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FINRA Sanctions Alabama Broker Terry Bagwell

Alabama stockbroker and supervisor Terry Bagwell submitted a Letter of Acceptance, Waiver, and Consent (“AWC”), accepting and consenting to FINRA’s findings that he violated the regulatory authority’s rules. Bagwell, who is currently associated with Pruco Securities, LLC, was the supervisor of a registered representative who sold eighteen individuals millions of dollars in investments as part of a Ponzi scheme. Bagwell became aware that the representative was involved in private securities transactions that were not approved by the firm and then personally participated in them himself. Bagwell failed to reasonably supervise the representative and report the violations to the firm. FINRA found that on April 20, 2012 and August 22, 2012, Bagwell provided $25,000 and $10,000, respectively, to the representative so that he could invest Bagwell’s funds in securities at an outside brokerage account maintained by the representative. On December 12, 2012 and March 29, 2013, Bagwell received investment proceeds and realized a $7,600 gain from the investments. Additionally, FINRA noted [...]

By |March 4th, 2015|Press Releases & News|
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Frankowski Firm Investigating Leavitt F. Sanders And Associated Firms

The Frankowski Firm is investigating the potential claims of people who invested with Leavitt F. Sanders and the firms with which he has been associated (the “Sanders Entities”). These entities include: Leavitt Financial Group, Inc., Sanders Yearian Advisory Group, Inc., Triad Advisors, Inc., TD Ameritrade, Inc., IFC Holdings, Inc. d/b/a INVEST Financial Corporation, and Capital Asset Advisory Services, LLC. The investors, all of whom are of retirement age, depended on the funds they entrusted to the Sanders Entities and allege that the entities failed to act in accordance with the investors’ objectives and with the applicable standard of care. The investors, having suffered catastrophic losses to their life savings, also allege that the Sanders Entities breached their duties and engaged in wrongful conduct. According to the investors, the Sanders Entities made trades and engaged in other investment activities without their authority. Furthermore, they failed to properly keep the investors informed about the trading within their accounts. Specifically, the Sanders Entities [...]

By |March 4th, 2015|Press Releases & News|
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Connecticut Financial Adviser Admits Securities Fraud

Noah Myers, a financial adviser from Lyme, Connecticut, pleaded guilty in federal court this week to defrauding a number of his client through what is called a "cherry-picking" securities fraud. Myers waived his right to indictment and entered his plea before U.S. District Judge Stefan Underhill in Bridgeport, Connecticut. Myers, who was first investigated by the SEC in 2012, was the sole owner of MiddleCove Capital, LLC in Essex, Connecticut. He admitted to taking profits from successful investments for himself and favored accounts while giving losses to disfavored accounts. This process was made possible as Myers would wait to assign a trade to an account until after he determined the investment was profitable, a practice known as "cherry-picking." Myers scheme resulted in client losses of over $2 million. Simultaneously, as the SEC alleges, Myers made off with $460,000. What makes the matter worse is that a number of Myers' clients who lost their funds were retired or were utilizing their [...]

By |October 23rd, 2014|Press Releases & News|
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Judges Declines To Dismiss Principal Investment Groups Excessive Fee Suit

U.S. District Judge John A. Jarvey, an Iowa federal judge, decided not to dismiss a case alleging investment managers Principal Management Corp. and Principal Global Investors, LLC took too much on fees they charged a retirement plan investing in particular mutual funds. Judge Jarvey ruled that American Chemical & Equipment Inc 401(K) Retirement Plan (ACE) had standing under the Investment Company Act (ICA) to initiate a case alleging the investment management groups kept an acquired fund fee that was in breach of their fiduciary duties to investors in a collection of mutual funds, which held $18 billion in assets combined. According to Judge Jarvey, a shareholder in those principal funds, ACE is a security holder of the principal funds within the meaning of ICA and therefore established standing to file the case. In addition, ACE rightfully limited it breach of fiduciary duty claim against the Principal defendants to only those fees collected from principal interest holders and retained by principal [...]

By |September 12th, 2014|Press Releases & News|
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