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FINRA Expels Halcyon Cabot Partners And Bars CEO And CCO

FINRA expelled New York-based Halcyon Cabot Partners, Ltd., and barred Chief Executive Officer Michael Morris and Chief Compliance Officer Ronald Heineman from the securities industry, for fraud, sales practice abuses, and widespread supervisory and anti-money laundering failures. FINRA found that Halcyon, Morris and Heineman engaged in a scheme to conceal a kickback of private placement fees. FINRA further found that Halcyon, Morris and Heineman, along with a previously barred registered representative, Craig Josephberg, agreed to conceal the discount the issuer provided to a venture capital firm when it purchased a private placement in a cancer drug development company. The scheme was effected through a bogus placement fee agreement that was entered into after the venture capital firm had already agreed to purchase the entirety of the offerings. Halcyon did not perform any work, as there was already a buyer in place, but rather returned almost all of its $1.75 million placement fee to the investor through sham consulting agreements. This fraudulent [...]

By |October 8th, 2015|FINRA, Fraud, Press Releases & News|
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Mobile, Alabama Man Arrested For Alleged Securities Violations

Richard James Tucker of Mobile, Alabama was arrested last week by Baldwin County, Alabama Sheriff's Department deputies for alleged violations of the Alabama Securities Act. The arrest was subsequent to a June 2015 Baldwin County Grand Jury Indictment charging Tucker with three counts of Fraud in Connection with the Sale of Securities, including one count for each of the following: Conspiracy to Commit Securities Fraud; Employing a Device, Scheme or Artifice to Defraud; and Misrepresentation/Omitting to State a Material Fact. The charges are Class B felonies, punishable from two to twenty years in prison and up to a $30,000 fine per charge upon conviction. His bond was placed at $175,000. 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 |October 7th, 2015|Fraud, Press Releases & News|
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DOL Fiduciary Debate Heats Up

The fight over a Department of Labor proposal to increase investment advice standards for retirement accounts have begun to intensify. Over the last week, the writer of a bill that would prohibit the rule lashed out at Democrats for backing away from her measure, a well-known senator forced a critic of the bill out of a Washington think tank, and a DOL official promised to charge ahead while acknowledging there will be changes in the proposal. Simultaneously, a pro-investor organization released best practices for financial advisers to place clients' interests ahead of their own. In a House Financial Services Committee vote last week on a bill by Representative Ann Wagner, R-MO., that would make the Labor Department stop its fiduciary rule until the SEC acted, practically preventing the measure, Republicans and Democrats took different sides and started a war of words. “To the pen pals and the panderers who supported this legislation in the past but are now siding with President [...]

By |October 5th, 2015|Press Releases & News, SEC|
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FINRA Fines UBS Puerto Rico $18.5M

FINRA censured and fined UBS Financial Services Incorporated of Puerto Rico $7.5 million for supervisory failures pertaining to the suitability of transactions in Puerto Rican closed-end funds ("CEF") shares. Further, the regulatory agency ordered UBS to pay about $11 million in restitution to 165 customers who were forced to realize losses on their CEF positions. FINRA discovered that for over four years, UBS PR failed to monitor the combination of leverage and concentration levels in customer accounts to ensure that the transactions were suitable given the customers' risk objectives and profiles. UBS failed to implement a reasonably designed system to identify and prevent unsuitable transactions in light of the unique Puerto Rican economy, in which retail customers typically maintained high levels of concentration in Puerto Rican assets and often used those highly concentrated accounts as collateral for cash loans. Despite UBS PR's knowledge of these common practices, it failed to adequately monitor concentration and leverage levels to identify whether certain customers' CEF [...]

By |October 1st, 2015|FINRA, Press Releases & News|
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Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.