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SEC Chairwoman Claims Fiduciary Battle Just Getting Started

Mary Jo White, Chairwoman of the SEC, told legislators that the agency will continue at its own pace, over an extended period of time, to address raising investment advice standards for brokers. The agency will not be rushed by a similar Department of Labor rule currently pending. White stated before the House Financial Services Committee that the SEC and DOL are discussing the issue together but are working separately as different agencies with different jurisdictions and mandates. White warned not to expect change any time soon: “We really are at the beginning of this process. I've reached my own personal conclusion. But the next step is for me to be discussing in detail all the aspects of my thinking with my fellow commissioners. It's a long process, with lots of complex issues.” She noted that despite her support of a fiduciary-duty rule for brokers, she still needs support from at minimum two other members of the five-person commission to pass [...]

By |April 2nd, 2015|Press Releases & News|
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Alabama Man Pleads Guilty In Ponzi Scheme Case

Over a five year span, former Hoover, Alabama financial broker Bryan Anderson found eighteen people to invest $8.4 million in a number of investments and guaranteed that the investments were completely risk free. Roughly two thirds of those investors watched Anderson at the federal courthouse in downtown Birmingham plead guilty to operating a Ponzi scheme that lost them $3.1 million. Anderson pleaded guilty to wire fraud, money laundering, and securities fraud before U.S. District Judge Virginia Emerson Hopkins. He will be sentenced on June 16. According to the plea deal with the U.S. Attorney's Office, Anderson will pay restitution of almost $3.1 million to investors and surrender an extra $3.4 million to the federal government. The prosecutors agreed to recommend a sentence at the low-end of the spectrum. Richard Frankowski, who is representing the investors in their FINRA arbitration suits against Anderson, stated that the majority of the twelve investors identified as victims were at the courthouse for the plea. [...]

By |March 30th, 2015|Press Releases & News|
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FINRA’s March 2015 Disciplinary Actions Part I

Bulltick, LLC of Miami, Florida submitted an AWC in which the firm was censured and fined $20,000. Despite not admitting or denying FINRA's findings, Bulltick consented to the sanctions and to the entry of findings that it failed to adequately implement and enforce its written supervisory procedures on reporting TRACE-eligible securities, pursuant to a Uniform Service Bureau/Executing Broker Agreement executed by the firm and its affiliate that required Bulltick to report the affiliate's transactions in TRACE-eligible securities to TRACE. Subsequently, Bulltick failed to report the right contra-party identifier for transactions in TRACE-eligible securities of the affiliate to TRACE, and Bulltick also reported transactions in TRACE-eligible securities to TRACE that it did not have to report. Transamerica Financial Advisors, Inc. of St. Petersburg, Florida submitted an AWC in which the firm was censured and fined $50,000. Despite not admitting or denying FINRA's findings, Transamerica consented to the sanctions and to the entry of findings that it filed with FINRA an inaccurate [...]

By |March 19th, 2015|Press Releases & News|
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North Carolina Man Accused Of Securities Fraud

Micah Christopher Wilson of Gastonia, North Carolina was accused last week of defrauding investors out of hundreds of thousands of dollars. Law enforcement agents with the North Carolina Secretary of State's Securities Division charged Wilson two counts of felony securities fraud and two counts of obtaining property by false pretenses. Authorities believe Wilson conned several victims in Gaston and nearby counties, persuading them to invest money with him and his company, Creative Financial Concepts, Inc. Allegedly, Wilson told investors they would earn at minimum eight percent interest on their principal in an unspecified investment. Wilson, however, spent the money on himself and used it to pay other investors. Additionally, he failed to notify investors that he was not registered to sell securities. Wilson is being held at the Gaston County Jail under a $1 million bond. Secretary of State Elaine F. Marshall stated, “This is an ongoing investigation. We strongly urge anyone who believes they may be a victim of [...]

By |March 18th, 2015|Press Releases & News|
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