FINRA SANCTIONS FIFTH THIRD SECURITIES, INC. OVER VARIABLE ANNUITY EXCHANGES
The Financial Industry Regulatory Authority (“FINRA”) has announced a fine of $4 million and required an additional $2 million in restitutionary damages from Fifth Third Securities, Inc. for its failures to consider and accurately describe the costs and benefits of variable annuity exchanges, and for recommending variable annuity exchanges without a reasonable basis to believe […]
Demitrios Hallas Accused By SEC Of Selling Unsuitable Investments
The SEC accused former broker Demitrios Hallas with trading leveraged Exchange Traded Funds (ETFs) and Exchange Traded Notes (ETNs) in clients’ accounts and swindling $170,000 from one of his clients. The Commission claims he trade one hundred seventy-nine daily leveraged ETFs and ETNs in client accounts from September 2014 to October 2015, creating $128,000 in […]
Robert Tricarico Sentenced To 3.5 Years In Prison For Client Theft
Robert Tricarico, a former LPL broker, pleaded guilty to stealing $1.2 million from a client by a federal court in Hartford, Connecticut and was sentenced to forty-one (41) months in jail. The Court also ordered him to pay restitution. Tricarico started his career as a broker in 1992 and spent ten years with Merrill Lynch. […]
Craig David Dima Barred By FINRA
Craig David Dima, an ex-registered representative with K.C. Ward Financial in Ronkonkoma, New York, was barred from the securities industry by FINRA for making unauthorized and unsuitable trades amounting to roughly $15 million in a seventy-three (73) year old retiree’s account, as well as for misrepresenting the reasons for all the trades to the customer. […]
Hamilton Ticket Resale Ponzi Scheme Investor Sues
Adam Blank, an investor in the alleged $81 million Ponzi scheme pertaining to the buying and selling of tickets to popular shows, including Adele concerts and Broadway’s Hamilton, sued his broker-dealer, alleging the firm made several false and misleading statements about its due diligence and investigation into the ticket operation. The suit was filed in […]
SEC: Meyers Associates, L.P. Ignored Pump-And-Dump Scheme
The SEC announced administrative proceedings against John D. Telfer, who worked for Meyers Associates, L.P. as the firm’s former anti-money laundering officer. The commission alleges that the firm failed to file Suspicious Activity Reports for $24.8 million worth of suspect transactions, which includes transactions in accounts controlled by Raymond H. Barton and William G. Goode […]
Dwayne Edwards Accused Of Fraud By SEC
The SEC charged Dwayne Edwards with fraud and obtained an emergency asset freeze against the South Carolina businessman. The SEC alleges that he funneled money he obtained from investors who believed their money would be used for buying and renovating senior housing facilities. According to the commission, Dwayne Edwards illicitly commingled funds from a number […]
Citigroup Advisory Unit Fined $18.3M
Citigroup will pay $18.3 million to settle charges made by the SEC claiming that it overcharged its investment advisory clients. According to the SEC, Citigroup overbilled about 60,000 advisory clients by about $18 million. The commission also said that Citigroup was not able to find about 83,000 client contracts that were executed from 1990 to […]
Michael J. Breton Banned For Cherry Picking Trades
Michael J. Breton, a Massachusetts investment adviser who the SEC accused of securities fraud, has agreed to be banned from the industry after the SEC discovered he was operating an illicit cherry-picking stock scheme. The commission filed suit against Breton and his firm, Strategic Capital Management, in federal district court in Massachusetts. claiming that they […]
FINRA January 2017 Disciplinary Actions
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