Articles Posted in Elder Fraud

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…

Jonathan A. Francis, of Brooklyn, New York, was named a respondent in a FINRA complaint alleging that he assisted third parties who improperly took over $200,000 in cash from customers’ accounts without the customers’ knowledge or consent. Jonathan Francis was previously registered with J.P. Morgan Securities, LLC.  The complaint alleges…

The Securities and Exchange Commission alleged New York-based Premier Links, Inc., its former president, and two cold callers formed a fraudulent boiler room scheme targeting retirees and elderly to invest in speculative or high risk companies with limited or no real chance of making a profit. The SEC alleges that…

Donald Ray Babb and Ralph Ruth each face a maximum 20 years in federal prison after pleading guilty to operating a $20 million dollar Ponzi scheme. The scheme lasted from June 2006 through the end of 2013 primarily targeting older investors including several government workers costing many investors their life…

Travis Wetzel of Frederick, Maryland has pleaded guilty to wire fraud relating to a fraudulent scheme to steal over 1.2 million dollars from an elderly client’s annuity account. According to the government press release, Wetzel processed financial distribution documents for his investment advisory firm located in Rockville, Maryland. According to…

According to the Sun Sentinel, the Palm Beach County Sheriff’s Office has charged Sultaine Valcius of Boynton Beach with fraud after taking $1.4 million from a 93 year-old man that hired her as a medical aide. The Sun Sentinel reports Sultaine Valcius, 48, is charged with organized scheme to defraud…

Of all the guarantees, bells and whistles associated with variable annuities, perhaps the biggest guarantee is the steep up-front commission the financial advisor can earn for selling the product. According to a recent Reuters’ article, variable annuity sales in the U.S. totaled $142.8 billion last year, and brokers can earn…