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Alabama Man Arrested For Alleged Securities Violations

Timothy Lowell Franks of Winfield, Alabama was arrested earlier this month for allegedly violating the Alabama Securities Act. The arrest was the result of a March 2015 Marion County Grand Jury indictment, which charged him with six counts of violations: one count of Sale of Unregistered Securities, one count of Sale of Securities by an Unregistered Agent, three counts of Fraud in Connection with the Sale of Securities, and one count of Theft by Deception, First Degree. If convicted, for the first two charges, which are Class C felonies, Franks is facing punishment of up to ten years imprisonment and a fine of $15,000 for each count. For the last two charges, which are Class B felonies, Franks faces a punishment of up to twenty years imprisonment and a $30,000 fine for each count. Franks' indictment alleges that he offered and sold securities in a coal mining operation. In connection to the securities transactions, Franks represented to investors that he [...]

By |April 14th, 2015|Press Releases & News|
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SEC Charges Former NFL Player With Fraud For Operating $31M Ponzi Scheme

Will Allen, a former National Football League cornerback, was charged with fraud by the SEC for allegedly running a Ponzi scheme that bilked investors out of $31 million. Allen allegedly worked with Susan Daub to create a number of companies, including Boston-based Capital Financial Partners, offering loans to professional athletes. Allen and Daub allegedly told athletes they could receive interest of up to 18% from Major League Baseball, National Basketball Association, National Hockey League, and NFL players. They marketed the business as giving athletes access to at least $75,000 loans in the off-season or early in the season, when they may be strapped for cash based on their contracts. Between 2012 and early 2015, Allen and Daub raised $31 million from at least 40 investors but allegedly misled them about the terms of the loans. They used investor funds to pay for personal expenses, including charges at pawn shops, casinos, and nightclubs. The SEC accuses Allen of paying some of [...]

By |April 10th, 2015|Press Releases & News|
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New Hampshire Seeks $3.6M Payment From LPL For Nontraded REIT Sales

Securities regulators from New Hampshire want LPL Financial to pay $3.6 million in fines and repayments to investors for allegedly unsuitable sales of real estate investments to elderly clients. The New Hampshire Bureau of Securities Regulation, in an action filed earlier this week, claims that it wants $2.4 million from LPL in buybacks and restitution for clients in 48 sales of nontraded real estate investment trusts that go back as far as 2007. The Bureau is also seeking a $1 million fine and wants LPL to pay $200,000 in investigative costs. The claim arises from an 81 year old New Hampshirite who purchased a nontraded REIT from LPL in January of 2008 and thereafter lost a significant amount on the investment, which typically is not liquid and is accompanied by high fees. The client invested $253,000 in the REIT and had a liquid net worth of $2.5 million. New Hampshire claims that the investment, as well as a number of [...]

By |April 9th, 2015|Press Releases & News|
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NYC Comptroller Wants Brokers To State They Are Not Fiduciaries

New York City comptroller Scott M. Stringer is pushing the state legislature to pass a law that would clarify the distinction between brokers and investment advisers to investors. Stringer's proposal would mandate that all financial advisers directly state whether they must act in their clients' best interests. “We need a uniform, national fiduciary standard, but we can't wait to give New Yorkers the common sense reforms they need to make informed investment choices,” Mr. Stringer stated. “This new law will ensure that New Yorkers know whether the investment advice they receive is in their best interest.” Currently, investment advisers must operate under a fiduciary standard, but brokers must only recommend products that are suitable to the investor. Stringer's proposal would mandate the following disclosure orally and in writing at the outset of a financial relationship, at frequent intervals, and in advertising: "I am not a fiduciary. Therefore, I am not required to act in your best interests, and am allowed [...]

By |April 3rd, 2015|Press Releases & News|
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