Articles Posted in elder fraud

The SEC has brought additional charges against a Long-Island, New York-based boiler room that was sued for defrauding elderly and unsophisticated investors. The latest charges allege that Christian Romandetti, CEO of First Choice Healthcare Solutions Inc., the boiler room, and four others have committed fraud within the company’s shares and…

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…

John William Cutshall (CRD #874352) is a registered broker and former registered investment advisor currently employed with Lombard Securities Incorporated (CRD #27954) of Woodsboro, MD. His previous employers include Morgan Stanley (CRD #149777), RBC Capital Markets, LLC (CRD #31194) and Ferris, Baker Watts, LLC (CRD #285), also of Frederick, MD.…

Walter Roland Valenzuela (CRD #2280224) is a registered broker and investment advisor currently employed with Hilltop Securities Inc. (CRD #6220) of Del Mar, CA. His only previous employer was M.L. Stern & Co., LLC. (CRD #8327) of San Diego, CA, where he worked until 2008.  He has been in the…

Roger Kroeger (CRD #1526864) is a former registered broker and investment advisor who was employed with Invest Financial Corporation (CRD #12984) of Fort Lauderdale, FL for 27 years. He was previously employed with Glenfed Brokerage Services (CRD #13648) of Glendale CA and Shearson Lehman Hutton Inc. (CRD #7506). Although Kroeger…

The Financial Industry Regulatory Authority Inc. has barred former Waddell & Reed broker, Robert Lee Basile (CRD #2392772). He faces two years of probation after pleading guilty to embezzlement and theft from an elder. Basile’s mother opened a brokerage account with Waddell and Reed in 2014, shortly after his son…

Peter Orlando (CRD #1142715) is a former registered broker, last employed with SCF Securities, Inc. (CRD #47275) of Fall River, MA. Previous employers include MetLife Securities (CRD #14251), Morgan Stanley (CRD #149777 and #8209), and Investors Capital Group (CRD #30613) He has been in the industry since 1983. His current…

What they’re doing to fight this ‘silent epidemic’ One in 10. That’s an estimate of how many people 65 and older suffer some form of abuse, be it physical, financial, or otherwise. And it is likely that the numbers are much worse than that, as only about one in 24…

FINRA allegations include billing elderly clients $70,000 in false fees to make up lost commissions Former Purshe Kaplan Sterling Investments and MML Investors Services, LLC adviser Stanley Clayton Niekras is under investigation by the Financial Industry Regulatory Authority (FINRA) for allegedly taking advantage of elderly clients. In its complaint, FINRA…

A study funded by FINRA and AARP found that anger and excitement have an impact on decision-making A new Stanford University study funded by the Financial Industry Regulatory Authority’s (FINRA) Investor Education Foundation and AARP’s Fraud Watch Network states that financial fraudsters who evoke strong emotions in their victims can…