The Fiduciary Duty Rule: From Progress To Impasse
In July 2010, President Barack Obama signed into federal law the Dodd–Frank Wall Street Reform and Consumer Protection Act, which provided the SEC with the power to create a rule that would mandate all financial advisers act in the best interest of their clients. This rule is called the fiduciary-duty standard of care, which as […]
Former Atlanta Attorney Charged With Securities Fraud
About the Frankowski Firm “The primary goal of our law firm is to provide service to those who do not have a voice and need strong, courageous representation.”—Richard Frankowskihttps://frankowskifirm.com/wp-content/uploads/2024/12/video.mp4 Watch our videos Our client testimonials Who we are The Frankowski difference When we believe broker negligence or fraud has injured our clients, we bring the claims […]
Five Traders Charged With Short Selling by SEC
Last week, the SEC charged five traders for committing short selling violations in the course of trading both for themselves and on behalf of Worldwide Capital Inc. Worldwide Capital is a proprietary firm from Long Island, New York, which paid the biggest monetary sanction for violating Rule 105 ever in March of this year when […]
FINRA Bars Broker For Insider Trading In Japanese Securities
Last week, FINRA barred Kenneth Ronald Allen from the securities industry. Allen, who was once an equity trader at First New York Securities L.L.C., was found to be trading Japanese securities because of non-publicized, material information acquired from a corporate insider. According to an investigation by FINRA, the Office of Fraud Detection and Market Intelligence, […]
FINRA Fines Goldman Sachs $800k
FINRA fined Goldman Sachs Execution & Clearing, L.P. $800,000 for failing to have reasonably designed written policies and procedures established to stop trade-throughs of protected quotations in NMS stocks from November 2008 to August 2011 in connection with trading in its proprietary alternative trading system, SIGMA-X. As required by the Order Protection Rule, trading centers […]
Ridgeland, Mississippi Man Indicted, Charged With Alleged Securities Act Violations
Last month, Samer N’Ser of Ridgeland, Mississippi was arrested for multiple alleged violations of the Alabama Securities Act. N’Ser turned himself in to the Madison County, Alabama Sheriff’s department and was subsequently released after posting a $45,000 bond. N’Ser’s arrest follows an April 2014 Madison County Grand Jury indictment charging him with eighteen counts, including […]
Bernie Madoff’s Former Accountant Pleads Guilty
Bernie Madoff’s former accountant, Paul Konigsberg, pleaded guilty last week to conspiracy and falsifying records during Madoff’s $20 billion Ponzi scheme. Konigsberg pleaded guilty to one count of conspiracy and two counts of falsifying records before U.S. District Judge Laura Taylor Swain. Konigsberg, 78, a former partner at Konigsberg Wolf & Co., admitted being present […]
FINRA Expels Success Trade Securities, Inc. And Bars CEO For Fraud
A FINRA hearing panel expelled Success Trade Securities, Inc., which is based in Washington, D.C., from membership and barred Fuad Ahmed, the firm’s CEO and President, for the fraudulent sale of promissory notes and for creating a Ponzi scheme. The firm and Ahmed are also jointly and severally ordered to pay about $13.7 million in […]
Florida State Regulators Warn Of Scam’s Fake Paperwork
The Florida Office of Financial Regulation issued a consumer alert last week pertaining to a scam that involves the unauthorized use of the office’s name and logo. The fake paperwork was sent to one individual, possibly more, in an email in the form of an invoice that looked to be authentic on initial inspection. The […]
FINRA Bars Florida Broker Who Used Foundation’s Money
The Stuart Siegel FINRA bar case highlights a troubling instance of broker misconduct involving the misuse of charitable funds. FINRA has permanently barred Siegel, a Florida-based financial advisor formerly affiliated with Morgan Stanley and Oppenheimer, after discovering he used a charitable foundation’s money for personal expenses. This enforcement action underscores growing concerns about financial advisor […]