Articles Posted in Elder Fraud

The Sunshine State may not be so sunny for seniors—here’s how to protect yourself and your loved ones from the unscrupulous and duplicitous A running joke in sitcoms, movies, and even real life is that of retirees moving to South Florida to retire. Everyone dreams of sunny skies, beautiful beaches…

Ohio broker Alex P. Anderson (CRD# 4243107) was permanently barred by FINRA in April 2015, for converting customer funds for his own use and benefit, in violation of FINRA Rules 2510 and 2010. According to the Letter of Acceptance Waiver and Consent, Anderson was appointed Power of Attorney over a…

The Financial Industry Regulatory Authority (“FINRA”) announced on April 27th that Avenir Financial Group (“Avenir”), its CEO Michael Clements (“Clements”), and registered representative Karim Ibrahim a/k/a Chris Allen (“Ibrahim”), consented to an order halting further fraudulent sales of equity interests in the firm and promissory notes, pending a hearing on…

Allegations include falsifying documents Douglas William Finlay Jr. is facing an 18-month suspension and fine of more than $15,000 to be paid later, according to FINRA. According to the disciplinary action documents, Finlay allegedly falsified a customer’s forms by claiming her net worth was more than $1.3 million, when in…

Hedge fund firm owners agree to $5 million combined settlement On June 1, 2015 the Securities and Exchange Commission charged Greenwich, Connecticut-based AlphaBridge Capital Management and its two owners with fraudulently inflating the prices of securities in funds they managed. These inflated valuations caused the funds to pay higher management…

Disciplinary action pending against Wilton Manors, FL financial advisor Giovanni Acevedo could be facing disciplinary action from FINRA after a complaint that he allegedly converted more than $160,000 in customer funds. According to the report, he allegedly told a customer he would invest a $68,000 check she wrote to the…

Morgan Stanley has found itself on the wrong end of a Florida FINRA arbitration for claimed damages of $400 million. Lynnda Speer, the widow of Home Shopping Network (HSN) co-founder Roy M. Speer, filed the claim against Morgan Stanley and one of its branch managers and investment advisers. Due to…

A customer of Wells Fargo Advisors filed a FINRA complaint against Wells Fargo to seek the money he lost when his adviser invested his monies in “F-Squared Investments.”  The customer’s claim is that Wells Fargo failed to supervise his adviser properly, and also did not do the required due diligence…

The Securities and Exchange Commission (“SEC”) halted a microcap scheme in South Florida that included three boiler room stockbrokers trying to conceal the fact that they were barred from the securities industry.  The stockbrokers’ investment scheme included the financial exploitation of the elderly, as well as the concealment of their…

Clark Smith Gardner, of Orem, Utah, submitted an AWC in which he was barred from association with any FINRA member in any capacity. Gardner was registered with Cetera Advisors, LLC until May, 2014.  Without admitting or denying the findings, Gardner consented to the sanction and to the entry of findings…