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AL Man Charged With $1.5M Securities Fraud Involving Church

Terry Earl Hester of Pike County, Alabama was charged with violating the Alabama Securities Act after allegedly making false promises to a Tuscaloosa County church involving $1.5 million in funds. Hester turned himself into authorities on June 15. The charges are the result of a six-count indictment by a Tuscaloosa County grand jury, according to a statement made by the District Attorney's office and Joseph Borg, Director of the Alabama Securities Commission. The indictment charges Hester with one count of Sale of Unregistered Securities and one count of Sale of Securities by an Unregistered Agent. Each charge carries a fine of up to $15,000 upon conviction. Additionally, Hester is charged with four counts of Fraud in Connection with the Sale of Securities for making untrue statements or, or omitting to state, material facts to an investor; for engaging in an act, practice or course of business which operates as a fraud or deceit upon an investor; and for employing [...]

By |July 11th, 2016|Fraud, Press Releases & News|
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3 States Order Elder Financial Abuse Reporting

As of today, laws in Alabama, Indiana, and Vermont require financial advisers to report suspected financial abuse of the elderly and other vulnerable adults to state officials. These states' legislatures approved the bills earlier this year. And their governors signed the bills into law, putting these states at the forefront of protecting against elder financial abuse. The new laws also permit advisors to cease the disbursement of funds from client accounts and give advisers immunity from civil liability, in addition to requiring reporting of situations involving people who are older than 65 or are disabled. Louisiana passed a similar law this month. It will go into effect on January 1 of next year. Each of the new laws is based on a model rule approved earlier this year by the North American Securities Administrators Associations Inc., which is made of state regulators and made protecting against elder financial abuse a priority. “This law will help our investment advisers and brokers [...]

By |July 1st, 2016|FINRA, Fraud, Press Releases & News, SEC|
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Financial Advisor For Ex-Alabama Football Player Pleads Guilty To Fraud

Keith Michael Rogers, a financial advisor from Huntsville, Alabama, pleaded guilty to one count of fraud in connection with the sale of securities, according to the Alabama Securities Commission. Specifically, Rogers' plea was attributed to his engaging in an act, practice or course of business which operated as a fraud or deceit upon his victims. Rogers has also been sued by former University of Alabama football star Kenneth Darby. Rogers' guilty plea was entered before Madison County Circuit Judge Allison Austin. In 2014, the financial advisor was sued by several investors, including Darby, for $2.4 million. In the suit, Darby asserted that he lost his life savings of over $250,000 because of Rogers. Rogers was arrested in 2015 based on an arrest warrant and indictment returned by the July 2015 Madison County Grand Jury. He will be sentenced on April 18. The prosecution will ask for a ten-year prison sentence for Rogers, according to the statement made by the Alabama [...]

By |March 9th, 2016|Fraud, Press Releases & News|
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California Man Indicted For Defrauding Alabama Investor

Daniel Scott Register of Valencia, California was indicted in Calhoun County, Alabama on charges of defrauding an Alabama investor. Register was arrested on October 6 by the Orange County, California Sheriff's Department. He was then transferred on October 9 to a correctional facility in Los Angeles, and a hold was placed on him for pending felony charges in Calhoun County for securities violations. Brian A. McVeigh, District Attorney for the 7th Judicial Circuit, Calhoun County, and Joseph Borg, Director of the Alabama Securities Commission announced the arrest. Register first faces probation violation charges in California, unrelated to the securities violations. A hearing in California will be scheduled for the probation violation charges, and then he may be extradited to Alabama for the securities charges. A March 2014 session of the Calhoun County Grand Jury returned a four-count indictment against Register, alleging one count of acting as an unregistered investment adviser; two counts of fraud in connection with the advising others [...]

By |November 2nd, 2015|Fraud, Press Releases & News|
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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.