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FINRA Charges Cantone Research Inc.’s President With Fraud

FINRA filed a complaint against Cantone Research Inc. ("CRI") of Tinton Falls, New Jersey and its President, Anthony J. Cantone, charging fraud in connection with the sales and subsequent extensions of more than $8 million of certificates of participation ("COP") in five promissory notes. The complaint alleges that four of the five pertinent promissory notes have defaulted, causing over $6 million in losses to investors. Simultaneously, CRI and Cantone received fees, commissions, and other payments of over $1 million. Further, the complaint charges Christine L. Cantone, CRI's Chief Compliance Officer during the time of the alleged fraudulent misconduct with failing to supervise Catone. According to the complaint, the promissory notes at issue were executed on behalf of one of several entities controlled by Christopher Brogdon, an individual who worked in the assisted living and nursing home industry. Under the terms of the COP sold by Cantone, Brogdon would use investors' funds to purchase and/or redevelop a nursing home, assisted living [...]

By |December 8th, 2015|FINRA, Fraud, Press Releases & News|
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History Of Investors Capital Corporation’s Malfeasance

Investors Capital Corporation, a dually-registered independent Broker/Dealer and Investment Advisory firm, has a long history of malfeasance. In the summer of 2014, Patricia S. Miller, a former financial adviser with ICC, was arrested for orchestrating a massive Ponzi scheme that cost her clients millions in savings. Through her scheme, she obtained $4.1 million from over 80 victims and was sentenced earlier this year to six years in prison. According to her indictment, “from in or about January 2002, through May 2014, [Ms.] Miller defrauded and obtained money and property from clients by means of materially false and fraudulent pretenses, representations and promises concerning purported investments that Miller never made on behalf of the clients.” This activity occurred while Miller was a registered representative of ICC. Another former ICC adviser, Haran Brucker, who was registered with ICC from May 2004 to December 2012, has been involved in seven customer disputes since 2002. Though two complaints were denied, the other five were settled for [...]

By |November 11th, 2015|FINRA, Fraud, Press Releases & News|
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FINRA Issues Investor Alert On IRS Impersonation Scam

FINRA issued a new investor alert, called Tools of the Fraud Trade: Phones and Emotions, warning investors not to send money or provide personal information to a massive IRS impersonation scam timed to coincide with the recent deadline for anyone who filed a federal tax extension this past April. More than 700,000 people have reported getting impersonation calls since the scam first arose in 2013. The scam is an example of scammers using personal resources, in this case people's phones, as a tool to thieve money. The caller says he is with the IRS, sounds official, speaks aggressively and demands immediate payment of taxes on the spot. Oftentimes there are threats of arrest or other serious consequences. "When someone says they are from a government agency like the IRS, many of us may accept the statement as true," said Gerri Walsh, FINRA's Senior Vice President for Investor Education. "Psychologists and behavioral economists have a name for the tactic these IRS impersonators [...]

By |November 9th, 2015|FINRA, Fraud, Press Releases & News|
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FINRA Wants ‘Significant Fine’ From MetLife For Variable Annuity Sales

MetLife Inc., the biggest life insurer in the country, said that FINRA will seek a "significant fine" from the company's broker-dealer unit as part of an investigation into potential violations relating to variable annuities. MetLife stated that it is cooperating with the investigation. The examination centers on possible violations "regarding alleged misrepresentations, suitability, and supervision in connection with sales and replacements of variable annuities and certain riders on such annuities," according to MetLife. FINRA wants to protect against abuses in the sale of retirement and savings products. It told MetLife in late September that it would recommend disciplinary action. MetLife spokesman John Calagna stated, “We strongly disagree with the conclusions reached by FINRA, and we will defend ourselves vigorously.” If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.

By |November 6th, 2015|FINRA, Press Releases & News|
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