Gregory Bauer Barred By FINRA
FINRA barred former Waddell & Reed Inc. broker Gregory Bauer from the securities industry for making over $400,000 in unauthorized withdrawals from his parents’ accounts. [su_spacer size=”10″] Bauer, was registered with Waddell & Reed from 2004 to 2013. According to the settlement, for numerous years at the firm, Bauer was the registered representative serving his parents […]
Jeffrey Howell Barred From Securities Industry
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Sam Wyly Settles Federal Fraud Charges for $198.1M
Sam Wyly, an ex-Texas billionaire who has declared bankruptcy, will pay $198.1 million to settle federal securities regulator claims accusing him of securities fraud to hide trades in companies that were under his control through the use of offshore trusts. A federal bankruptcy judge in Dallas and the SEC commissioners must still approve the settlement. According to […]
SEC Sets Record In Enforcement Actions Against Advisers
The SEC filed a record number of enforcement actions against investment advisers and firms during the past fiscal year, the commission announced. It filed 160 cases against advisers and firms, including 98 standalone cases, rather than follow-up actions or cases based in delinquent regulatory filings. The SEC stated that both numbers are records. [su_spacer size=”10″] The […]
Morgan Stanley Charged with Unethical Sales Contest
Massachusetts is seeking a censure, cease and desist and equitable relief for customers after charging Morgan Stanley with conducting an unethical sales contest, according to a recent Investment News article. The sales contest, which ran from January 2014 to April 2015, encouraged advisorsto get their clients to take out Morgan Stanley loans against their Morgan […]
SEC Charges Duo For $20M Penny Stock Fraud
The SEC charged an ex-microcap CEO and a boiler room operator with pressuring senior citizens and other investors to purchase penny stocks in a $20 million fraud. Craig V. Sizer is the former CEO of Sanomedics, which supposedly sold non-contact infrared thermometers, and chairman of software applications company Fun Cool Free, according to the SEC. […]
Caldwell International Securities To Pay $2M
Caldwell International Securities Corp. will pay roughly $2 million to settle charges that it hurt its investors. Further, the company’s founder, Greg Caldwell, has agreed to be banned from the industry. According to FINRA, Caldwell International will pay a fine of $1 million and an additional $1 million in restitution to investors who lost money […]
Thomas Conrad Jr. Defrauds Investors 40 Years After Ban
According to the SEC, Thomas Conrad Jr.–an 85 year old man from Alpharetta, Georgia who was barred from the securities industry 45 years ago for fraud–was defrauding investors all over again with the assistance of his 55 year old son, Stuart P. Conrad. The two allegedly defrauded investors in a group of hedge funds they […]
FINRA Bars Broker Bernard McGee
FINRA barred broker Bernard McGee and ordered him to pay about $250,000 in penalties for fraudulent annuity recommendations he made to an elderly customer. According to FINRA, he surrendered four variable annuity policies owned by the 71 year old customer valued at roughly $500,000 and used the money to purchase a charitable gift annuity from […]
Welliver Pleads Guilty To Securities Fraud
David Blaine Welliver, whose career as a financial advisor began in the early 1990s with a $400 classified ad promoting his one-man office, ended that career by recently pleading guilty to a charge of securities fraud in a St. Paul, Minnesota federal courtroom. He is looking at up to five years in prison. [su_spacer size=”10″]The […]
