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Three Sentenced For Church-Targeting Ponzi Scheme

The Frankowski Firm is currently investigating a Ponzi scheme aimed at church-goers. Two people from North Carolina and one from Florida were sentenced earlier this month for what federal authorities have called a church-targeting Ponzi scheme. All three individuals had previously testified against Thomas Kimmel from Indiana who was the alleged mastermind of the operation. James Willis Kirk and Carol April Graff, both of Washington, N.C., as well as Glen Smith Jr. of Lake Worth, Florida had previously pleaded guilty to conspiracy to commit mail fraud, sell unregistered securities and engage in unlawful monetary transactions. Kirk and Smith also pleaded guilty to selling unregistered securities. Kimmel was found guilty in July of conspiracy, mail fraud, and money laundering. According to the prosecution, Kimmel solicited around $20 million for "Sure Line Acceptance Corporation" from investors, most of whom were church-attendees who were guaranteed that their principal was protected by collateral, including cars and car loans. The majority of the victims, however, [...]

By |August 19th, 2014|Press Releases & News|
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The Fiduciary Duty Rule: From Progress To Impasse

In July 2010, President Barack Obama signed into federal law the Dodd–Frank Wall Street Reform and Consumer Protection Act, which provided the SEC with the power to create a rule that would mandate all financial advisers act in the best interest of their clients. This rule is called the fiduciary-duty standard of care, which as of now solely applies to investment advisers. In the wake of that legislation, the Department of Labor proposed regulation that would broaden the meaning of "fiduciary" to financial advisers assisting clients with retirement plans, which would include brokers selling IRAs. The future for investor protection seemed so bright, but any progress started in 2010 has slowed down considerably. In May 2014, the Department of Labor stated that a re-proposal of its rule will be delayed from August to January of next year. The original proposal was withdrawn after numerous fiery attacks from the financial industry, which contended that the proposal would increase liability and regulatory [...]

By |July 14th, 2014|Press Releases & News|
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SEC Orders Exchanges, FINRA To Develop “Tick Size” Pilot Plan

Last week, the SEC issued an order requiring particular national security exchanges and FINRA to jointly develop and file with the SEC a national market system plan to install a 12-month pilot program directed at expanding minimum quoting and trading increments (i.e., tick sizes) for particular small capitalization stocks. The pilot program will target stocks with a market capitalization of $5 billion or less, a mean daily trading volume of one million shares or fewer, and a share price of $2 per share or more. A control group and three test groups, each consisting of 300 securities, will be included in the program. Control group securities will be tested at the current tick size increment of $0.01 per share, trading exclusively at increments presently allowed. Securities in two of the test groups will be quoted in $0.05 minimum increments, but the increments in which the applicable securities trade will vary. The final test group will be subject to a "trade-at" [...]

By |July 2nd, 2014|Press Releases & News|
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Ocean Springs, Mississippi And Pensacola, Florida Men Sentenced In Montgomery County, Alabama For Violating Alabama Securities Act

Martin Franklin Blane of Ocean Springs, Mississippi and Robert Neil Robinson of Pensacola, Florida were sentenced by Montgomery County Circuit Court Judge Eugene Reese to five years in prison, suspended, with three years supervised probation for violating the Alabama Securities Act. Additionally, the Court ordered Blane to pay $81,000 restitution and Robinson to pay $185,520 restitution to victims. Both defendants were charged with violations of the Act in a November 2013 Montgomery County Grand Jury indictment. Blane was thereafter arrested by the U.S. Marshal's Fugitive Task Force in Jackson County, Mississippi; Robinson was similarly arrested in Escambia County, Florida. The Alabama Securities Commission's Enforcement Division investigation found that Blane and Robinson sold shares of stock in Eyewonder, Inc., a company based out of Atlanta, Georgia, to the victim investors. In the end, a third party involved in the sales failed to transfer the shares to the victims. Accordingly, the victims never received anything in return for their investment. According to [...]

By |June 24th, 2014|Press Releases & News|
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