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Georgia Financial Adviser Accused Of Defrauding Elderly Couple

The Frankowski Firm is continuing its investigation of Leavitt Sanders and the firms with which he has been associated as further allegations surface against them. John D. and Maxine S. Bankston of Lilburn, Georgia have accused financial adviser Leavitt Sanders of fraud and numerous securities violations. The couple, who are in their eighties, filed their claims with FINRA alleging that Sanders mismanaged and churned their securities accounts by trading excessively in high-risk investments, which included put and call options on futures contracts and day-trading massive stock positions on margin. The Bankstons’ statement of claim asserts that "Mr. Sanders used a 'one size fits all' investment strategy with all of his clients, including the Bankstons, without regard to whether it was prudent or suitable." According to the SEC, Sanders managed $30 million in about 200 investor accounts. Triad Advisors, Inc., with whom Sanders was previously associated, fired Sanders on December 26, 2014. According to FINRA records, as of February 16, 2015, [...]

By |March 6th, 2015|Press Releases & News|
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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 roughly forty investors while providing them with the company's sales kit, which included a brochure with misleading statements. According to the findings, the firm was responsible for conducting due diligence on the company and the debentures as well as advertising pieces pertaining to the debentures. Arque Capital sent out solicitations with misleading statements, omitted material facts, and did not provide a sound basis for evaluating the securities that were being offered. Joseph Brandon Westphal was banned from association with any member of FINRA in any capacity. The penalty was the result of findings that he did not respond to FINRA's request for documents and information. [...]

By |February 13th, 2015|Press Releases & News|
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SEC Adopts Securities Arbitration Fraud Intervention Rule

The SEC adopted a rule that will allow securities arbitrators to immediately disclose frauds that have the potential to threaten the investing public when they learn of such frauds in the midst of a case. The SEC's acceptance of the rule ends years of debate over implementing such a rule that was first proposed after massive Ponzi schemes run by Bernard Madoff and R. Allen Stanford. FINRA has long been a proponent of adding such a rule. The regulatory authority has called for a "mid-case referral" rule since the turn of the decade. The SEC stated that allowing securities arbitrators to disclose serious concerns in the midst of a case pertaining to potential frauds detrimental to the investing public provides a needed method of alerting FINRA of these potential threats. The rule, as of now, states that arbitrators must wait until the conclusion of a case to notify FINRA. Attorneys for brokerages were concerned about how FINRA would handle arbitrators [...]

By |October 16th, 2014|Press Releases & News|
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Goldman Sachs, Citigroup Contracts Block Arbitration

The United States Court of Appeals for the second circuit ruled this week that a forum-selection clause in Goldman Sachs and Citigroup contracts preempts their responsibility under FINRA rules to arbitrate disputes with a customer. The Appellate Court had consolidated two separate cases brought by Golden Empire Schools Financing Authority and North Carolina Eastern Municipal Power Agency against Goldman Sachs and Citigroup respectively. The plaintiffs in both cases assert that the firms fraudulently induced them to issue millions of auction rate securities in the years prior to the 2008 financial crisis, during which the auction rate securities market imploded. But as the Second Circuit ruled, the plaintiffs cannot compel arbitration against the financial firms because their broker-dealer contracts included forum selection clauses requiring all disputes to be brought in federal court. The ruling brings to light a circuit split on the issue. The 4th Circuit reached the opposite conclusion last year in UBS Financial Services v. Carilion Clinic, but a [...]

By |September 5th, 2014|Press Releases & News|
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