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Texas Broker-Dealer Fined Over Variable Annuities

An annuity exchange allows brokers to transfer an investor's funds in an annuity to a new policy without incurring tax penalties. IMS Securities, a small broker-dealer firm, was fined $100,000 by FINRA for failing to supervise their brokers who used the annuity exchange to benefit themselves, according to a recent Investment News article. The brokers at IMS were transferring investor funds to new investments under the annuity exchange, producing many more upfront commissions for themselves at the expense of their customers. IMS had a duty to supervise the brokers and the annuity exchange investments and were fined for failing to do so. The article stated that there are two other pending FINRA complaints against the owner and chief executive officer, as well as the chief financial officers and the compliance officers, over the sale of variable annuities, real estate securities and REIT sales. If you or someone you know has lost money as a result of an investment or broker misconduct, please [...]

By |October 7th, 2016|Uncategorized|
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Broker Fined for Siphoning from Octogenarians

According to a recent Investment News article, First Heartland Capital broker Jerome Scott Krause must pay $600,000 in damages to an elderly Wisconsin couple. The couple alleged Krause abused his position as their broker to help himself to loans of their money without their consent. First Heartland Capital fired Krause in 2012 for allegedly borrowing money from a different client, according to the article. The FINRA award ordered Krause to pay the couple compensatory damages of $150,000, exemplary damages of $450,000 and over $18,000 in attorney fees and expenses. If you or someone you know has lost money as a result of an investment or broker misconduct, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or visit frankowskifirm.com.

By |September 30th, 2016|Uncategorized|
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Dez Bryant Sues Former Advisor

NFL star and Dallas Cowboy wide receiver Dez Bryant is suing his former advisor, Royce West. West is currently a Texas state senator. The suit claims that West breached his "professional and fiduciary duty." West filed suit against Bryant last month, seeking financial compensation for damages Bryant allegedly caused to a house he rented. Bryant's counterclaim states that West used Bryant's fame and success to "improperly line his own pockets and those of his business associates." West was formerly Bryant's attorney and advised Bryant on legal, financial, and business matters. Bryant claims that West used this position to suggest his friend David Wells to be Bryant's financial manager. Wells subsequently absconded with more than $200,000 of Bryant's money. West and Wells had created a company called Dez I Enterprises, Inc., through which West allegedly told endorsement companies and others to make payments to Wells. The suit claims Dez Bryant never received much of this money. [...]

By |July 21st, 2016|Fraud, Press Releases & News|
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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. 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. Transamerica serves as record keeper and investment manager for its $1.6 billion 401(k) plan. It allegedly administered the plan "for the benefit of Aegon," the firm's parent company, and acquired excessive fees for itself through revenue sharing payments, stated the complaint filed in February of last year. Judge Edward McManus of the U.S. District Court for the Northern District of Iowa, Cedar Rapids Division, granted preliminary approval of the settlement last week. The settlement also includes a number of non-monetary provisions. These include capping fees on a bond index mutual fund, S&P 500 fund and separate account investments; hiring a third-party investment consultant; and continuing [...]

By |June 29th, 2016|Press Releases & News|
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