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Woman Receives Over $1M Award In Churning Case Against Former Morgan Stanley Broker

A FINRA arbitration panel awarded over $1 million to an elderly woman who claim to be ripped off by an ex-Morgan Stanley broker. Arbitrators recently found for Genevieve Lenehan, giving her punitive and compensatory damages, attorneys' fees, and other costs that amounted to $1.06 million. Lenehan claimed that the broker, Justin Amaral, both churned and reverse-churned her account. Amaral was a financial adviser to Lenehan and her husband, who passed away five years ago. When Mr. Lenehan died, Amaral allegedly began a systematic investment strategy in which he bought and sold closed-end funds and initial public offerings to generate fees, according to Ms. Lenehan's attorney. In addition, Amaral moved into a wrap account thousands of shares of General Electric stock that Ms. Lenehan had accumulated while working as a secretary at the manufacturing firm, beginning during World War II. By putting them in a wrap account, Amaral could charge a fee on shares that she had no intention of selling [...]

By |December 11th, 2015|FINRA, Press Releases & News|
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Indiana Developer Pleads Guilty To Securities Fraud

Cornelius Alig, an architect and real-estate developer from Indianapolis, Indiana, allegedly received thousands of dollars from victims through promissory notes he was unable to pay. Alig was charged earlier this year with twenty felonies, including several counts of securities fraud, forgery and theft, following a lengthy grand jury investigation. He pleaded guilty this week to theft and fraud charges. According to prosecutors, Alig received personal profits from eight promissory notes, totaling $340,000. He was unable to repay the notes and did not own the collateral offered as security for the notes. Most of the charges against Alig were dropped as part of a plea deal with the prosecutor's office. The agreement calls for a sentence of two to eight years and requires Alig to pay restitution to victims. Alig was a partner at Lockerbie Commons LLC, which owned and operated an office property in Downtown Indianapolis. The prosecution claims Alig pocketed thousands of dollars in rent payments from Lockerbie Commons' office [...]

By |December 9th, 2015|Fraud, Press Releases & News|
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FINRA Charges Cantone Research Inc.’s President With Fraud

FINRA filed a complaint against Cantone Research Inc. ("CRI") of Tinton Falls, New Jersey and its President, Anthony J. Cantone, charging fraud in connection with the sales and subsequent extensions of more than $8 million of certificates of participation ("COP") in five promissory notes. The complaint alleges that four of the five pertinent promissory notes have defaulted, causing over $6 million in losses to investors. Simultaneously, CRI and Cantone received fees, commissions, and other payments of over $1 million. Further, the complaint charges Christine L. Cantone, CRI's Chief Compliance Officer during the time of the alleged fraudulent misconduct with failing to supervise Catone. According to the complaint, the promissory notes at issue were executed on behalf of one of several entities controlled by Christopher Brogdon, an individual who worked in the assisted living and nursing home industry. Under the terms of the COP sold by Cantone, Brogdon would use investors' funds to purchase and/or redevelop a nursing home, assisted living [...]

By |December 8th, 2015|FINRA, Fraud, Press Releases & News|
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Hedge Fund Manager Who Faked Death Guilty Of Fraud

Mark Malik, a New York hedge fund manager who once feigned his own death to avoid repaying an investor, was found guilty of fraud after a two-week trial in New York state court. Malik was convicted by a jury of all 28 counts, including grand larceny and securities fraud. He will serve up to twenty years in prison. "Our message is clear: if you commit securities fraud in New York, we will bring you to justice,” said New York Attorney General Eric Schneiderman in announcing the guilty verdict. Malik was arrested earlier this year for allegedly stealing more than $800,000 from local and foreign investors. Malik represented himself to investors as an experienced trader with a Harvard degree, according to Schneiderman. However, his previous jobs included working as a traffic agent for the NYPD and waiter/bus boy for Max Brenner in Manhattan's Union Square neighborhood. At trial and against the advice of his lawyer, Malik took the witness stand. Wearing khaki [...]

By |December 7th, 2015|Fraud, Press Releases & News|
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