Pursuant to a civil action brought by an aggrieved investor against OM Investment Management (“OMIM”), an investment adviser, and its managing member Gignesh Movalia (“Movalia”) in Miami-Dade County, Florida, the Court appointed a Corporate Monitor to “discover, marshal and preserve funds and assets derived from investors.” In turn, the Corporate…
Securities Arbitration Lawyers Blog
How to Help Your Parents Avoid Fraudulent Investments
Ensure your parents are properly educated when it comes to fraudulent investments. As your parents age, there are many things to think about and consider. Their health, their living situation, and their financial situation are generally at the top of the list. You realize too that your relationship with your…
The New Fiduciary Duty Rule Governing Retirement Accounts
While it has been argued by investor advocates for a long time that a fiduciary duty applies to those individuals that give investment advice to others, the Department of Labor (DOL) finally put the issue to rest with respect to retirement accounts. After six years in the making, the DOL…
FINRA Bars Individuals in April 2016 for Failure to Comply with FINRA Rules
According to FINRA Disciplinary actions for April 2016, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules: NAME FORMER EMPLOYERS Thomas Edward…
FINRA Suspends Individuals in April 2016 for Failure to Comply with FINRA Rules
According to FINRA Disciplinary actions for April 2016, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules: NAME FORMER EMPLOYERS Russell Andrew Carbonara Pinebridge Securities, LLC Aria Capital Advisors, LLC Roger Briggs…
FINRA Suspends Registered Individuals for Violations of FINRA Rules in April 2016
According to FINRA Disciplinary actions for April 2016, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules: NAME FORMER EMPLOYERS Jonathan Arroyo…
FINRA Panel Orders Morgan Stanley to Pay $34 million for Exploiting an Elderly Florida Man
The Financial Industry Regulatory Authority (the “FINRA”) awarded more than $34 million on March 18, 2016 to the estate of former Home Shopping Network chief Roy M. Speer in its claim against Morgan Stanley for churning the late Mr. Speer’s account. The all-public arbitration panel ruled that Morgan Stanley, broker…
Plot Thickens in Aequitas Saga; Investors File Suit Against Tonkon Torp, Deloitte
Aequitas Capital Management investors filed a class action lawsuit on April 4, 2016 against Portland law firms Tonkon Torp and Sidley Austin and the accounting firms Deloitte & Touche and EisnerAmper, claiming the firms enabled the massive Ponzi scheme. The April complaint (the “Complaint”) has been brought on the heels…
Silver Law Group Investigates CONCERT Wealth Management, Summit Advisor Solutions, Private Advisory Group and other RIAs who Sold Aequitas Securities Amidst SEC Allegations of it Running a “Ponzi-like” Scheme
Silver Law Group is investigating numerous registered investment advisors (“RIAs”) connected to Oregon-based Aequitas Management, LLC’s (“Aequitas”) “Ponzi-like” scheme and $350 million of investor losses. On March 10, 2016, the Securities and Exchange Commission (“SEC”) filed a complaint against Aequitas and its various subsidiaries, which Silver Law Group recently released…
Aequitas Business Partner Corinthian Colleges Ordered to Pay Over $1 Billion for Misleading Students
A California judge ordered the now-defunct Corinthian Colleges Inc. (“Corinthian”), business partner of Aequitas Capital Management (“Aequitas”), to pay $1 billion over claims the company misled students and investors on March 25, 2016. This comes two weeks after the Securities and Exchange Commission (“SEC”) charged Oregon-based Aequitas with operating a…