+1-888-741-7503

|Richard@frankowskifirm.com

Medical Capital COO Gets 10 Years For Ponzi Scheme

Joseph J. Lampariello, the former president and Chief Operating Officer of Medical Capital Holdings Inc., was sentenced to ten years in federal prison by U.S. District Judge David O. Carter. Additionally, Lampariello was ordered to pay nearly $40 million in restitution to investors. Medical Capital was a private placement that turned into a Ponzi scheme, destroying dozens of broker-dealers. The company was a medical receivables financing company that operated in southern California. Raising money through a network of independent broker-dealers, it oversaw funds that were meant to buy account receivables from accredited medical providers, made secured loans, and provided money for general operating expenses. For more than 11 months in 2008 and 2009 Lampariello misappropriated funds invested with one of the Medical Capital series of deals and used the money to pay himself administrative fees, according to the U.S. Attorney's Office for the Central District of California. Through the company, Lampariello defrauded over 700 investors of almost $49 [...]

By |June 27th, 2016|Fraud, Press Releases & News, SEC|
Read More

Merrill Lynch Settles SEC Charges, Will Pay $415M

Merrill Lynch has agreed to pay $415 million and admit wrongdoing to settle charges filed by the SEC accusing the firm of misusing customer cash to create profits, according to the commission. “An SEC investigation found that Merrill Lynch violated the SEC's customer protection rule by misusing customer cash that rightfully should have been deposited in a reserve account,” the SEC said in a statement. “Merrill Lynch engaged in complex options trades that lacked economic substance and artificially reduced the required deposit of customer cash in the reserve account.” The firm's actions created billions of dollars a week from 2009 to 2012. It used the money to finance its own trading activities. Clients would have experienced a "massive shortfall" in the reserve account if the firm had failed in these trades, said the SEC. Between 2009 and 2015, Merrill Lynch also held as much as $58 billion per day of customer securities in a clearing account subject [...]

By |June 23rd, 2016|Press Releases & News, SEC|
Read More

FINRA Suspends Former LPL Broker

FINRA has suspended former LPL Financial broker and supervisor Peter Neuberg for six months and has fined him $15,000 after failing to reasonably supervise a registered representative, according to the regulatory agency. Neuberg ceased regularly reviewing paperwork prepared by the representative, who altered documents pertaining to customer accounts, including reusing signatures from previously completed forms, FINRA says.Neuberg agreed to the suspension and fine without admitting or denying the findings.The supervisory failures occurred between September 2011 and June 2012, according to FINRA. Neuberg was registered with LPL in Parsippany, New Jersey from November 2000 to September 2012 before registering at BCG Securities, Inc., according to FINRA's BrokerCheck.LPL terminated him because of the allegations that he violated the firm's signature policy.The representative Neuberg was supposed to be supervising falsified documents to expedite transactions to accommodate customers, FINRA says. He failed to make a reasonable inquiry or conduct a review of the files she handled, even after she asked whether she was allowed [...]

By |June 22nd, 2016|Broker Check, FINRA, Press Releases & News|
Read More

NFL And MLB Athletes Victim Of $30M Fraud

Three professional athletes--Denver Broncos' quarterback Mark Sanchez, San Francisco Giants' pitcher Jake Peavy, and former major league pitcher Roy Oswalt--are the victims of an alleged Ponzi-like scheme operated by an investment adviser who appealed to their Christianity. According to the SEC the three were conned out of roughly $30 million. The SEC has filed suit in Dallas federal court. Ash Narayan, formerly of RGT Capital Management, gained the trust of the athletes through religion and their interest in charitable works, the SEC said. The agency also claims that Narayan hid many conflicts of interest from his investors. He directed the athletes' cash to The Ticket Reserve Inc., which allows fans to reserve face-value tickets to sporting events where the teams have yet to be determined. Narayan was on the company's board of directors, owned over three million shares, and was its primary fundraiser, raising over 90% of the company's investment capital. Each of the athletes wanted low-risk, conservative [...]

By |June 21st, 2016|Fraud, Press Releases & News, SEC|
Read More

Fill Out The Form To Receive A Free Confidential Consultation

Consultation

The recoveries, verdicts, favorable outcomes, and testimonials described on this site are not an indication of future results. Every case is different, and regardless of what friends, family, or other individuals may say about what a case is worth, each case must be evaluated on its own facts and circumstances as they apply to the law. The valuation of a case depends on facts, the damages, the jurisdiction, the venue, the witnesses, the parties, and the testimony, among many other factors. No representation is made that the quality of the legal services performed is greater than the quality of the legal services performed by other lawyers.

Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.