Dez Bryant Sues Former Advisor
NFL star and Dallas Cowboy wide receiver Dez Bryant is suing his former advisor, Royce West. West is currently a Texas state senator. The suit claims that West breached his “professional and fiduciary duty.” [su_spacer size=”10″]West filed suit against Bryant last month, seeking financial compensation for damages Bryant allegedly caused to a house he rented. […]
FINRA Bars Broker Bernard McGee
FINRA barred broker Bernard McGee and ordered him to pay about $250,000 in penalties for fraudulent annuity recommendations he made to an elderly customer. According to FINRA, he surrendered four variable annuity policies owned by the 71 year old customer valued at roughly $500,000 and used the money to purchase a charitable gift annuity from […]
SEC Fines Firm $300K For Failing To Disclose Fees
The SEC fined RiverFront Investment Group of Richmond, Virginia $300,000 for charging clients additional fees beyond their wrap program for investment management. The firm agreed to the penalty without admitting or denying the allegations. The Commission censured the firm as well. [su_spacer size=”10″]This case was the result of the SEC prioritizing wrap account examinations previously […]
Broker To Pay $331k For Unsuitable Investments
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Winston Wade Turner Banned from Securities Industry by FINRA for ‘Unethical and Dishonest Actions
FINRA banned Winston Wade Turner, a former Prudential Financial Inc. and MetLife Inc. broker, from the securities industry for making unsuitable variable annuity recommendations. Turner misled clients by misrepresenting and omitting material facts about the sales, according to the regulatory authority. Additionally, Turner hid that he convinced a number of clients to surrender existing variable […]
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. [su_spacer size=”10″]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 […]
Andrew Caspersen Pleads Guilty To $40M Fraud
Andrew Caspersen, an ex-Wall Street executive and descendant of a wealthy family, pleaded guilty this week to federal charges that he defrauded friends, family, and a hedge fund billionaire’s foundation out of almost $40 million. He pleaded guilty to one count of securities fraud and one count of wire fraud, each of which carries a […]
Adviser To Plead Guilty To $21M Ponzi Scheme
Patrick E. Churchville, an investment adviser from Rhode Island, is expected to plead guilty to criminal charges for running a $21 million Ponzi scheme, according to a statement made by the U.S. Attorney’s Office. In addition, Churchville used $2.5 million of his clients’ cash to buy a house, and he failed to pay over $820,000 […]
SEC Accuses Breitling Energy Of $80M Fraud
The SEC charged Breitling Energy Corp., its CEO, and seven others with defrauding investors out of nearly $80 million by misleading them about the value of oil and gas assets [su_spacer size=”10″]The Commission’s suit alleges that CEO Christ Faulkner of Breitling, an oil and gas driller from Texas, had worked with numerous accomplices to defraud […]
Raymond James Settles Compliance Failure Case For $5.95M
Raymond James Financial Inc. has agreed to settle a compliance failure case with Vermont’s Department of Financial Regulation for $5.95 million. The alleged compliance failure pertained to real-estate development projects at ski resort Jay Peak. [su_spacer size=”10″]According to Vermont’s Commissioner Susan Donegan, Raymond James will pay $4.5 million to a federal receiver who will return […]