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Dwayne Edwards Accused Of Fraud By SEC

The SEC charged Dwayne Edwards with fraud and obtained an emergency asset freeze against the South Carolina businessman. The SEC alleges that he funneled money he obtained from investors who believed their money would be used for buying and renovating senior housing facilities. According to the commission, Dwayne Edwards illicitly commingled funds from a number of municipal bond offerings and the revenues of the facilities underlying the offerings. Each offering was purported to fund a specific assisted living or memory care facility in Alabama or Georgia. Edwards used investor funds for his own private use in addition to funding other unrelated bond offerings, according to the SEC. The complaint accuses Edwards of violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934. The complaint was filed in Newark, New Jersey federal district court. The court granted the SEC's request to freeze the assets of Edwards. The court also appointed a temporary receiver over the [...]

By |February 1st, 2017|Fraud, Legal Matters, Press Releases & News, SEC|
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FINRA January 2017 Disciplinary Actions

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may have legal recourse. Please contact attorney Richard Frankowski today at 888-741-7503 for a free consultation. FINRA censured and fined VFG Securities, Inc. of Culver City, California $50,000, $10,000 of which is joint and several with Jason Bryce Vanclef. According to FINRA, the firm and Vanclef distributed and listed for sale online Vanclef's self-published book, which contained, false, exaggerated, unwarranted, or misleading statements, and omitted material facts or qualifications where the omissions caused the communication to be misleading. The findings also state they provided customers with misleading personalized recommendation spreadsheets. Advisors Clearing Network, Inc. of Pasadena, California was also censured and fined $50,000. FINRA found that it [...]

By |January 24th, 2017|Broker Check, FINRA, Fraud, Legal Matters, Press Releases & News, SEC|
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AL Man Charged With $1.5M Securities Fraud Involving Church

Terry Earl Hester of Pike County, Alabama was charged with violating the Alabama Securities Act after allegedly making false promises to a Tuscaloosa County church involving $1.5 million in funds. Hester turned himself into authorities on June 15. The charges are the result of a six-count indictment by a Tuscaloosa County grand jury, according to a statement made by the District Attorney's office and Joseph Borg, Director of the Alabama Securities Commission. The indictment charges Hester with one count of Sale of Unregistered Securities and one count of Sale of Securities by an Unregistered Agent. Each charge carries a fine of up to $15,000 upon conviction. Additionally, Hester is charged with four counts of Fraud in Connection with the Sale of Securities for making untrue statements or, or omitting to state, material facts to an investor; for engaging in an act, practice or course of business which operates as a fraud or deceit upon an investor; and for employing [...]

By |July 11th, 2016|Fraud, Press Releases & News|
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3 States Order Elder Financial Abuse Reporting

As of today, laws in Alabama, Indiana, and Vermont require financial advisers to report suspected financial abuse of the elderly and other vulnerable adults to state officials. These states' legislatures approved the bills earlier this year. And their governors signed the bills into law, putting these states at the forefront of protecting against elder financial abuse. The new laws also permit advisors to cease the disbursement of funds from client accounts and give advisers immunity from civil liability, in addition to requiring reporting of situations involving people who are older than 65 or are disabled. Louisiana passed a similar law this month. It will go into effect on January 1 of next year. Each of the new laws is based on a model rule approved earlier this year by the North American Securities Administrators Associations Inc., which is made of state regulators and made protecting against elder financial abuse a priority. “This law will help our investment advisers and brokers [...]

By |July 1st, 2016|FINRA, Fraud, Press Releases & News, SEC|
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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.