The Wall Street Journal reported that Fidelity Investments is the subject of a Labor Department probe and a lawsuit by an investor in a T-Mobile 401(k) plan, regarding the disclosure of an “infrastructure fee” it charges mutual funds for using their FundsNetwork asset management platform. The lawsuit claims that Fidelity…
Securities Arbitration Lawyers Blog
Christopher Bice Of SagePoint Financial Subject Of 5 Disclosures For $1.75 Million
Broker Christoper Bice (CRD#: 3222439) is a currently-registered broker employed by SagePoint Financial, Inc (CRD#: 133763) of Greensboro, NC. He has been in the industry since 1999. Bice’s publicly-available FINRA BrokerCheck report includes five disclosures, four customer disputes and one employment separation after allegations. The first disclosure on Bice’s BrokerCheck…
Did You Purchase GPB From William Crafa Of Royal Financial Associates?
Broker William Matthew Crafa and wealth management firm Royal Alliance Associates, Inc are the subject of a FINRA claim on behalf of investors regarding the solicitation and recommendation to purchase GPB Capital Holdings private placement securities. GPB Capital Holdings, a New York-based “alternative asset investment firm” that invests in car…
Financial Advisor’s Due Diligence On GPB Capital Holdings
GPB Capital Holdings is being investigated by the state of Massachusetts, FINRA, the SEC, the New Jersey Bureau of Securities, and the FBI. If that weren’t enough, the New York City Business Integrity Commission, which oversees the city’s private trash industry, is also investigating the company. The company says it…
Silver Law Group Investigating Brokerage Firms that Sold GPB Capital Private Placements
Silver Law Group is investigating brokerage firms that sold GPB Capital Holdings private placements. Notable brokerage firms that sold the GPB Capital Holdings investments include Sagepoint Financial, Inc.; Woodbury Financial Services, Inc.; Royal Alliance Associates Inc.; National Securities Corporation; and FSC Securities Corp. Approximately 63 Brokerage Firms Sold GPB Capital…
FBI Now Investigating GPB Capital Holdings
In February, we told you about three investigations focused on GPB Capital Holdings. The first is by the state of Massachusetts, with two additional separate investigations by FINRA and the SEC. On Thursday, February 28th, the FBI, accompanied by officials from the New York City Business Integrity Commission, paid an…
Massachusetts Questions Fidelity’s Fees
If you use Fidelity’s platform for your 401(k) investments, you may have some additional, unfamiliar fees to pay. You wouldn’t be the only one—others have noticed, and now the State of Massachusetts has launched an inquiry into Fidelity’s fees. The fees are being charged to some mutual funds for using…
Laidlaw & Company FINRA Complaint
On May 1, 2018, FINRA Department of Enforcement entered into a settlement via Acceptance, Waiver, and Consent (AWC) with Respondent Laidlaw & Company. Without admitting or denying any wrongful acts, Laidlaw consented to a public censure by FINRA, the imposition of a $25,000 fine, as well as agreeing to give…
Did You Invest With NEXT Financial Group?
Atria Wealth Solutions, Inc. is a wealth management holding company with subsidiaries that serve independent finanicial advisors and financial institutions. The company has recently agreed to acquire NEXT Financial Group Inc., an independent broker-dealer based in Houston. NEXT Financial Group serves more than 500 independent advisors with approximately $13 billion…
Salt Lake City Precious Metals Dealer Engaged in $170M Ponzi Scheme
The CFTC, along with the Utah Department of Commerce, Division of Securities, through its Attorney General, jointly filed a civil enforcement action in the U.S. District Court for the District of Utah, Central Division. They filed against Gaylen Dean Rust and his business Rust Rare Coin (RRC). The complaint charges…