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Cetera Stops Selling AR Capital REITs

Cetera Financial Group, which is a network of retail brokerages owned by RCS Capital Corporation, has stopped selling ARC-branded real estate investment trusts and other alternative investments. All ten of Cetera's broker-dealers ceased the sale of all AR Capital products until a review of the products is completed. AR Capital products are distributed by Realty Capital Securities, which is a wholesaling broker-dealer also owned by RCS Capital Corporation. Cetera's cessation of sales came the day after Massachusetts charged RCS with fraudulently rounding up proxy votes to support real estate deals sponsored by AR Capital, which is owned by Nick Schorsch and William Kahane. In an administrative complaint, Massachusetts Secretary of the Commonwealth William Galvin claimed agents of RCS impersonated shareholders and cast fake votes for investment programs sponsored by AR Capital. Executives at other independent broker-dealers claim that major clearing firms and other broker-dealers could possibly suspend sales of AR Capital products later this week following the fraud charges against RCS. Joseph [...]

By |November 16th, 2015|Press Releases & News|
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History Of Investors Capital Corporation’s Malfeasance

Investors Capital Corporation, a dually-registered independent Broker/Dealer and Investment Advisory firm, has a long history of malfeasance. In the summer of 2014, Patricia S. Miller, a former financial adviser with ICC, was arrested for orchestrating a massive Ponzi scheme that cost her clients millions in savings. Through her scheme, she obtained $4.1 million from over 80 victims and was sentenced earlier this year to six years in prison. According to her indictment, “from in or about January 2002, through May 2014, [Ms.] Miller defrauded and obtained money and property from clients by means of materially false and fraudulent pretenses, representations and promises concerning purported investments that Miller never made on behalf of the clients.” This activity occurred while Miller was a registered representative of ICC. Another former ICC adviser, Haran Brucker, who was registered with ICC from May 2004 to December 2012, has been involved in seven customer disputes since 2002. Though two complaints were denied, the other five were settled for [...]

By |November 11th, 2015|FINRA, Fraud, Press Releases & News|
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NBA Star Sues Former Financial Adviser

Future National Basketball Association Hall of Famer Tim Duncan of the San Antonio Spurs has filed a second lawsuit against a former financial adviser he alleges cost him millions of dollars in lost investments. Duncan's lawsuit, which was filed last week, contends that Charles Banks of Atlanta, Georgia encouraged Duncan to invest $1.1 million in a cosmetics company that Banks claimed was profitable when in reality it was going bankrupt. According to the San Antonio Express-News, Duncan wants his investment returned to him and is trying to get punitive damages from Banks, who has previously denied the allegations. Duncan first filed a lawsuit in January, alleging that a series of investments enriched Banks but ultimately cost Duncan more than $25 million. If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.

By |November 10th, 2015|Press Releases & News|
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FINRA Issues Investor Alert On IRS Impersonation Scam

FINRA issued a new investor alert, called Tools of the Fraud Trade: Phones and Emotions, warning investors not to send money or provide personal information to a massive IRS impersonation scam timed to coincide with the recent deadline for anyone who filed a federal tax extension this past April. More than 700,000 people have reported getting impersonation calls since the scam first arose in 2013. The scam is an example of scammers using personal resources, in this case people's phones, as a tool to thieve money. The caller says he is with the IRS, sounds official, speaks aggressively and demands immediate payment of taxes on the spot. Oftentimes there are threats of arrest or other serious consequences. "When someone says they are from a government agency like the IRS, many of us may accept the statement as true," said Gerri Walsh, FINRA's Senior Vice President for Investor Education. "Psychologists and behavioral economists have a name for the tactic these IRS impersonators [...]

By |November 9th, 2015|FINRA, Fraud, Press Releases & News|
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