A National Securities Arbitration & Investment Fraud Law Firm
A putative class of investors sued JPMorgan Chase & Co. and a group of precious metals traders employed by the bank in New York federal court Wednesday, saying they manipulated futures contracts through spoofing, days after the U.S. Department of Justice announced a former trader had pled guilty to his…
When you purchase insurance from a broker, investment advisor or insurance agent, shouldn’t they have your best interests at heart? New York’s Regulation 187 was designed to do just that, and could take effect as early as August of 2019. In it, agents and brokers are required to have the…
After the state of Massachusetts began an investigation into 63 brokers selling private placements into GPB after the company stopped selling them, The SEC and FINRA have followed suit. Both agencies have launched their own investigations into the company and its practices. GPB announced in August that they would cease…
In September, we told you about Morgan Stanley brokers James Polese and 29-year-old Cornelius Peterson, who were found guilty of financial charges ranging from conspiracy to aggravated identity theft. They have both been sentenced in the case. James Polese has been sentenced to 60 months (five years) in prison after…
Back in October, we told you about Kyusun Kim (CRD #2864085), a broker who was barred by FINRA after it was discovered he approached individuals who were near or at retirement age, and urged them to liquidate their pensions to invest in “alternative investments.” These investments included risky, non-traded real estate…
In August, we told you about John Cochran Maccoll (CRD #839441) who was barred by FINRA after multiple fraud allegations. Since then, there have been two additional developments. Another customer has come forward and filed a complaint on 08/16/2018, alleging misappropriation of client funds from 10/01/2015 through 08/16/2018. The case…
Michael Patrick Nixon (CRD #216931) is a registered broker and investment advisor currently employed with Paulson Investment Company LLC (CRD #5670) of Tampa, Florida. His previous employers include Newport Coast Securities, Inc. (CRD #16944) and Meyers Associates, L.P. (CRD #34171), both of Leesburg, VA. Six of his previous employers have…
The SEC has ordered four entities of Transamerica to refund $97 million to investors after discovering that faulty investment models used for fund management didn’t work as it was purported. Aegon USA Investment Management, operating through Transamerica Asset Management, Transamerica Capital, Inc. and Transamerica Financial Advisors, discovered the model’s inconsistencies,…
Back in June, we told you about five former brokers charged by the SEC when the agency shut down their Ponzi scheme worth $102 million. Scott Silver recently spoke with Jennifer Cefalu of WHEC News in Rochester, NY, where two of the suspects lived and the scheme originated. The scheme…
Roy Joseph Failla (CRD #2786551) is a registered broker who is currently employed with First Standard Financial Company LLC (CRD #168340) of Red Bank, NJ. His previous employers include Alexander Capital, L.P. (CRD #40077), Brookstone Securities, INC. (CRD #13366, expelled by FINRA on 10/09/2012) and J.P. Turner & Company, L.L.C.…