Staten Island Broker To Pay $1.3M For Scam
Wayne Burmaster, a broker from Staten Island, New York, will pay $1.3 million in disgorgement to the SEC for selling unregistered penny stock. Burmaster, together with his partner Edward Hayter, sold unregistered shares to investors. Further, they misrepresented the shares as stock in a hospitality holding company, according to the SEC’s complaint. The complaint goes […]
SEC Approves FINRA Rule To Limit Expungement
The SEC approved a new FINRA rule that will make it hard for brokers to delete customer complaints from their records in arbitration cases. Rule 2081 will prevent brokers from making settlements with customers requiring the claimant to accept expungement of the case from the broker’s public record. The goal of the new rule is […]
Citigroup Avoids FINRA Arbitration, Still To Pay $590M
A federal judge in New York ruled this week that Citigroup would not have to face FINRA arbitration regarding claims that its stock dropped precipitously after it hid securitized-loan losses because an arbitration would violate an already existing $590 million dollar settlement over the same claims. An arbitration had been begun by Gary Burgess and […]
Company Cofounded By Nancy Pelosi’s Son Charged With Securities Fraud
Natural Blue Resources Inc., a company cofounded by Nancy Pelosi’s son, Paul Pelosi Jr., was charged with securities fraud last week after the SEC discovered that two convicted criminals were at the company’s helm. Pelosi Jr. was the president and chief operating officer of the company, which is aimed at selling “environmentally-friendly” investments. Four individuals, […]
Golfing Buddies Charged With Insider Trading
Richard S. Frankowski Managing Partner Call on 888-741-7503 Email chard@frankowskifirm.com Richard S. Frankowski is the founder of The Frankowski Firm, and has represented hundreds of investors around the country in FINRA arbitrations and in civil litigation. His practice focuses on stock broker fraud, consumer class actions and direct and derivative shareholder litigation. Currently, Richard serves […]
Ex-Husband Of ‘Sopranos’ Actress Arrested On Securities Fraud Charges
Richard S. Frankowski Managing Partner Call on 012-345-6789 Email enquiries@emaildomain.co.uk Praesent bibendum orci ante, a ullamcorper metus aliquam et. Suspendisse id lacinia libero. Vivamus faucibus arcu at dignissim cursus. Donec dictum, augue sit amet mattis viverra Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vestibulum varius quam tortor, in finibus nisl tristique quis. Ut dignissim […]
Second Circuit Dismisses Madoff Ponzi Scheme Appeal
The U.S. Court of Appeals for the Second Circuit has dismissed an appeal involving the settlement of class action securities claims pertaining to the Bernie Madoff Ponzi scheme. The claims, having been settled, were brought by 118 plaintiffs, who were individual and institutional investors in Madoff feeder funds managed by Fairfield Greenwich Group. The appeal […]
New Mexico Insurance Broker Pleads Guilty To Securities Fraud
Bill Turner, a New Mexico insurance broker, pleaded guilty last week to thirteen counts of securities fraud and one count of conspiracy to commit securities fraud in a plea bargain. He had originally been charged with 211 counts related to a scam to defraud an investor. Turner defrauded Johnny Cleveland, his financier, out of hundreds […]
Hedge Fund Owner Pleads Guilty To Mail Fraud
James R. Holdman of Zachary, Louisiana pleaded guilty to two counts of mail fraud this week. According to U.S. Attorney Walt Green and former U.S. Attorney Donald J. Cazayoux Jr., Holdman defrauded retirees, military veterans, and survivors of Hurricane Katrina in Louisiana, Mississippi, Texas, and Florida out of $13 million. Holdman used his Baton Rouge, […]
Former Sterne Agee Broker May Be Expelled
Dean Mustaphalli, a former broker at Sterne Agee Financial Services Inc., is looking at a potential expulsion. According to FINRA, Mustaphalli ran a $6 million hedge fund, Mustaphalli Capital Partners, that he failed to disclose. FINRA charged Mustaphalli for creating the fund and receiving commissions without notifying the broker-dealer. He sought cash for the fund […]