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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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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 investments. These proponents of a rule-change argue that financial thresholds do not give enough protection to investors whose net worth is based on retirement savings or non-liquid holdings. They would like to see the SEC upgrade the definition in such a way that expands the potential pool of investors and reinforces verification that they qualify. In 2012, the SEC estimated the private placement market to be about $1.6 trillion. That number has assuredly risen since then, meaning that much money is at issue here. The SEC is certainly making attempts to change the definition. A couple of weeks ago, all except one member of the [...]

By |October 22nd, 2014|Press Releases & News|
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Houston Financial Adviser Charged With Fraud

Earlier this week, the SEC charged a Houston financial adviser with fraud for failing to disclose to clients that it was profiting from a broker investing their money in mutual funds recommended by that broker. According to the SEC, Robare Group Ltd., a registered investment adviser that provides services for 350 separately managed accounts and currently managing about $150 million in assets, contracted in 2004 with an anonymous broker that the broker would pay Robare between two and twelve basis points on the client assets that the adviser invested in no-transaction-fee mutual funds on the broker's platform. From September 2005 to September 2013, Robare allegedly aquired about $441,000 in fess from that broker, using the broker for execution, custody, and clearing services for its clients. The agreement provided Mark L. Robare and Jack L. Jones, Jr., the co-owners of Robare, an incentive to recommend the broker's mutual funds rather than other investments that might have been more suitable for the [...]

By |September 4th, 2014|Press Releases & News|
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Investors Hope To Keep UBS Suit In Puerto Rico

A $5 million putative class of plaintiffs accusing UBS AG of soliciting to elderly investors risky mutual funds that ended up losing billions asked a Puerto Rico federal court last week to block UBS' attempt to transfer the suit to New York, noting the strong ties the case has to Puerto Rico. The plaintiffs instead suggested consolidating their case with a similar one currently pending. The case at hand alleges UBS Puerto Rico and Popular Securities LLC breached their fiduciary and contractual duties to thousands of investors by selling them risky closed-end mutual fund securities made specifically for Puerto Rico. The suit was originally filed in the Southern District of New York earlier this summer but was voluntarily dismissed so that it could be filed in Puerto Rico, after discussions between the two groups of plaintiffs discovered that their two cases shared common legal and factual issues. The investors allege that the defendants misrepresented twenty-three closed-end mutual funds, which invested [...]

By |August 12th, 2014|Press Releases & News|
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