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Former Floridian Arrested For Investment Fraud

James Allen Hall, formerly of Ocala, Florida, was arrested on March 9 in Kansas by the Crawford County Sheriff's Office and is being charged with grand theft. Hall is currently awaiting extradition to Florida. Hall acted as a Third Party Administrator of 401(k) plans for several Florida and out-of-state companies. Authorities believe that he altered plan participants’ email and residential addresses to his own without the participants’ knowledge or consent. Additionally, he is believed to have created fraudulent expenses under the guise of administrative, miscellaneous, annual, and participant fees for his own personal gain. Hall purportedly placed sell orders on mutual fund holdings to fund his falsified expenses. It is believed that Hall received more than $800,000 in illegal gains as a result of this scheme. The Florida Office of Financial Regulation (OFR) had been investigating Hall after receiving a tip from FINRA. OFR Commissioner Drew J. Breakspear stated, "Stealing Floridians' hard-earned 401(k) savings is heinous and will not be [...]

By |March 16th, 2015|Press Releases & News|
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FINRA Sanctions Brookville Capital Partners And Bars President

FINRA announced today that it has ordered Brookville Capital Partners, LLC of Uniondale, New York to pay restitution of over $1 million to the victims of a fraud relating to the sales of a private placement offering. The regulatory authority also ordered the firm to pay a $500,000 fine and barred its President, Anthony Lodati, from the securities industry. FINRA found that Brookville and Lodati defrauded their customers between January and October 2011 in a scheme pertaining to the sale of a private placement offering called Wilshire Capital Partners Group LLC, through which investors would supposedly have an indirect interest in pre-initial public offering shares of Fisker Automotive. During the period of illicit activity, Lodati discovered that John Mattera, a man with a substantial criminal and regulatory background, had effected transactions on behalf of Wilshire as Wilshire's CEO and Managing Director. Lodati failed to disclose that Mattera had been sanctioned by the SEC in 2010 for securities fraud and convicted [...]

By |March 12th, 2015|Press Releases & News|
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Georgia Financial Adviser Accused Of Defrauding Elderly Couple

The Frankowski Firm is continuing its investigation of Leavitt Sanders and the firms with which he has been associated as further allegations surface against them. John D. and Maxine S. Bankston of Lilburn, Georgia have accused financial adviser Leavitt Sanders of fraud and numerous securities violations. The couple, who are in their eighties, filed their claims with FINRA alleging that Sanders mismanaged and churned their securities accounts by trading excessively in high-risk investments, which included put and call options on futures contracts and day-trading massive stock positions on margin. The Bankstons’ statement of claim asserts that "Mr. Sanders used a 'one size fits all' investment strategy with all of his clients, including the Bankstons, without regard to whether it was prudent or suitable." According to the SEC, Sanders managed $30 million in about 200 investor accounts. Triad Advisors, Inc., with whom Sanders was previously associated, fired Sanders on December 26, 2014. According to FINRA records, as of February 16, 2015, [...]

By |March 6th, 2015|Press Releases & News|
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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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