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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." Michael Oppenheim confessed that he lied to his customers by telling them he would invest their money in low-risk municipal bonds. He also sent them false account statements that supposedly reflected those investments and the profits earned. Oppenheim however put the money into his own high-risk investments that performed poorly. Oppenheim managed $89 million for about 500 clients. U.S. Attorney Preet Bharara from Manhattan's Southern District stated that Oppenheim used his customers' cash to acquire cashier's checks and then deposited the cashier's checks in at minimum three online brokerage accounts he controlled at financial institutions other than JPMorgan Chase. He used the funds to trade in accounts he controlled as well as to pay for personal expenses, [...]

By |March 18th, 2016|Fraud, Press Releases & News, SEC|
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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. FINRA claims Beyn churned nine accounts of six of his customers, all of whom are over 60 years old, between March 2012 and May 2015, making a profit by violating securities rules. His short-term trading strategy involved quickly churning over accounts to generate "outsize commissions for himself" and Craig Scott Capital, according to FINRA's complaint. The clients ranged in age from 61 to 72 at the time they opened their accounts with Beyn. Those clients included business owners involved in construction, welding equipment and airlines parts. All suffered net losses. “He relied heavy [sic] on buying and selling equities of companies releasing their earnings reports as a catalyst for excessively trading,” according to the complaint. Beyn is currently registered with Rothschild [...]

By |March 17th, 2016|Broker Check, FINRA, Press Releases & News|
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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 after he pleaded guilty to one count of wire fraud, three counts of engaging in a monetary transaction, and two counts of tax evasion. Ortiz stated that in 1989 Gallagher had been convicted of one count of mail fraud and three counts of interstate transportation of stolen property in connection with his illegal and unauthorized options trading while he was a stockbroker. As a result of that crime, Gallagher lost his stockbroker's license and was sentenced to fifteen months in prison for defrauding clients and a former employer. In his more recent crime, Gallagher persuaded friends and associates to pay him money to [...]

By |March 17th, 2016|Fraud, Press Releases & News|
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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 2006). The Morgan Stanley broker has been the target of a number of customer complaints pertaining to closed-end funds and Puerto Rico municipal bonds. According to FINRA's BrokerCheck, Aquino has been the target of the following complaints: November 2015: A customer alleged unsuitable investments, overconcentration, and misrepresentations concerning closed-end funds. November 2015: A customer alleged, among other things, unsuitability and misrepresentation with respect to purchases of municipal bonds in accounts from 2012 to 2015. July 2015: A customer alleged, among other things, unsuitability with respect to the recommendation and overconcentration of municipal bonds in trust accounts from 2012 to 2014. April 2014: A customer alleged, among other [...]

By |March 16th, 2016|Broker Check, FINRA, Press Releases & News|
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