victims out of over $600,000 from 2008 to 2012. According to U.S. Attorney Carmen Ortiz, Gallagher was sentenced by U.S. District Court Judge Mark G. Mastroianni to three years in prison. Gallagher was convicted in December 2015 […]
Frankowski Firm Investigating Morgan Stanley Broker
The Frankowski Firm is investigating claims pertaining to Angel E. Aquino-Velez of Miami, Florida, who has been registered with Morgan Stanley since February 2010. Aquino has also been registered with Merrill Lynch, Pierce, Fenner & Smith, Inc. in Guaynabo, Puerto Rico (September 2006-September 2009) and UBS Financial Services, Inc. in Manati, Puerto Rico (May 2000-September […]
Laidlaw Broker Facing Eight Complaints
The Frankowski Firm is investigating Laidlaw broker Ahmad Wares of New York. Wares is the target of several customer complaints, and Ware’s clients who lost money investing with him may be able to recover their losses. [su_spacer size=”10″]Wares spent fifteen years in the securities industry and has been registered with Salomon Whitney in Farmingdale, New York […]
Genworth To Pay $219M To Settle Securities Case
Genworth Financial Inc. has settled a class-action lawsuit alleging misrepresentations regarding its long-term-care insurance business for $219 million. Genworth, which is the biggest long-term-care insurance carrier, stated after the market closed last week that it had reached a preliminary settlement with plaintiffs. The suit claims Genworth, its chief executive Tom McInerney, and former chief financial officer […]
Morgan Stanley Subject Of Arbitration Filed By NC Couple
Two North Carolina investors have filed an arbitration claim with FINRA against Morgan Stanley over unsuitable investments involving the firm’s Cushing MLP High Income Exchange Traded Note. The married couple, who are retirees in their sixties, are accusing the brokerage firm of common law fraud, negligence, breach of fiduciary duty, negligent supervision, and failure to […]
Former Broker Indicted On Fraud Charges
Claus Foerster, an ex-broker from South Carolina, was indicted by a grand jury for bilking customers out of $2.8 million during a fourteen-year span. Foerster operated his scheme from 2000 to 2014 while working as a financial advisor at Smith Barney & Co., Morgan Keegan & Co. and Raymond James Financial Inc., according to an […]
JPMorgan Broker Gets 5 Years For Gambling Funds
Michael Oppenheim, a former JPMorgan Chase & Co. broker who claims to have thieved millions of dollars from clients because his brain was “hijacked” by an addiction to gambling on sports, was sentenced to five years in prison. At his peak, Oppenheim had nearly 500 clients and managed just shy of $90 million at JPMorgan. […]
Financial Advisor For Ex-Alabama Football Player Pleads Guilty To Fraud
Keith Michael Rogers, a financial advisor from Huntsville, Alabama, pleaded guilty to one count of fraud in connection with the sale of securities, according to the Alabama Securities Commission. Specifically, Rogers’ plea was attributed to his engaging in an act, practice or course of business which operated as a fraud or deceit upon his victims. […]