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FINRA Panel Orders UBS To Pay For Bond Losses

A FINRA arbitration panel ordered UBS Group AG's wealth management business for the Americas to pay over $470,000 to three investors who claimed damages because their accounts were over-concentrated in Puerto Rico bonds that plummeted. The investors--Obdulio Melendez Ramos, Ramon Velez Garcia and Carlos L. Merced--filed the arbitration in 2014 and sought up to $570,243 in damages, alleging fraud and negligent supervision. "Although the arbitrators awarded less than the full damages the claimants requested, UBS is disappointed with the decision to award any damages, with which we respectfully disagree," said Gregg Rosenberg, a spokesman for UBS. "The decision in this case was based on the facts and circumstances particular to these particular claimants, and is not indicative of how other panels may rule with regard to other customers who invested in similar products," he said. Damages related to Puerto Rico's distressed debt were among the litigation matters outlined in the Swiss bank's financial supplement for its fourth-quarter earnings results. The supplement [...]

By |March 25th, 2016|FINRA, Fraud, Press Releases & News|
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BD Owner Indicted In Pump-And-Dump Scheme

Guy Gentile, the owner of a New York broker-dealer, has been charged with fraudulently inflating the price of two micro-cap stocks before selling them to investors, creating $17.2 million in gross trading proceeds. Gentile was indicted in federal court in Newark, New Jersey, where a pair of stock promoters from Canada pleaded guilty last year for their role in the pump-and-dump scheme, according to U.S. Attorney Paul Fishman. Gentile and his accomplices purchased shares of Raven Gold Corp. and Kentucky USA Energy Inc. between April 2007 and June 2008. They then inflated the shares through manipulative trading and misleading promotional materials, said Fishman. Gentile, who lives in Putnam Valley, New York, owns a broker-dealer in Carmel, New York, according to the indictment. He has been charged with securities fraud, which has a maximum prison sentence of twenty years, as well as conspiracy to commit securities fraud in connection to the pump-and-dump scheme. If you or someone you [...]

By |March 24th, 2016|Fraud, Press Releases & News|
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TX Bars Adviser For Fraudulent Sales

James Poe, a Forth Worth, Texas-based adviser and president of Jim Poe & Associates, Inc. has been barred by Texas state securities regulators from acting as an investment adviser representative and broker in the state for fraudulent practices pertaining to the sale of life settlements. Poe got undisclosed payments from another firm he owned, International Alternatives PR, which consulted on selection of the life insurance policies and represented fraudulent business activity, said a March 18 order from the Texas State Securities Board. The board also claimed Poe got ten percent commissions for the product sales from 2011 to 2015, despite the fact that he was not registered as an agent of the firm, a violations of the state's securities laws. With regard to life settlements, investors typically purchase an undesired life insurance policy, continuing to pay the seller's policy premiums and in the end collecting the death benefit when the insured person dies. The seller receives an amount [...]

By |March 23rd, 2016|Fraud, Press Releases & News|
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Wedbush Fined For Trading Blunders

A number of trading and clearing blunders by Wedbush Securities Inc. pertaining to a customer's redemption activity and trading of leveraged ETFs has led FINRA and the NASDAQ Stock Market to fine the firm $675,000. Wedbush acted as the clearing firm for its broker-dealer customer, Scout Trading, and as an authorized participant of varying exchange-traded funds. This allowed the firm to send redemption/creation orders on Scout Trading's behalf and on the behalf of its other clients, according to FINRA. Between January 2010 and March 2012, Scout Trading was insufficiently long in the ETF shares comprising the redemption orders. Throughout the review period, Scout Trading sent at least 255 naked redemption orders through Wedbush in eleven ETFs, equaling more than 295 million shares.  This naked redemption activity, together with short selling of ETFs on the secondary market by Scout Trading, ended up with numerous substantial failures to deliver by Wedbush. According to the SEC, failures to deliver may [...]

By |March 21st, 2016|FINRA, Press Releases & News, SEC|
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