SEC Wins Pump-And-Dump Suit In Florida
Last Friday, a federal jury from the Middle District of Florida found that Edward Hayter, the CEO and president of BIH Corp., ran a pump-and-dump scheme, selling unregistered shares of stock in the restaurant equipment company. After a four-day trial, Hayter was found to have defrauded investors by selling the unregistered stock from 2008 to […]
Telomolecular Corp. Founder Pleads Guilty To Securities Fraud
Matthew Sarad of Bakersfield, California, the founder and former CEO of Telomolecular Corp., pleaded guilty to securities fraud on Wednesday in a Sacramento federal court. Telomolecular Corp. was professed to be a biotechnology startup company that claimed to have developed nanoparticle technology that could eradicate cancer and treat other age-related diseases. From November 2005 to […]
Bank Of America Could Pay Up To $17B For Securities Fraud
Bank of America is in talks to settle an investigation into its role in the sale of mortgage-backed securities before the 2008 financial crisis and could pay between $16 and $17 billion, making it the biggest Justice Department settlement by a long shot arising from the economic collapse. However, the deal has not been finalized, […]
Financial Services Firm Ordered To Pay $70M For Fraud
The U.S. Securities and Exchange Commission (SEC) achieved a major legal victory when a federal jury found a Virginia-based brokerage subsidiary and its CEO liable for $70 million in connection with a prolonged investment fraud scheme. The SEC originally filed suit in 2011 against AIC Inc., Community Bankers Securities LLC, and CEO Nicholas D. Skaltsounis, […]
Georgia Executive Found Guilty In Retrial
Last month, Michael T. Rand was found guilty of conspiracy to commit securities fraud, making false and misleading statements to auditors and accountants, circumventing internal accounting controls, and falsifying books, records, and accounts of Atlanta-based Beazer Homes USA, Inc., of which Rand was the chief accounting officer. Rand was originally tried in 2011, but that […]
Former Alabama Attorney Sentenced For Investor Fraud
Case Results While a small boutique firm, The Frankowski Firm will not back down from a fight. Our securities fraud attorneys will go against even the largest brokerage firms all over the country. Below are some firms that we have litigated against: Regions Morgan Keegan Raymond James Morgan Stanley Edward Jones Prudential Securities Milestone Financial […]
Former UBS Broker Allegedly Defrauded Elderly In Ponzi Scheme
Case Results While a small boutique firm, The Frankowski Firm will not back down from a fight. Our securities fraud attorneys will go against even the largest brokerage firms all over the country. Below are some firms that we have litigated against: Regions Morgan Keegan Raymond James Morgan Stanley Edward Jones Prudential Securities Milestone Financial […]
Florida Man Charged With Securities Fraud In Alabama For Gold Scheme
Case Results While a small boutique firm, The Frankowski Firm will not back down from a fight. Our securities fraud attorneys will go against even the largest brokerage firms all over the country. Our services We focus on Conveyancing Debt Collection Lasting Powers of Attorney Probate & Estate Administration Personal Injury Clinical Negligence Declarations of […]
FINRA Charges NY Broker-Dealer With Churning
On Monday, FINRA charged a New York broker-dealer, as well as a number of current and past registered representatives, with churning customer accounts and other illicit actions the resulted in significant losses to retirees and other investors. According to FINRA enforcement attorneys, Newport Coast Securities Inc. and five of its current and past brokers knowingly […]
UBS Ordered To Post €1.1B Bail Amidst Money Laundering Investigation
UBS AG is being formally investigated for money laundering by French officials, who ordered the bank to post €1.1 billion ($1.49 billion) bail amidst a growing investigation into claims that it assisted high-profile clients evade French taxes. Just a month ago, UBS’ French subsidiary was fined a record-setting €10 million for being slow to correct […]