A National Securities Arbitration & Investment Fraud Law Firm
Cetera Financial Group is placing advisers at Summit and other firms Independent financial adviser network Cetera Financial Group has taken steps toward relocating advisers at J. P. Turner & Co. after making the decision to close the firm. According to Investment News, about 50 percent of its current advisers have…
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…
Disciplinary action Pending In April, FINRA initiated a regulatory investigation after Christopher Frederic Veale, most recently employed by Legend Securities, Inc., allegedly refused to provide documents requested by the agency in response to alleged rule violations. The purported violations involve business and outside business activities, as well as a potential…
The Sun Sentinel reports that Richard Ohrn, 44, a former South Florida stockbroker who disappeared while fishing in the Atlantic Ocean last month, has admitted that he staged his disappearance by abandoning the boat and driving to Albany, Georgia. According to the Sun Sentinel, Richard Ohrn was trying to escape…
Patricia Miller was associated with Investors Capital Corp from July 2010 until Investors Capital Corp fired her in May 2014. In October 2014, FINRA suspended her in all capacities from any FINRA firm for her failure to cooperate in a FINRA investigation. Investors Capital Corp is now facing multiple arbitration…
The U.S. Commodity Futures Trading Commission (CFTC) has announced that New Yorker Paul Greenwood, who operated a billion dollar investment scam where he misappropriated at least $500 million from investors, was sentenced to 10 years in federal prison for charges related to his participation in the scam. The criminal charges…
Daniel Thibeault, chief executive of GL Capital Partners, a brokerage firm which specialized in alternative investments, was arrested on securities fraud charges after the FBI accused him of a fraudulent scheme to divert some $12.6 million from a fund he was overseeing. Mr. Thibeault allegedly took out fictitious loans to…
The Financial Industry Regulatory Authority (FINRA) fined 10 brokerage firms a total of $43.5 million for allowing their analysts to solicit investment banking business and for offering favorable research coverage in connection with the 2010 IPO of Toys R Us. Firms and fines: Barclays Capital $5 million Citigroup Global…
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…
Last week, the Financial Industry Regulatory Authority (FINRA) filed charges against Newport Coast Securities, Inc. (“Newport Coast”) and some of its current and former registered representatives, accusing them of using margin and risky securities to artificially generate huge commissions for themselves while wiping out most of their customers’ investment capital.…