KEVIN MCCALLUM HIT WITH $4.8 MILLION CUSTOMER CLAIM INVOLVING MEDLEY CAPITAL STOCK
Kevin McCallum, an Alabama-based stockbroker and financial advisor with Glacier Point Advisors, LLC, who was previously registered with LPL Financial, LLC and NBC Securities, Inc., has disclosed a $4.8 million arbitration claim filed by his customers related to their investment in Medley Capital Corporation. According to the customers’ complaint, McCallum exercised discretionary trading authority in […]
Voya To Pay $3.1M Fine For Disclosure Violations
Voya Financial Advisors will pay nearly $3.1 million because of payments it got from its clearing broker in relation to mutual fund sales. The firm settled a cease-and-desist order from the SEC and will pay $2.6 million in disgorgement, $175,000 in prejudgment interest, and $300,000 in civil penalties. According to the Securities and Exchange Commission, […]
John Rafal Barred From Securities Industry
The SEC barred Connecticut investment adviser John Rafal for hiding a referral fee from a client and then attempting to thwart the SEC’s investigation. He was also pay $577,297 in penalties. [su_spacer size=”10″] Rafal, the former president and CEO of Essex Financial Services Inc. in Essex, Connecticut, obtained a new customer with accounts valuing over $100 […]
Phil Fiore Jr. Fired By UBS For Multiple Violations
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Brian James Egan Barred by FINRA
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Thomas Conrad Jr. Defrauds Investors 40 Years After Ban
According to the SEC, Thomas Conrad Jr.–an 85 year old man from Alpharetta, Georgia who was barred from the securities industry 45 years ago for fraud–was defrauding investors all over again with the assistance of his 55 year old son, Stuart P. Conrad. The two allegedly defrauded investors in a group of hedge funds they […]
FINRA Bars Broker Bernard McGee
FINRA barred broker Bernard McGee and ordered him to pay about $250,000 in penalties for fraudulent annuity recommendations he made to an elderly customer. According to FINRA, he surrendered four variable annuity policies owned by the 71 year old customer valued at roughly $500,000 and used the money to purchase a charitable gift annuity from […]
SEC Fines Firm $300K For Failing To Disclose Fees
The SEC fined RiverFront Investment Group of Richmond, Virginia $300,000 for charging clients additional fees beyond their wrap program for investment management. The firm agreed to the penalty without admitting or denying the allegations. The Commission censured the firm as well. [su_spacer size=”10″]This case was the result of the SEC prioritizing wrap account examinations previously […]
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. [su_spacer size=”10″]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 […]
Adviser To Plead Guilty To $21M Ponzi Scheme
Patrick E. Churchville, an investment adviser from Rhode Island, is expected to plead guilty to criminal charges for running a $21 million Ponzi scheme, according to a statement made by the U.S. Attorney’s Office. In addition, Churchville used $2.5 million of his clients’ cash to buy a house, and he failed to pay over $820,000 […]
