Former Broker, Robert K. Smith, Under Investigation
Robert Keith Smith, formerly a broker with Berthel Fisher, has been accused by more than ten of his clients throughout his career of overconcentrating their accounts in private placement securities, including equipment leasing programs, oil and gas investments, and non-traded real estate investment trusts. Smith started his career in 2000 with American General Securities and […]
FINRA Sanctions Brookville Capital Partners And Bars President
FINRA announced today that it has ordered Brookville Capital Partners, LLC of Uniondale, New York to pay restitution of over $1 million to the victims of a fraud relating to the sales of a private placement offering. The regulatory authority also ordered the firm to pay a $500,000 fine and barred its President, Anthony Lodati, […]
Recent FINRA Disciplinary Fines And Sanctions
Arque Capital, Ltd. submitted a letter of acceptance, waiver, and consent in which the firm was censured and fined $50,000. Arque Capital did not admit or deny the findings but consented to the penalties and to the entry of findings that it sold about $3.53 million in an alternative investments called Renewable Secured Debentures to […]
Should The SEC Update Its Definition Of Accredited Investors?
Currently, the SEC defines an accredited investor a someone who either has an income of at least $200,000 ($300,000 for couples) or a net worth of at least $1 million, without including the individual or couple’s primary residence. Some feel that this definition is archaic and poorly suited to prevented “unsophisticated” investors from making unsuitable […]