Mobile, Alabama Man Arrested For Alleged Securities Violations
Richard James Tucker of Mobile, Alabama was arrested last week by Baldwin County, Alabama Sheriff’s Department deputies for alleged violations of the Alabama Securities Act. The arrest was subsequent to a June 2015 Baldwin County Grand Jury Indictment charging Tucker with three counts of Fraud in Connection with the Sale of Securities, including one count […]
Former New Jersey Fire Chief To Pay $6.7M For Securities Fraud
Vincent P. Falci, a former New Jersey fire chief, his wife, his son, and the companies he started have been ordered to repay $6.7 million they bilked from investors. Fallacy and his companies made false and misleadings statements to 182 investors, according to a release from Acting Attorney General John J. Hoffman. Falci created and provided […]
North Carolina Man Arrested For Securities Fraud
U.S. marshals arrested John Natale Michelotti of Clemmons, North Carolina for a fraud that bilked victims of over $200,000. Michelotti is charged with obtaining property by false pretense and two counts of securities fraud, according to the U.S. Marshals Service in a press release. The North Carolina Secretary of State’s office took out warrants against […]
Whole Foods Hit With Shareholder Suit For Misleading Pricing Scandal
Whole Foods’ misleading product labeling drew the ire of the New York City Department of Consumer Affairs and illuminated a scandal that “irreparably damaged” the company’s image, according to a shareholder’s claim in court. Bryan O’Malley, a Whole Foods shareholder, sued the company’s top executives for breach of fiduciary duty and unjust enrichment pertaining to […]
Two Charged In Alabama Securities Fraud Case
Bruce Alexander Gwyn of Metairie, Lousiana and James Anthony Ghio of Fairhope, Alabama were arrested on charges of fraud and illegal sales, the Alabama Securities Commission announced. The indictment alleges that they offered or sold securities described as limited partnership interests in Level III Trading Partners LP to an Alabama resident. The indictment further accuses […]
FINRA Sanctions Ten Former Global Arena Representatives
During a 2014 onsite exam, FINRA found numerous securities violations at Global Arena Capital Corp., including misleading sales pitches, customer account churning, as well as other business misconduct. The regulatory authority has banned seven former registered representatives from the industry, suspended an eighth, and barred two former branch managers from serving in a principal capacity. […]
Texas Bitcoin Ponzi Scheme Operator Pleads Guilty To Securities Fraud
Trendon Shavers, a 33-year-old from McKinney, Texas who operated a Ponzi scheme using the virtual currency bitcoin, pleaded guilty to securities fraud this week. Shavers started a company, called Bitcoin Savings & Trust, in 2011 which he used to acquire bitcoins from potential investors via the web, telling them he would pay investors one percent […]
Adviser Loses Job Following Weekend Client Raid
An arbitration has been filed accusing Oppenheimer & Co. of overstepping its bounds during a three day weekend earlier in the summer during which it mounted a massive client raid. Industry experts claim that this is fairly common. However, details of the raids rarely become public, at least in part because of an industry agreement designed […]
FINRA August 2015 Disciplinary Actions: Part IV
Mark Andrew Bullivant of Fort Myers, Florida submitted a letter of acceptance, waiver, and consent that banned him from associating with any FINRA member in any capacity. FINRA found that Bullivant refused to appear for FINRA-requested on-the-record testimony pertaining to an investigation into whether he had converted customer funds. Terry Wayne Burcin of Midlothian, Virgina […]
SEC Alleges California Men Ran Religious Scam
The Securities and Exchange Commission announced fraud charges and an asset freeze to stop a continuing real estate investment scheme operated by three California businessmen, who allegedly stole investor funds after guaranteeing them “indestructible wealth.” The SEC claims that Paul Ricky Mata, David Kayatta, and Mario Pincheira took investor cash to use as their own […]