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Brian James Egan Barred by FINRA

FINRA barred Brian James Egan from the securities industry after allegedly failing to disclose trading accounts he held beyond his employer, Independent Financial Group. According to a settlement notice accepted by FINRA, Egan did not disclose eighty-seven brokerage accounts he held with a separate firm from April 2010 to July 2015. He allegedly held trading authority over said accounts, which were owned by himself, family members, and clients of his accounting and tax preparation practice. FINRA further claims that Egan transferred funds and securities from particular customer accounts to his own. Brian James Egan agreed to be barred from the industry in his settlement. He was registered with Independent Financial Group in Laguna Niguel, California between April 2010 and July 2015. He was terminated on July 28, 2015 for allegedly failing to disclose the brokerage accounts he held away form the firm, violating the firm's policy. FINRA claims Egan made misrepresentations in compliance forms he submitted to Independent Financial Group [...]

By |August 5th, 2016|Broker Check, FINRA, Press Releases & News|
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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 managed that held $10.7 million. According to the SEC's complaint, Conrad ceased payouts to investors for over four years beginning in 2008. He, however, allegedly continued to pay out cash to himself, his son, other relatives, and a few favored investors from the investment fund. Thomas Conrad Jr.'s funds previously ran afoul when one substantial investment was found to be a Ponzi scheme run by another money manager, according to the agency. The fund had to repay $2.3 million of alleged "false profits" that the fund had received from the scheme. At the same time numerous investors were fighting for their [...]

By |July 28th, 2016|Fraud, Press Releases & News, SEC|
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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 a company that was later discovered to be a fraud. McGee allegedly made material misrepresentations to persuade the client to surrender the variable annuities, which made up approximately fifty percent of her net worth, and buy the charitable gift annuity by misrepresenting to her that she was facing a large tax liability, which the new annuity would offset. McGee also failed to disclose to his client that he would receive a ten percent commission of about $50,000 upon the purchase of the charitable gift annuity from the company 54Freedom, says FINRA. The client incurred about $36,000 in surrender charges. Because of the [...]

By |July 20th, 2016|FINRA, Fraud, Press Releases & News|
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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. This case was the result of the SEC prioritizing wrap account examinations previously this year. It is investigating whether advisers are acting in the best interests of their clients in these increasingly popular products. The SEC accused RiverFront of failing to disclose to investors the frequency with which it would trade in their accounts through a broker-dealer who was not the wrap program sponsor, which created transaction costs in addition to the wrap fee. Between 2008 and mid-2009, RiverFront used its designated broker-dealer but allegedly started a large amount of "trading away" (using other brokers) in late 2009. RiverFront claims it was trying to find the best execution prices. According to the SEC, RiverFront did [...]

By |July 14th, 2016|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.