Ponzi Scheme

Archive | Ponzi Scheme

Harbour Investments Stockbroker Barred For Fraud

November 07, 2017  |   Posted by :   |   Ponzi Scheme   |   0 Comments

Mark David Holt (also known as Mark David Hothusen), of Northern Oaks, Minnesota, a stockbroker formerly registered with Harbour Investments, Inc., has been barred from working as an investment adviser representative or stockbroker or otherwise affiliating with investment advisers or brokerage firms according to a Securities and Exchange Commission (SEC) Order containing findings that Holt […]

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CoreCap Michigan Broker Charged With Stealing Million

September 18, 2017  |   Posted by :   |   Ponzi Scheme, Selling away, Stockbroker Fraud News   |   0 Comments

Ernest J. Romer of Sterling Heights, Michigan, whom until very recently was associated with CoreCap Investments,  located in South Field Michigan, was charged with embezzlement. According to the Complaint, Michigan Investigators believe Romer’s transactions were part of a larger “pattern of felonious financial maneuvers involving a field of investors, with as many as 20 additional […]

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Investment Center Broker Alleged To Have Stolen Millions From Elderly

September 01, 2017  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Leon Vaccarelli, a registered representative associated with The Investment Center, Inc. was charged by the United States Securities & Exchange Commission with violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5 and 21F-17(a). According to the Complaint, Vaccarelli, doing business as Lux […]

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PrimeSolutions Broker Barred For Unauthorized Trading

August 02, 2017  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Jerry Allen Cicolani Jr., of Cleveland, Ohio, a stockbroker formerly registered with PrimeSolutions Securities, Inc., is the subject of a Securities and Exchange Commission (SEC) Order Instituting Administrative Proceedings pursuant to Securities Exchange Act of 1934 Section 15(b) as well as Section 203(f) of the Investment Advisers Act of 1940 containing findings that Cicolani illegally […]

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Bolton Global Capital Stockbroker Barred In Investigation

Paul Wescoe Smith, of Wayne, Pennsylvania, a stockbroker formerly registered with Bolton Global Capital, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations that he sold away from his firm. Letter of Acceptance, Waiver and […]

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Financial Advisor Sentenced to Prison for $21 million Ponzi Scheme

May 18, 2017  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Patrick Churchville, president of a Rhode Island investment advisor, was sentenced to seven years in federal prison in March of this year relating to a Ponzi scheme he operated since 2010. Churchville was president of ClearPath Wealth Management, LLC. In 2015 the SEC filed a civil complaint alleging that Churchville and ClearPath diverted investor deposits […]

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Wayne Pennsylvania Broker Suspected In Ponzi Scheme

April 20, 2017  |   Posted by :   |   Ponzi Scheme, Selling away, Stockbroker Fraud News   |   0 Comments

The Guiliano Law Firm is investigating claims on behalf of investors involving Paul Wescoe Smith formerly associated with Bolton Global Capital in Wayne, Pennsylvania in connection with the sale of the unregistered securities of the Haverford Group. On February 2, 2016, according to FINRA Public Disclosure Records, Smith was discharged or terminated by Bolton Global […]

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Bright Trading Stockbroker Terminated In Ponzi Scheme

February 14, 2017  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Stephen Skeffington Eubanks, of Las Vegas, Nevada, a stockbroker with Bright Trading, LLC, was terminated from employment on August 26, 2016, based upon allegations that he failed to provide disclosure to his firm concerning an outside business activity which consisted of his ownership in Eubiquity Capital LLC. On November 1, 2016, Eubanks was charged by […]

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JP Turner & Co. Named In Ponzi Scheme Arbitration

Levi D. Lindemann, of Oakdale, Minnesota, a stockbroker formerly registered with J.P. Turner & Company, L.L.C., has been subject to a customer initiated investment related arbitration claim on March 28, 2016, in which the customer requested $340,000.00 in damages based upon allegations that Lindemann negligently handled the customer’s investment account, breached his fiduciary duty to […]

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Massachusetts Brings Action Against Eubiquity Capital Ponzi Scheme

November 03, 2016  |   Posted by :   |   Alternative Investments, Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

The Massachusetts Secretary of the Commonwealth, William F. Galvin, issued an administrative complaint against Stephen S. Eubanks for operating a text book Ponzi scheme According to the Complaint, since approximately October 2011, Eubanks presented himself as a successful hedge fund manager of Eubiquity Capital. According to the Complaint, Eubanks, sold approximately $562,000 of his hedge […]

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HFP Capital Markets Stockbroker Barred For Unsuitable Recommendations

Brett I. Friedberg, of New York, New York, a stockbroker with HFP Capital Markets LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity per an Extended Hearing Panel Decision containing findings that Friedberg made unsuitable securities recommendations and negligently misrepresented information to customers. Department of Enforcement […]

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NASAA Releases Top Investor Threats for 2015

North American Securities Administrators Association (NASAA) released its annual list of top investor threats.  The top investor threats were compiled from a survey from the various state securities regulators to identify the five most problematic schemes.  Following the launch of the Investment Fraud Bingo Program, it is uncertain whether the Commonwealth of Pennsylvania Department of […]

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PIN Financial Broker Barred in Ponzi Scheme

Jeffrey B. Risinger of Carmel, Indiana, a registered representative with PIN Financial, LLC, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he had failed to cooperate with a FINRA investigation into allegations of Risinger’s participation in a Ponzi scheme. Letter of Acceptance, Waiver […]

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Stockbroker With Unpaid Tax Liens Sells Tax Liens to Investors

      Indiana Pennsylvania based stockbroker Bernard M. Parker has plenty of tax liens.  Since 2006, according to public disclosure records, he appears to have had at least six liens against him for failure to pay his taxes.  In fact, Bernard Parker had so many tax liens against him, he began selling tax liens […]

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Regulatory Failures Help Father and Son Bilk $53 Million From Investors

On November 5, 2015, by consent, the Securities and Exchange Commission obtained a judgment against George P. Brown, age 81, in connection with an action against George P. Brown and his son Kevin C. Brown, age 49, both of Pennsylvania, and their related entities, for fraud in connection with the sale of various unregistered securities […]

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Carlton Associates Stockbroker Barred In Fraud Investigation

Randy Warren Burke of Hickory, North Carolina, a stockbroker with Synergy Investment Group, LLC, Capital Investment Group, Inc., and most recently Carlton & Associates, Inc., was permanently barred in all capacities from associating with any Financial Industry Regulatory Authority (FINRA) member after consenting to findings that he participated in private securities transactions that were not […]

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Cetera Financial Stockbroker Suspended for Outside Business Activities

John Thomas Oates, Jr., a Stockbroker with Cetera Financial Specialists LLC, was suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for six months and fined $10,000 after consenting to findings that Oates engaged in outside business activities in violation of his firm’s policies. Letter of Acceptance, Waiver, […]

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Success Trade Securities Chief Executive Fuad Barred for Fraud

The National Adjudicatory Council for the Financial Industry Regulatory Authority (FINRA) just upheld a Hearing Panel Decision to bar Fuad Ahmed from associating with any FINRA member firm in any capacity as well as upholding the expulsion of his firm, Success Trade Securities, after finding that the respondents willfully engaged in securities fraud and selling […]

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Wells Fargo Advisors Broker Barred For Lying

Aaron R. Parthemer, a former financial advisor with Wells Fargo Advisors, LLC, was permanently barred from association with any FINRA member in any capacity after consenting to FINRA findings that he engaged in unapproved outside business activities, unlawful loans to customers, private securities transactions, false written responses to FINRA pursuant to 8210 requests, and false […]

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ARI Financial Services Principal Charged for Failure to Supervise Private Placements

September 11, 2015  |   Posted by :   |   Failure To Supervise, Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

ARI Financial Services, Inc., a FINRA member firm since 2005 headquartered in Kansas, sells private placements directly to investors among other securities via 30 registered reps operating out of 5 branch offices. The firm, along with president and CCO William Candler, were charged by FINRA’s Department of Enforcement in a Complaint alleging various supervisory failures […]

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Maryland Individuals Settle Charges of Defrauding Investors

August 26, 2015  |   Posted by :   |   Failure To Supervise, Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Three individuals from Maryland agreed to settle SEC charges that they had defrauded investors in a company owning and operating commercial and residential real estate, in violation of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5, where at least one of […]

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FSC Securities Corp. To Pay $1.28M to Investors

August 26, 2015  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

FSC Securities Corp. of Atlanta, Georgia, a FINRA member brokerage firm and investment advisor firm registered with the SEC, is responsible for paying eight investors an award collectively totaling more than $1.2M via a FINRA’s arbitration panel decision after claimants alleged violations of FINRA Conduct Rule 3010, respondent superior/agency by estoppel, and violations of the […]

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FSC Securities Barred for Selling Away

FSC Securities is a “franchise” broker-dealer, purports to be America’s largest networks of independent advisors, with more than “1,500 financial advisors” operating from more than 238 geographically dispersed “independent” branch offices “across the United States. FSC Securities is also part of the AIG Advisory Group Barry G. Hartman Until March 2013, Barry G. Hartman was […]

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New Jersey Investment Advisor Charged with Fraud and Misappropriation of $20M in Customer Funds

Michael J. Oppenheim of Livingston, New Jersey, a former registered investment advisor representative and registered representative of J.P. Morgan Securities LLC, was charged in a criminal complaint by the United States Attorney for the Southern District of New York for one count each of wire fraud, embezzlement, securities fraud, and investment advisor fraud in connection […]

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Philadelphia Area Stockbroker Indicted in $15.5 Million Ponzi Scheme

July 06, 2015  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Malcolm Segal of Langhorne Pennsylvania, a former registered representative of Aegis Capital Corp. was indicted by a federal grand jury in Philadelphia for nine counts of mail fraud and wire fraud in connection with operating a $15.5 million Ponzi Scheme. United States v. Malcolm Segal (E.D. Pa. June 25, 2015). Following the release of his indictment, […]

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H.D. Vest fined $225,000 for Failure To Supervise Broker Theft

March 04, 2015  |   Posted by :   |   Failure To Supervise, Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

H.D. Vest Investment Securities, Inc. operates a network of over 4,500 independent registered representatives located in branch offices throughout the United States. One such individual, Lewis J. Hunter was a registered representative of HD Vest when he stole more than $300,000 from his customers. According to Hunter, his customers would be investing ion high yield […]

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AEGIS Capital Cannot Escape FINRA Adjudication of Ponzi Scheme Claims

Malcolm Segal was a registered representative, and operated his own branch office of Aegis Capital Corp. in Langhorn, Pennsylvania operating under the name J&M Financial. Segal also controlled or operated another company, National CD Sales. Beginning sometime in 2013, it appears that Segal began to sell investors bank certificates of deposit, which at least according […]

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Judge Rejects Class Certification Claims Against MetLife Securities & New England Securities

February 17, 2015  |   Posted by :   |   Failure To Supervise, Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Last week, a California Superior Court Judge refused to certify class action claims by investors against MetLife Securities and New England Securities in connection with the fraudulent recommendation and sale of the securities of Diversified Lending Group Inc. to public customers. Representatives of New England Securities including Lawrence E. Bagby Jr., James C. Davidson Scott […]

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Ponzi Scheme Award of the Year Goes to This Man

February 16, 2015  |   Posted by :   |   Hedge Funds, Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Welcome to America! You Can’t Make This Stuff Up America is the land of opportunity. Pakistani citizen and New York resident, Moazzam “Mark” Malik worked as a waiter, and NYPD traffic agent, and a security guard. After “working” at Lehman Brothers, JP Morgan Chase and Merrill Lynch, since 2002. Mark Malik manages more than $1 […]

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Royal Alliance Associates Sues Ponzi Scheme Victims to Block Arbitrations; Attorneys for Victims Seek to Consolidate Cases

April 02, 2014  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Fort Lauderdale, Florida, February 4, 2012 (Globe Newswire) –Royal Alliance Associates, an  AIG Advisor Group division owned by American International Group (NYSE: AIG), sued victims of a Ponzi scheme to block pending FINRA arbitration claims, where the victims have alleged that Royal Alliance Associates failed to supervise the sales agents who sold the fraudulent investments, […]

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Royal Alliance Associates Sues Victims to Block Arbitrations

April 02, 2014  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Fort Lauderdale, Florida, February 4, 2012 (Globe Newswire) –Royal Alliance Associates, an  AIG Advisor Group division owned by American International Group (NYSE: AIG), sued victims of a Ponzi scheme to block pending FINRA arbitration claims, where the victims have alleged that Royal Alliance Associates failed to supervise the sales agents who sold the fraudulent investments, […]

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Raymond James Fined $400,000 for Failure to Supervise

April 13, 2012  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Raymond James Financial Services Inc. has agreed to pay a $400,000 fine to settle allegations that it failed to supervise a customer who used accounts he had with the firm to operate a multi-million-dollar Ponzi scheme.The firm submitted a Letter of Acceptance Waiver and Consent (AWC) to resolve a disciplinary action brought by the Financial […]

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Stifel Nicolaus Fined $350,000 for Failure to Supervise Scheming Broker

April 10, 2012  |   Posted by :   |   Failure To Supervise, Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Last month, brokerage firm Stifel, Nicolaus & Co. Inc. settled a disciplinary action brought against it by the Financial Industry Regulatory Authority (FINRA) after one of the firm’s brokers ran a Ponzi scheme that defrauded customers. The terms of the settlement included a $350,000 fine and a censure. Stifel Nicolaus also agreed to pay restitution […]

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Broker Sanctioned For Getting Tangled Up in Ponzi Scheme

March 30, 2012  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Last month Leland O. Stevens, a former broker with Great American Advisors Inc., settled a disciplinary action against him after he served up his unwitting customers to a Ponzi scheme. The Financial Industry Regulatory Authority (FINRA) filed a complaint against Stevens last year for his role in the sale of promissory notes that turned out […]

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1st Discount Brokerage Inc. Fined by SEC for Failure to Supervise

February 07, 2012  |   Posted by :   |   Failure To Supervise, Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Florida-based brokerage firm 1st Discount Brokerage Inc. has been censured and fined $40,000 by the Securities and Exchange Commission (SEC) for its failure to supervise a broker who defrauded investors of nearly $9 million. In addition, Michael R. Fisher, executive-vice president of the firm at the time, was ordered to pay $10,000, according to the […]

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LPL Investment Holdings Broker-Dealer Sued Over $150 Million Ponzi Scheme

January 09, 2012  |   Posted by :   |   Failure To Supervise, Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

The receiver appointed to handle the fallout from one of the largest Ponzi schemes in Minnesota history has filed suit in federal court in Minneapolis against NRP Financial Inc. for its failure to supervise a registered broker who participated in the fraud that bilked investors out of $150 million. NRP was a registered broker-dealer with […]

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All May Not Be Lost for Ponzi Scheme Investors

August 25, 2011  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Welcome to the age of the Ponzi Scheme, the result of the non-regulation of “hedge funds.” Madoff, Nagel, Stanford, Spitzer, the list goes on and on, millions, tens of billions of dollars swindled by Ponzi scheme scam operators, always, or at least most often leaving investors with nothing, except whatever meager sum the government may […]

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