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Frankowski Firm Investigating Former Raymond James Broker

The Frankowski Firm is currently investigating the potential claims of people of who lost money investing with Glenn Guthrie, a former broker with Raymond James Financial Services in Birmingham, Alabama. According to FINRA's BrokerCheck report, Guthrie is the subject of a customer complaint and an employment separation after allegations of selling away. In 2015, a customer accused Guthrie of selling away while employed at Raymond James. The customer has asked for $1,490,000 in damages, plus interest. The customer complaint alleges that Guthrie described the investment as safe and one in which he had a personal investment, while Guthrie knew or should have known that the company was failing and did not own the legal rights to the technology it was marketing. Guthrie is also alleged to have advised the private company to take actions against the best financial interests of the customer in order to protect Guthrie's own personal financial interests in the company. Guthrie was removed from his position [...]

By |February 1st, 2016|Broker Check, FINRA, Press Releases & News|
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SEC Reaching End Of Case Against Adviser Who Refuses To Defend Herself

The SEC will reach the end of its case today against a financial adviser who refuses to defend herself in the agency's in-house enforcement proceeding, noting constitutional reasons. Dawn Bennett, CEO of Bennett Group Financial Services LLC in Washington, D.C., and her attorneys have blown off the proceeding which began on Wednesday and will close after testimony from a final SEC witness today. The SEC filed civil claims against Bennett last year claiming that she used her paid radio program to severely inflate the amount of assets her firm managed and exaggerate invest returns. Bennett denies the allegations. Bennett and her attorneys assert that boycotting the proceedings is a piece of their strategy to fight the SEC's use of its in-house courts in enforcement proceedings. Bennett filed a civil suit against the SEC in Maryland federal court in October. Her suit is part of a growing faction of cases fighting the constitutionality of how the SEC appoints its administrative law [...]

By |February 1st, 2016|Fraud, Press Releases & News, SEC|
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DOL Fiduciary Rule Reaches OMB

A Department of Labor rule that would raise investment advice standards for retirement accounts reached one step closer to being finalized last night. The DOL sent the measure to the Office of Management and Budget, who noted its receipt today on its website. The OMB will have 90 days to review the rule, but it will probably expedite the process. The OMB looks at all proposed and final rules, particularly examining their economic consequences. If the rule is cleared by the office, the DOL will release the final rule publicly, possibly by March. The OMB was asked to perform a detailed cost-benefit analysis of the final rule by a major financial industry trade association. “The OMB has a statutory mandate to get this right,” said Kenneth E. Bentsen Jr., president and CEO of the Securities Industry and Financial Markets Association. “To do so, it must fully assess the impact of the DOL’s rule to ensure it serves the best interest [...]

By |January 29th, 2016|Press Releases & News|
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Operator Of Two NC Companies Pleads Guilty To Securities Fraud

Barry Carlton Taylor, operator of two companies in Franklin, North Carolina, pleaded guilty earlier this week to fraud by commodities pool operator and concealment of money laundering charges, after defrauding investors out of about $2.5 million. Beginning in at least August 2011, Taylor solicited investment funds from at minimum eighteen victims totaling roughly $2.5 million. Taylor operated two limited liability companies: OTC Investments, LLC and Forex Currency Trade Advisors, LLC. According to court documents, Taylor misrepresented to his victims that he was an expert in the foreign currency exchange market (FOREX) and that their investments would be pooled into trading accounts which he would manage and use to invest in FOREX. He also falsely told his victims that he had created a computer software system that could track the FOREX market, which allowed him to make investments that generated very high rates of return, as much as 2.5% per month. Although Taylor opened and maintained FOREX trading accounts in the [...]

By |January 28th, 2016|Fraud, Press Releases & News|
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