+1-888-741-7503

|Richard@frankowskifirm.com

Federal Sentencing of Fraudster Highlights the Ongoing Fight Against Elder Financial Abuse

In a significant legal development, a federal judge in Montgomery, Alabama, has sentenced Nicholas Houston Allen to 76 months in prison for his involvement in a fraudulent scheme targeting elderly victims. Allen, who had previously pleaded guilty to two counts of wire fraud, exploited his victims for a substantial amount of money under false pretenses. This case highlights the critical need for heightened vigilance and stronger measures to protect vulnerable senior citizens from financial exploitation. Between 2020 and 2021, Allen deceived an elderly victim into giving him approximately $250,000. He fabricated a story about needing funds to remodel a home he purportedly inherited from his mother. In reality, Allen used the money for his own personal gain. The investigation, led by the United States Secret Service and the Alabama Securities Commission Enforcement Section, revealed that Allen’s deceit extended beyond this single victim. During his sentencing hearing, four additional elderly victims were identified, all of whom were manipulated and financially exploited [...]

By |August 1st, 2024|Blog|
Read More

SEC Charges 16 Firms with $81 Million Penalty for Recordkeeping Failures

On Feb. 9, 2024, in a significant enforcement action, the Securities and Exchange Commission (SEC) announced charges against five broker-dealers, seven dually registered broker-dealers and investment advisers, and four affiliated investment advisers for widespread and longstanding failures to maintain and preserve electronic communications. These firms have collectively agreed to pay more than $81 million in civil penalties. The Violations and Penalties The SEC's investigation revealed that employees at these firms were using unapproved communication methods, known as off-channel communications, to discuss business matters. These methods included personal text messages, which the firms failed to maintain or preserve as required by federal securities laws. This lack of compliance deprived the SEC of critical information necessary for monitoring and enforcement. The penalties are substantial, as outlined below: Northwestern Mutual (NMIS, NMIM, and Mason Street): $16.5 million Guggenheim Securities (Guggenheim Securities and GPIM): $15 million Oppenheimer & Co. Inc.: $12 million Cambridge Investment Research (CIR and CIRA): $10 million Key Investment Services (KIS [...]

By |July 8th, 2024|Blog|
Read More

Affinity Fraud: A Hidden Threat to Investors Highlighted by the Wilkinson Family Speaker Series

Affinity fraud, a pernicious form of investment fraud targeting specific groups with shared identities, took center stage at the University of Oklahoma College of Law’s Wilkinson Family Speaker Series. This series, generously funded by Bruce Wilkinson, a 1969 OU College of Law alumnus, aims to educate students, alumni, and the broader Oklahoma community about critical issues in securities fraud and investor protection. Bruce Wilkinson's vision for the series is rooted in his deep appreciation for his legal education, even though he never practiced law. He recognized the importance of giving back to the institution that played a significant role in his life. The series is designed to provide practical, real-world insights that benefit not only law students but also anyone with an interest in investing. The second annual series, held in March of 2023, began with an opening dinner where OU Law Dean Katheleen Guzman presented alarming statistics from the Financial Industry Regulatory Authority (FINRA). Over 25,000 complaints involving securities [...]

By |July 8th, 2024|Blog|
Read More

The DOL Elevated Conduct Standards for Retirement Advisors

The U.S. Department of Labor (DOL) has recently finalized a rule designed to elevate conduct standards for financial advisors who provide retirement advice. This new regulation, which redefines the role of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA), aims to ensure that advisors adhere to high standards of care and prioritize their client's interests above all else. This significant regulatory development highlights the ongoing efforts to enhance investor protection in the financial industry. By setting a more stringent standard for fiduciary duty, the DOL aims to mitigate conflicts of interest and promote transparency in retirement investment advice. This new rule mandates that advisors act in the best interests of their clients, placing investor's needs and goals at the forefront of any recommendations made. Securities fraud attorneys and investment fraud lawyers view this rule as a crucial step in safeguarding investor's retirement assets. The enhanced fiduciary standard requires advisors to exercise a higher degree of diligence [...]

By |July 8th, 2024|Blog|
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.