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NBA/NFL Players Win $819k FINRA Award

Two former professional athletes, one from the National Basketball Association (NBA) and one from the National Football League (NFL), won an $819,000 arbitration award against Morgan Stanley Smith Barney in a case that revolved around the broker-dealer's negligent supervision of a former broker. The arbitration was brought by Keyon Dooling, who played guard in the NBA for twelve years, and John St. Clair, who played offensive tackle in the NFL for eleven years, against their former broker Aaron Parthemer, who was barred from the securities industry in 2015 by FINRA according to his BrokerCheck report. Dooling and St. Clair both invested in Global Village Concerns, a sportswear company. Dooling additionally invested in Club Play, a Miami Beach nightclub. Both investments, however, became worthless. “These guys worked incredibly hard for their money, and it is gratifying that the arbitrators found Morgan Stanley liable for failing to properly supervise its financial adviser,” said the athletes' attorney in a statement. “Too often, professional [...]

By |May 24th, 2016|Broker Check, FINRA, Press Releases & News|
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FINRA Bars Broker For Borrowing Client Funds

FINRA has barred broker Christopher Burtraw of Lakewood, Colorado, alleging that he borrowed client funds. Burtraw accepted a permanent bar after he failed to provide documents and information sought by FINRA during the investigation into him borrowing client funds from multiple customers. Burtraw first entered the securities industry in 2003 when he was registered with Edward Jones. Between 2004 and 2014 Burtraw was registered with LPL Financial Corporation and Purshe Kaplan Sterling Investments before joining J.P. Turner & Company, LLC in 2014. On October 15, 2015, J.P. Turner filed a Form U5 Uniform Termination Notice for Securities Industry Registration with FINRA disclosing that Burtraw's employment was terminated on September 30, 2015. Burtraw's registration with FINRA ended on October 1, 2015. Though Burtraw is not currently associated with a FINRA member firm, he is still subject to FINRA's jurisdiction pursuant to Article V, Section 4 of FINRA's By-Laws. On February 2, 2016, during the investigation into allegations that Burtraw borrowed funds [...]

By |May 23rd, 2016|FINRA, Press Releases & News|
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FL Broker Charged With $131M Scam

Pranav Patel, a stockbroker from Tamarac, Florida, has been charged in an alleged $131 million stock manipulation scam after investigations by a task force set up for President Barack Obama’s war on financial crimes, according to federal officials. Patel and eight others engaged in the multi-state scam “through a dizzying round of unauthorized trades” to pump up the share price of a company with no business operations, federal prosecutor Robert L. Capers said. The case involves the NASDAQ-traded stocks of ForceField Energy Inc., which claimed to be a world-wide distributor LED lighting products. The nine co-conspirators were from four states across the US and were charged with securities fraud, conspiracy, wire fraud, money laundering and making a false statement to law enforcement officials. The charges followed actions by the President’s Financial Fraud Enforcement Task Force that “was established to wage an aggressive, coordinated, and proactive effort to investigate and prosecute financial crimes,” Capers’ office said. The nine, who included Naveed [...]

By |May 20th, 2016|Fraud, Press Releases & News|
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Promoter Pleads Guilty To Pump-And-Dump Scheme

Greg Mulholland, a penny-stock promoter, pleaded guilty to conspiring to manipulate stocks and laundering over $250 million in profits. Prosecutors are calling it one of the biggest pump-and-dump schemes of all time. A pump-and-dump scheme is the fraudulent practice of encouraging investors to buy shares in a company in order to inflate the price artificially and subsequently selling one's own shares while the price is high. Gregg R. Mulholland pleaded guilty in Brooklyn federal court to manipulating over 40 publicly traded companies, including Cynk Technology Corp., whose stock’s climb and subsequent collapse in 2014 briefly gave the social-network operator a $4 billion valuation even though it reported no assets, no revenue and just one employee. Mulholland faces up to 20 years in prison for the pump-and-dump scheme, according to the Brooklyn U.S. Attorney's office. Prosecutors alleged Mulholland ran a broker-dealer called the Mulholland Group, which used shell companies in Belize and Nevis to conceal ownership in the stock of U.S. [...]

By |May 19th, 2016|Fraud, Press Releases & News|
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