A National Securities Arbitration & Investment Fraud Law Firm
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…
The SEC obtained a preliminary injunction against two individuals and their companies on October 26, 2018. The fraudulent actions of these individuals resulted in more than $165 million of illegal sales and stock in at least 50 microcap companies. According to the SEC, U.K. citizen Roger Knox and his Swiss-based…
On October 25, 2018, the SEC obtained a court order to halt the alleged fraudulent actions of a registered stock broker and his companies. The complaint by the SEC states that Sean Kelly used his companies, Lion’s Share Financial of East Cobb, Inc., Lion’s Share and Associates, Inc., and Lion…
The Securities Industry and Financial Markets Association has stated that in 2019, it plans to keep pressure on state officials who consider following Nevada in imposing a higher standard of care on broker-dealers. Leaders of the organization said that after praising a federal proposal that has been in the making…
The National Association of Insurance and Financial Advisors of New York State Inc. (“NAIFA”) filed a lawsuit on November 16 in the New York Supreme Court alleging New York regulation requiring insurance agents and brokers to act in the best interest of their clients when selling life insurance and annuity…
The U.S. Securities and Exchange Commission has accused Emil Botvinnik of taking $3.7 million in a fraudulent scheme involving excessive, high-frequency trading. On November 7, 2018, he asked a New York federal judge to toss the suit because he claimed its allegations do not meet the pleading standard for fraud.…
When you purchase insurance from a broker, investment advisor or insurance agent, shouldn’t they have your best interests at heart? New York’s Regulation 187 was designed to do just that, and could take effect as early as August of 2019. In it, agents and brokers are required to have the…
FINRA recently fined LPL Financial (CRD #6413) for failing to disclose customer complaints and for failures in the firm’s anti-money laundering (AML) program. A misunderstanding with FINRA’s rule caused LPL to ignore dozens of customer complaints. The firm incorrectly failed to file and/or update registered representatives U4 or U5 forms…
After the state of Massachusetts began an investigation into 63 brokers selling private placements into GPB after the company stopped selling them, The SEC and FINRA have followed suit. Both agencies have launched their own investigations into the company and its practices. GPB announced in August that they would cease…
Petrotech Oil & Gas Inc. (PTOG) is a company based in Bedford, TX, and claims it is involved in petroleum recovery from oil wells that are considered “empty.” Using their own extraction technology with CO2 and N2 called “Gas-Injection EOR” (Enhanced Oil Recovery), Petrotech is able to recover 20% or…