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Wells Fargo Broker Banned By FINRA

Former Wells Fargo broker John Christopher Pierce agreed to be barred from working with any firm registered with FINRA after he allegedly stole from his clients' bank accounts. At the time of the alleged misconduct, Pierce was both a registered broker-dealer with Wells Fargo as well as a personal banker at a Wells Fargo Bank branch in Pennsylvania, according to a letter accepted by FINRA. The scheme allegedly began at the beginning of March when he issued an instant debit card with a daily withdrawal limit of $1,500 under the name of a Wells Fargo Bank customer. Pierce then used the card to make two unauthorized ATM withdrawals totaling $1,380 for his personal use. After a complaint was made with the bank, Pierce replenished the account with funds from another customer without consent. Pierce was registered with Wells Fargo Advisors in January 2014 and was terminated this past March. He agreed to be barred from associating with any FINRA [...]

By |June 3rd, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Fidelity Sued For Alleged Fiduciary Breach

Participants in a Delta Air Lines Inc. 401(k) plan have sued units of Fidelity Investments, alleging a fiduciary breach in Fidelity's role as record keeper. The suit, Fleming, et al. v. Fidelity Management Trust Co., et al., was filed May 20, 2015 in the U.S. District Court in Boston. Delta Air Lines, itself, is not named in the case. The Plaintiffs, who are seeking class-action status, alleged that Fidelity “wanted a piece of the action” when Financial Engines was hired to provide investment advice for the Delta Family-Care Savings Plan. The plan had $7.84 billion in assets as of December 31, 2014, according to its latest Form 5500. “In order to be included as the investment advice service provider on Fidelity's [record-keeping] platform, Financial Engines agreed to pay — and is paying — Fidelity a significant percentage of the fees it collects from 401(k) plan investors,” according to the complaint. This arrangement “inflated the price of investment [...]

By |June 2nd, 2016|Press Releases & News|
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Alabama Man Sentenced For Securities Fraud

Keith Michael Rogers of Huntsville, Alabama was sentenced by Madison County Circuit Court Judge Alison Austin to three years in prison for securities fraud. He received a ten year split sentence and will serve three years and has seven suspended. Judge Austin also ordered Rogers to pay $1.7 million in restitution. The sentencing follows Rogers' guilty plea in March in which he admitted to using his clients' investment money in a Ponzi scheme. The plea included one count of securities fraud. According to authorities, Rogers took more than $2.5 million from his investors and was using the money for his personal expenses and using funds from new clients to pay back earlier clients in classic Ponzi fashion. According to Madison County Assistant District Attorney Jay Town, Rogers' clients included former University of Alabama running back Kenneth Darby. According to FINRA's BrokerCheck, Rogers has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to [...]

By |May 27th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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UDF IV Defaults On $35M Loan

United Development Funding IV (UDF IV), a Texas Real Estate Investment Trust (REIT), has defaulted on a $35 million term loan and has suspended its distributions to shareholders. The trust has been surrounded by trouble since December, when an anonymous post on an investor website claimed that UDF IV was operating as a Ponzi scheme. Later it became known that hedge fund manager Kyle Bass, founder of Hayman Capital Management, was shorting the trust. Shares in the company dropped for months before they stopped trading at $3.20 after the FBI raided UDF's offices outside of Dallas in February. The loan UDF IV defaulted on was issued in July 2014 by Waterfall Finance 4. As part of the default, the trust has entered into a forbearance agreement with three lenders who succeeded Waterfall Finance 4. The agreement became effective on March 4, when UDF acknowledged certain events of default, according to a filing made with the SEC on May [...]

By |May 25th, 2016|Fraud, Press Releases & News, SEC|
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