Articles Posted in Investment Fraud

The U.S. Commodity Futures Trading Commission (CFTC) has obtained a federal court Order imposing $44 million in sanctions against Robert J. Andres of Houston, TX; his company, Winsome Investment Trust (“Winsome”); Robert L. Holloway of San Diego, CA; and his company, US Ventures LC (“US Ventures”); for fraud in operating…

Silver Law Group settles a Class Action Complaint on behalf of a group of investors which generally alleged Regions Bank assisted U.S. Pension Trust Corp (“USPT”) in the sale of unregistered securities and failed to properly disclose the high fees and costs of the program. Plaintiffs pursued a class action…

In July 2013, the U.S. Securities and Exchange Commission (“SEC”) issued a lifetime ban upon Carl Birkelbach, the founder and principal of Birkelbach Investment Securities (headquartered in Chicago, Illinois), which prevents him from participating in any working capacity in the securities industry.  Mr. Birkelbach appealed the SEC’s ban, claiming in…

The Financial Industry Regulatory Authority (FINRA) announced a fine against Merrill Lynch, Pierce, Fenner & Smith, Inc. for $8 million for charging excessive mutual fund sales charges for retirement accounts. FINRA also ordered Merrill Lynch to pay $24.4 million in restitution to damaged customers on top of $64 million Merrill…

If the Connecticut Department of Banking (the “Department”) has its way, Meyers Associates and its owner, Bruce Meyers, will be barred from selling securities in Connecticut. A February 2014 Order to Cease and Desist issued by the Department, charges Meyers Associates and Bruce Meyers (“Respondents”) with numerous violations of Connecticut…

A former UBS broker recently won a FINRA arbitration claim against UBS Financial Services for misleading him and his clients about the risks associated with structured notes tied to Lehman Brothers Holdings, which suffered significant losses in 2008.  Silver Law Group primarily represents investors in claims against UBS and other…

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…