+1-888-741-7503

|Richard@frankowskifirm.com

SEC Charges Atlanta Firm With Fraud Over Public Pension Funds

The SEC filed fraud charges against an Atlanta-based investment firm and two of its executives for their handling of the city's pension funds for police, firefighters, transit workers, and other employees. According to the SEC, Gray Financial Group Inc. placed public pension funds into an investment that did not adhere to state law and collected over $1.7 as a result. The group, its and founder and president, Laurence Gray, and co-Chief Executive Officer Robert Hubbard IV allegedly breached their fiduciary duties by soliciting investments in an alternative fund called GrayCo Alternative Partners II LP. The group's attorney responded by stating that the "claims and arguments in the SEC's filing today are without merit." The SEC claims that the investments violate Georgia law because they did not have at least four other investors and did not have a minimum of $100 million in assets. Also, a Georgia public pension fund's investment is limited to no more than twenty percent of the [...]

By |May 22nd, 2015|Press Releases & News, SEC|
Read More

UBS Loses Arbitration, Forced To Pay $200k

UBS lost an arbitration case this week pertaining to the offer and sale of a number of Puerto Rico Fixed Income and Bond funds. The Claimant in the arbitration asserted causes of action for violation of the Puerto Rico Uniform Securities Act, securities fraud, constructive fraud, breach of contract, negligence, negligent supervision, failure to supervise, breach of fiduciary duty, misrepresentation, omission of facts, manipulation, unsuitability, common law fraud, constructive fraud, and respondeat superior. The Claimant's allegations related to the her purchase of shares of Puerto Rico Fixed Income Funds I, II, and III and Puerto Rico Investors Bond Fund. In her statement of claim, the Claimant requested rescission of the closed end funds sold to her and $357,000 to $625,000 in compensatory damages, as well as interest, costs, attorneys' fees, and punitive damages. In her pre-hearing brief, the Claimant requested compensatory damages between $339,297 and $702,003. UBS requested dismissal of the claims and expungement of the action. After considering the [...]

By |May 14th, 2015|Press Releases & News|
Read More

FINRA Investigating National Securities Broker

FINRA has filed a complaint against broker Vito Balsamo alleging that Balsamo was "selling away" ownership interests in a limited liability company named V.W. Industries, LLC without getting prior written approval from his member firm. Selling away occurs when an investment professional sells or offers securities not held or offered by the brokerage firm with which he is affiliated. FINRA also accuses Balsamo of failing to provide testimony asked for by FINRA staff. According to FINRA's BrokerCheck records, customers have complained about Balsamo on at least four occasions; he has also been involved in two criminal matters, one regulatory action, and one judgment and lien throughout his career. Balsamo's customers have accused Balsamo of a number of securities law violations, including selling unsuitable investments, unauthorized trading, breaching his fiduciary duty, making misrepresentations and false statements, and churning. By industry standards, Balsamo has received a substantial number of complaints. Only roughly twelve percent of financial advisors have any type of disclosure [...]

By |May 12th, 2015|Broker Check, FINRA, Press Releases & News|
Read More

Department Of Labor Releases Proposal On Expanding Fiduciary Duties

Yesterday, the United States Department of Labor released a hotly anticipated and controversial proposal that would make financial advisers put their clients' interests before their own when recommending retirement investment products. The rule, which is staunchly opposed by numerous people in the brokerage community, will broaden the number of financial advisers subject to the fiduciary standard created by the Employee Retirement Income Security Act (ERISA) by removing a couple of exemptions that permitted advisers to push clients toward investment products that give brokers a tremendous upside, even if it is not in the best interest of the clients. The goal of the rule is to end such conflicts by making broker-dealers who provide one-time advice to fall under the definition of investment advisers under ERISA. The second exemption that the rule will end is a clause stating that for a broker to be considered a fiduciary, the adviser and the client must agree that information provided by the broker was [...]

By |April 15th, 2015|Press Releases & News|
Read More

Fill Out The Form To Receive A Free Confidential Consultation

Consultation

The recoveries, verdicts, favorable outcomes, and testimonials described on this site are not an indication of future results. Every case is different, and regardless of what friends, family, or other individuals may say about what a case is worth, each case must be evaluated on its own facts and circumstances as they apply to the law. The valuation of a case depends on facts, the damages, the jurisdiction, the venue, the witnesses, the parties, and the testimony, among many other factors. No representation is made that the quality of the legal services performed is greater than the quality of the legal services performed by other lawyers.

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.