FRANKOWSKI FIRM INVESTIGATING POTENTIAL CLAIMS AGAINST MARK AUGUSTA AND WEDBUSH SECURITIES
The Frankowski Firm is investigating potential claims against Wedbush Securities broker Mark Augusta for unsuitable and misrepresented sales of Puerto Rican municipal bonds and/or municipal bond funds to Wedbush customers. These bonds have declined precipitously in value, brought on by economic instability within the Commonwealth and worsened by the devastation of Hurricane Maria. Because of […]
Puerto Rico Municipal Bond Collapse Continues
Municipal bonds are a commonly-used source of revenue for governments: they are relatively stable, tax-free investments, and in times of rising interest rates, their value increases. Puerto Rico’s municipal bonds have been declining in value since 2013, and the recent declaration of municipal bankruptcy, along with devastating hurricanes like Maria, have led to an even […]
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 […]
FINRA January 2017 Disciplinary Actions
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Transamerica To Pay $3.8M For Excessive Fees
Transamerica has agreed to settle an excessive-fee lawsuit with its employees who participated in its 401(k) plan for $3.8 million. [su_spacer size=”10″]The Plaintiffs in the case allege that Transamerica and its affiliates breached their fiduciary duty under the Employee Retirement Income Security Act of 1974 for charging excessive administrative and investment management fees. [su_spacer size=”10″]Transamerica […]
FINRA Panel Orders UBS To Pay For Bond Losses
A FINRA arbitration panel ordered UBS Group AG’s wealth management business for the Americas to pay over $470,000 to three investors who claimed damages because their accounts were over-concentrated in Puerto Rico bonds that plummeted. The investors–Obdulio Melendez Ramos, Ramon Velez Garcia and Carlos L. Merced–filed the arbitration in 2014 and sought up to $570,243 […]
NJ Financial Advisor Pleads Guilty To Fraud
An ex-JPMorgan Chase financial advisor from Livingston, New Jersey pleaded guilty to embezzlement and securities fraud in connection to a $22 million investment fraud that lasted seven years. Prosecutors have called the scheme an elaborate “game of hide and seek.” [su_spacer size=”10″]Michael Oppenheim confessed that he lied to his customers by telling them he would […]
Frankowski Firm Investigating Morgan Stanley Broker
The Frankowski Firm is investigating claims pertaining to Angel E. Aquino-Velez of Miami, Florida, who has been registered with Morgan Stanley since February 2010. Aquino has also been registered with Merrill Lynch, Pierce, Fenner & Smith, Inc. in Guaynabo, Puerto Rico (September 2006-September 2009) and UBS Financial Services, Inc. in Manati, Puerto Rico (May 2000-September […]
JPMorgan Broker Gets 5 Years For Gambling Funds
Michael Oppenheim, a former JPMorgan Chase & Co. broker who claims to have thieved millions of dollars from clients because his brain was “hijacked” by an addiction to gambling on sports, was sentenced to five years in prison. At his peak, Oppenheim had nearly 500 clients and managed just shy of $90 million at JPMorgan. […]
FINRA December 2015 Disciplinary Actions: Part I
Brookstone Securities, Inc. (Lakeland, FL) was censured, fined $1,000,000 and required to pay, jointly and severally with Christopher Dean Kline (Baraboo, Wisconsin) and Antony Lee Turbeville (Lakeland, FL) $1,620,100 plus prejudgment interest in restitution to their respective customers. Kline and Turbeville were barred from association with any FINRA member in any capacity. David William Locy (Overland […]
