More Schools Sued Over Excessive 403(b) Fees
Two days after Yale, MIT, and NYU were sued for excessive 403(b) fees in their retirement plans, attorneys have added four more universities to the suit: Duke University, Johns Hopkins University, the University of Pennsylvania, and Vanderbilt University. Each suit alleges breach of fiduciary duties under the Employee Retirement Income Security Act of 1974 for […]
Brian James Egan Barred by FINRA
FINRA barred Brian James Egan from the securities industry after allegedly failing to disclose trading accounts he held beyond his employer, Independent Financial Group. According to a settlement notice accepted by FINRA, Egan did not disclose eighty-seven brokerage accounts he held with a separate firm from April 2010 to July 2015. He allegedly held trading […]
Thomas Conrad Jr. Defrauds Investors 40 Years After Ban
According to the SEC, Thomas Conrad Jr.–an 85 year old man from Alpharetta, Georgia who was barred from the securities industry 45 years ago for fraud–was defrauding investors all over again with the assistance of his 55 year old son, Stuart P. Conrad. The two allegedly defrauded investors in a group of hedge funds they […]
Dez Bryant Sues Former Advisor
NFL star and Dallas Cowboy wide receiver Dez Bryant is suing his former advisor, Royce West. West is currently a Texas state senator. The suit claims that West breached his “professional and fiduciary duty.” [su_spacer size=”10″]West filed suit against Bryant last month, seeking financial compensation for damages Bryant allegedly caused to a house he rented. […]
FINRA Bars Broker Bernard McGee
FINRA barred broker Bernard McGee and ordered him to pay about $250,000 in penalties for fraudulent annuity recommendations he made to an elderly customer. According to FINRA, he surrendered four variable annuity policies owned by the 71 year old customer valued at roughly $500,000 and used the money to purchase a charitable gift annuity from […]
FINRA Elects John Brennan As New Chairman
The FINRA Board of Governors elected John Brennan as its new chairman last week. Brennan, an ex-chief executive and currently chairman emeritus and senior adviser at Vanguard Group, will start his new role on August 15. Robert W. Cook, an ex-division director at the SEC, will start as chief executive of FINRA around the same […]
Welliver Pleads Guilty To Securities Fraud
David Blaine Welliver, whose career as a financial advisor began in the early 1990s with a $400 classified ad promoting his one-man office, ended that career by recently pleading guilty to a charge of securities fraud in a St. Paul, Minnesota federal courtroom. He is looking at up to five years in prison. [su_spacer size=”10″]The […]
SEC Fines Firm $300K For Failing To Disclose Fees
The SEC fined RiverFront Investment Group of Richmond, Virginia $300,000 for charging clients additional fees beyond their wrap program for investment management. The firm agreed to the penalty without admitting or denying the allegations. The Commission censured the firm as well. [su_spacer size=”10″]This case was the result of the SEC prioritizing wrap account examinations previously […]
Broker To Pay $331k For Unsuitable Investments
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Winston Wade Turner Banned from Securities Industry by FINRA for ‘Unethical and Dishonest Actions
FINRA banned Winston Wade Turner, a former Prudential Financial Inc. and MetLife Inc. broker, from the securities industry for making unsuitable variable annuity recommendations. Turner misled clients by misrepresenting and omitting material facts about the sales, according to the regulatory authority. Additionally, Turner hid that he convinced a number of clients to surrender existing variable […]