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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 bilked customers out of about $1.3 million. Between 2011 and July 2012, Michael J. Breton made trades via a master brokerage account and then allocated profitable trades to himself while putting non-profitable trades into client accounts, according to the SEC. Breton further entered a plea agreement to a charge of securities fraud brought by the Justice Department and to pay a forfeiture of $1.3 million. The U.S. Attorney's Office has agreed to recommend a sentence of no greater than three years in prison. The Justice Department asserts that Breton bought stock in exchange traded companies just prior to their earnings announcements and then allocated the [...]

By |January 26th, 2017|Fraud, Legal Matters, Press Releases & News, SEC|
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FINRA January 2017 Disciplinary Actions

FINRA takes disciplinary actions against firms and individuals for violations of FINRA rules; federal securities laws, rules, and regulations; and the rules of the Municipal Securities Rulemaking Board. Below are a number of penalties announced by the regulator in January 2017. If you have been a victim of any of the below behavior, you may have legal recourse. Please contact attorney Richard Frankowski today at 888-741-7503 for a free consultation. FINRA censured and fined VFG Securities, Inc. of Culver City, California $50,000, $10,000 of which is joint and several with Jason Bryce Vanclef. According to FINRA, the firm and Vanclef distributed and listed for sale online Vanclef's self-published book, which contained, false, exaggerated, unwarranted, or misleading statements, and omitted material facts or qualifications where the omissions caused the communication to be misleading. The findings also state they provided customers with misleading personalized recommendation spreadsheets. Advisors Clearing Network, Inc. of Pasadena, California was also censured and fined $50,000. FINRA found that it [...]

By |January 24th, 2017|Broker Check, FINRA, Fraud, Legal Matters, Press Releases & News, SEC|
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Richard Gearhart & George McKown Charged With Securities Fraud

Richard Gearhart of Lowell, Indiana and George McKown of Indianapolis, Indiana have been indicted on fraud charges after prosecutors claim they sold securities to investors despite not being registered to do so. The two were charged with conspiracy to commit securities fraud, securities fraud, and wire fraud, said U.S. Attorney David Capp. According to court documents, Gearhart and McKown allegedly sold securities to people who transferred their pensions, annuities, 401(k)s and cash to invest with them, through Asset Preservation Specialists Inc. under the guarantee that their investments would remain safe. Neither Richard Gearhart nor George McKown was registered to sell securities with the U.S. Securities and Exchange Commission or the state of Indiana. Secretary of State Connie Lawson said in a news release that no matter how trustworthy someone seems, potential investors should ensure that person and the person's businesses are registered with the state of Indiana. "Gearhart had all the warning signs of a typical [...]

By |January 16th, 2017|Fraud, Press Releases & News, SEC|
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Gregory Dean And Donald Fowler Charged By SEC

The SEC charged two brokers, Gregory Dean and Donald Fowler, with violations of securities laws for a fraudulent excessive-trading scheme designed to profit themselves at the expense of their clients. The SEC accused Dean and Fowler of using a “high-cost trading strategy consisting of the excessive buying and selling of stocks” that led to “enormous losses” for customers but profited them through “substantial commissions and other fees.” The complaint, which was filed by the SEC in New York district court, states that Dean and Fowler used this strategy in twenty-seven client accounts while registered at J.D. Nicholas & Associates Inc., a broker-dealer no longer in business that was based in Syosset, New York, without “having a reasonable basis for believing the strategy was suitable for anyone.” The SEC claims the two churned three of those twenty-seven accounts. “This case marks another chapter in the SEC's pursuit of brokers who deploy excessive trading as a strategy in customer accounts to enrich themselves at customers' [...]

By |January 11th, 2017|Broker Check, Fraud, Press Releases & News, SEC|
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