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SEC To Develop Fiduciary Rule For Brokers

SEC Chair Mary Jo White stated that the agency will create stricter rules for broker. By doing so, the SEC will enter a long-standing war between Wall Street and the White House, which has asserted that biased financial advice is costing investors millions of dollars. White's comments follow on the heels of a move by the Labor Department to make brokers put the interests of retirement savers ahead of their own, which is called a fiduciary duty. The SEC has studied the issue for years but has yet to take any regulatory action. White believes that the SEC should “implement a uniform fiduciary duty for broker-dealers and investment advisers where the standard is to act in the best interest of the investor.” The financial industry has been watching closely for Ms. White's position, which would break a standoff between the two Democrat and two Republican commissioners. White said she will begin talking with the other commissioners about the outlines of [...]

By |March 17th, 2015|Press Releases & News|
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Florida Man Sentenced To Securities Fraud In Alabama

Last week, Alabama Circuit Judge Eugene Reese sentenced William Chris Blane of Vero Beach, Florida to fifteen years incarceration, which will be split to serve three years with five years probation that will be served up front. His probation was ordered in order for him to make restitution payments amounting to $2,926,870, plus fines and fees ordered by the Court and required by law. Blane pleaded guilty to four counts of securities fraud in January, at which time his crimes were Class C felonies punishable by not more than ten years, nor less than one year and one day in prison and not more than a $15,000 fine per charge. Blane agreed to make restitution payments over a four year period during his probation. Blane was indicted in May and November 2014 by Montgomery County, Alabama Grand Juries for his alleged role in the offer and sale of securities in EyeWonder, Inc. of Atlanta, Georgia and Poly-Triplex Technologies, Inc./Poly-Triplex Investors, [...]

By |March 17th, 2015|Press Releases & News|
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Former Floridian Arrested For Investment Fraud

James Allen Hall, formerly of Ocala, Florida, was arrested on March 9 in Kansas by the Crawford County Sheriff's Office and is being charged with grand theft. Hall is currently awaiting extradition to Florida. Hall acted as a Third Party Administrator of 401(k) plans for several Florida and out-of-state companies. Authorities believe that he altered plan participants’ email and residential addresses to his own without the participants’ knowledge or consent. Additionally, he is believed to have created fraudulent expenses under the guise of administrative, miscellaneous, annual, and participant fees for his own personal gain. Hall purportedly placed sell orders on mutual fund holdings to fund his falsified expenses. It is believed that Hall received more than $800,000 in illegal gains as a result of this scheme. The Florida Office of Financial Regulation (OFR) had been investigating Hall after receiving a tip from FINRA. OFR Commissioner Drew J. Breakspear stated, "Stealing Floridians' hard-earned 401(k) savings is heinous and will not be [...]

By |March 16th, 2015|Press Releases & News|
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FINRA Sanctions Brookville Capital Partners And Bars President

FINRA announced today that it has ordered Brookville Capital Partners, LLC of Uniondale, New York to pay restitution of over $1 million to the victims of a fraud relating to the sales of a private placement offering. The regulatory authority also ordered the firm to pay a $500,000 fine and barred its President, Anthony Lodati, from the securities industry. FINRA found that Brookville and Lodati defrauded their customers between January and October 2011 in a scheme pertaining to the sale of a private placement offering called Wilshire Capital Partners Group LLC, through which investors would supposedly have an indirect interest in pre-initial public offering shares of Fisker Automotive. During the period of illicit activity, Lodati discovered that John Mattera, a man with a substantial criminal and regulatory background, had effected transactions on behalf of Wilshire as Wilshire's CEO and Managing Director. Lodati failed to disclose that Mattera had been sanctioned by the SEC in 2010 for securities fraud and convicted [...]

By |March 12th, 2015|Press Releases & News|
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