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 […]
SEC Bans MA Brokerage Firm Owner From Industry
The SEC has banned Massachusetts resident Lee Weiss from the brokerage and investment advisory industry for a fraudulent scheme pertaining to a French company that claimed it could reduce the harmful effects of tobacco smoking. Weiss, of Newton, Massachusetts, and his firm, Family Endowment Partners LLC, will pay roughly $8.4 million in relief to investors […]
NFL And MLB Athletes Victim Of $30M Fraud
Three professional athletes–Denver Broncos’ quarterback Mark Sanchez, San Francisco Giants’ pitcher Jake Peavy, and former major league pitcher Roy Oswalt–are the victims of an alleged Ponzi-like scheme operated by an investment adviser who appealed to their Christianity. According to the SEC the three were conned out of roughly $30 million. The SEC has filed suit […]
Trader Accused Of $23M Investor Fraud
Haena Park, a New York foreign exchange trader, has been charged with investor fraud, claiming her investments were profitable when she actually lost over $16 million since 2012. The SEC claims Park misrepresented her investment background in raising at least $14 million from over thirty investors for funds she operated under the name Phaetra and […]
Philadelphia Broker Pleads Guilty To Fraud
William Bucci, a former stockbroker from Philadelphia, Pennsylvania, pleaded guilty to securities fraud and related charges for thieving around $3 million from investors for an import business that never existed and other ventures. According to prosecutors, Bucci told investors that he would import high-end olive oil and wine from Italy. He further convinced his clientele […]
Nebraska Advisor Accused of $1M Fraud, Commits Suicide
Jerome “Joe” Bonnett, a longtime financial advisor from Omaha, Nebraska who was accused by state officials of misappropriating over $1.35 million of client funds, has committed suicide. [su_spacer size=”10″]Bonnett operated the Bonnett Wealth Management investment firms. Two Nebraska law enforcement officials familiar with the two month investigation stated that Bonnett’s clients have lost as much […]
Wells Fargo Broker Banned By FINRA
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Alabama Man Sentenced For Securities Fraud
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UDF IV Defaults On $35M Loan
United Development Funding IV (UDF IV), a Texas Real Estate Investment Trust (REIT), has defaulted on a $35 million term loan and has suspended its distributions to shareholders. The trust has been surrounded by trouble since December, when an anonymous post on an investor website claimed that UDF IV was operating as a Ponzi scheme. […]
FL Broker Charged With $131M Scam
Pranav Patel, a stockbroker from Tamarac, Florida, has been charged in an alleged $131 million stock manipulation scam after investigations by a task force set up for President Barack Obama’s war on financial crimes, according to federal officials. Patel and eight others engaged in the multi-state scam “through a dizzying round of unauthorized trades” to […]