Ponzi Schemes

Archive | Ponzi Schemes

Mutual Of Omaha Stockbroker Pleads Guilty To Securities Fraud

July 07, 2021  |   Posted by :   |   Investment and Regulatory News, Misappropriation of Funds, Ponzi Schemes, Stockbroker Theft   |   Comments Off on Mutual Of Omaha Stockbroker Pleads Guilty To Securities Fraud

Edward Earl Matthes of Milwaukee Wisconsin a stockbroker formerly registered with Mutual of Omaha Investor Services has received a 63-month jail sentence based on him pleading guilty to violating federal securities laws as 27 victims had been defrauded in his $2,600,000.00 investment scheme. United States v. Edward E. Matthes 20-cr-0220-bhl (E.D. Wis. May 20, 2021). […]

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SEC Bars Cadaret Grant Stockbroker In $17 Million Ponzi Scheme

June 12, 2021  |   Posted by :   |   FINRA Securities Arbitration, Investment and Regulatory News, Ponzi Schemes, Securities Fraud   |   Comments Off on SEC Bars Cadaret Grant Stockbroker In $17 Million Ponzi Scheme

Steven Pagartanis of Seatauket New York a stockbroker formerly registered with Cadaret Grant Co. Inc. has been barred by United States Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser representative or otherwise associating with securities broker dealers or investment advisories as Pagartanis pleaded guilty to conspiracy to commit mail and wire […]

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IFG Sued By Investors In Promissory Note Scheme

March 31, 2021  |   Posted by :   |   FINRA Securities Arbitration, Investment and Regulatory News, Ponzi Schemes, Promissory Notes, Selling Away and Outside Activities   |   Comments Off on IFG Sued By Investors In Promissory Note Scheme

Jon Richard Pariser of Pacific Grove California a stockbroker formerly registered with Independent Financial Group is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer sought $1,202,739.63 in damages based upon accusations of Pariser having involved himself with people who persuaded the customer to invest in fraudulent promissory notes. Financial […]

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FINRA Bars LPL Stockbroker In Investigation

March 18, 2021  |   Posted by :   |   FINRA Securities Arbitration, Forgery, Investment and Regulatory News, Ponzi Schemes, Selling Away and Outside Activities   |   Comments Off on FINRA Bars LPL Stockbroker In Investigation

Rhett Douglas Bedwell of Rogers Arizona a stockbroker formerly registered with LPL Financial LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he failed to comply with the regulator when he was being investigated for using forged documentation to transition a customer’s assets […]

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Packerland Stockbroker Sanctioned For Selling Away In $300 Million Ponzi Scheme

March 18, 2021  |   Posted by :   |   Investment and Regulatory News, Ponzi Schemes, Selling Away and Outside Activities   |   Comments Off on Packerland Stockbroker Sanctioned For Selling Away In $300 Million Ponzi Scheme

Richard Scott Shelley (also known as Richard Scott Shelly) a stockbroker formerly registered with Packerland Brokerage Services Inc. has been fined $5,000.00 and suspended for one month from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he engaged in private securities transactions during the time that he […]

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Investors File FINRA Arbitration Claim Against Ameriprise For Fraud

March 18, 2021  |   Posted by :   |   FINRA Securities Arbitration, Inverse/Leveraged ETF Funds, Investment and Regulatory News, Ponzi Schemes   |   Comments Off on Investors File FINRA Arbitration Claim Against Ameriprise For Fraud

Arthur Stewart Hoffman (also known as Art Hoffman) of Glendale Arizona a stockbroker formerly registered with Ameriprise Financial Services is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer sought $172,688.03 in damages founded on allegations that they had been advised by Hoffman to invest in Zima Global Ventures […]

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TCM Stockbroker Sanctioned In Ponzi Scheme

February 16, 2021  |   Posted by :   |   FINRA Securities Arbitration, Investment and Regulatory News, Non-traded REITs, Ponzi Schemes   |   Comments Off on TCM Stockbroker Sanctioned In Ponzi Scheme

Michael August Pellegrino of Oakbrook Terrace Illinois a stockbroker formerly registered with Taylor Capital Management Inc. (TCM) has been fined $10,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he provided misleading information to investors concerning short-term high-yield contracts. Letter of […]

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Guiliano Law Group Recovers Money For GPB Investors

February 08, 2021  |   Posted by :   |   Ponzi Schemes   |   Comments Off on Guiliano Law Group Recovers Money For GPB Investors

GPB Capital Holdings is back in the news, but this time investors need to act. We were one of the first law firms in America to file FINRA Arbitration claims against securities broker-dealers for the failure to conduct due diligence in connection with the recommendation and sale of GPB Automotive and its related entities. Accordingly, […]

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Hornor Townsend Stockbroker Caught Selling Away Brother’s Ponzi Scheme

February 01, 2021  |   Posted by :   |   Failure To Supervise, FINRA Securities Arbitration, Investment and Regulatory News, Ponzi Schemes, Private Placement Fraud, Securities Arbitration Claims, Securities Fraud   |   Comments Off on Hornor Townsend Stockbroker Caught Selling Away Brother’s Ponzi Scheme

Gary Wayne Hammond of Charlotte North Carolina a stockbroker formerly registered with Hornor Townsend Kent Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he was selling away from MML Investors and that he referred customers to fraudulent investments. Letter of Acceptance Waiver […]

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Ausdal Financial Accused Of Unsuitable Investment Recommendations

January 03, 2021  |   Posted by :   |   Investment and Regulatory News, Ponzi Schemes, Securities Fraud, Unsuitable Investment Recommendations   |   Comments Off on Ausdal Financial Accused Of Unsuitable Investment Recommendations

Richard Guy Duncan (also known as Rick Duncan) of East Longmeadow Massachusetts an investment adviser representative of Ausdal Financial Partners Inc. is the subject of a customer initiated investment related written complaint on July 20, 2020 where the customer requested $405,045.00 in damages based upon allegations that the customer had been placed into unsuitable securities […]

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Merrill Lynch Stockbroker Sanctioned For Selling Away

January 03, 2021  |   Posted by :   |   Investment and Regulatory News, Ponzi Schemes, Promissory Notes, Selling Away and Outside Activities   |   Comments Off on Merrill Lynch Stockbroker Sanctioned For Selling Away

Frank Howard Zito of Ridgeland Mississippi a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith has been fined $10,000.00 and suspended for 16 months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Zito engaged in private securities transactions and outside business activities while registered with […]

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FINRA Bars JP Turner Stockbroker In $12 Million Ponzi Scheme

October 08, 2020  |   Posted by :   |   Ponzi Schemes, Promissory Notes, Selling Away and Outside Activities   |   Comments Off on FINRA Bars JP Turner Stockbroker In $12 Million Ponzi Scheme

Tony A. Kassaei of Irvine California a stockbroker formerly registered with JP Turner Company has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Kassaei took part in private securities transactions involving real estate securities during the time that he was employed by JP Turner. […]

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Professional Financial Investors Admits to $330 Million Ponzi Scheme

October 01, 2020  |   Posted by :   |   Ponzi Schemes   |   Comments Off on Professional Financial Investors Admits to $330 Million Ponzi Scheme

Professional Financial Investors, Inc., and specifically, its former president, Lewis I. Wallach, was charged by the Securities and Exchange Commission and consented to the entry of a judgment in connection with operating a $330 million Ponzi Scheme and stealing $26 million from investors.  The U.S. Attorney’s Office for the Northern District of California also filed […]

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Guiliano Law Group Investigates ABFP Securities Fraud

August 03, 2020  |   Posted by :   |   Alternative Investments, Ponzi Schemes, Securities Fraud   |   Comments Off on Guiliano Law Group Investigates ABFP Securities Fraud

On July 24, 2020, the United States Securities & Exchange Commission filed an action in the United States District Court of the Southern District of Florida, for Fraud in Violation of Section 10(b) and Rule 10b-5(a) of the Exchange Act, Fraud in Violation of Section 10(b) and Rule 10b-5(b) of the Exchange Act, Violation of […]

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Investors Sue Transamerica Over Fake Promissory Notes

July 29, 2020  |   Posted by :   |   Ponzi Schemes, Promissory Notes, Securities Arbitration Claims, Selling Away and Outside Activities   |   Comments Off on Investors Sue Transamerica Over Fake Promissory Notes

Michael Richard Mackay of Cincinnati Ohio a stockbroker formerly associated with Transamerica Financial Advisors has been referenced in a customer initiated investment related arbitration claim in which the customer requested $100,000.00 in damages supported by allegations that the customer had been placed into real estate security and insurance products as well as a charitable annuity […]

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Concorde Ultimately Sanctioned By FINRA For Failure To Supervise

July 29, 2020  |   Posted by :   |   Failure To Supervise, Ponzi Schemes, Securities Arbitration Claims   |   Comments Off on Concorde Ultimately Sanctioned By FINRA For Failure To Supervise

Concorde Investment Services and its Chief Compliance Officer Kimberlee Elizabeth Levy of Livonia Michigan have been sanctioned by Financial industry Regulatory Authority (FINRA) based upon findings that they failed to supervise a stockbroker who enabled a disqualified stockbroker to effect trades in the accounts of Concorde customers. Letter of Acceptance Waiver and Consent No. 2018060577602 […]

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FINRA Nails Cadaret Grant For Failures In Pagartanis Ponzi Scheme

July 11, 2020  |   Posted by :   |   Failure To Supervise, Misappropriation of Funds, Ponzi Schemes, Stockbroker Theft   |   Comments Off on FINRA Nails Cadaret Grant For Failures In Pagartanis Ponzi Scheme

Cadaret Grant a securities broker dealer headquartered in Syracuse New York has been censured and fined $200,000.00 by Financial Industry Regulatory Authority (FINRA) based on findings that Cadaret Grant failed to supervise its stockbrokers who engaged in private securities transactions one or more of which was a Ponzi scheme. Letter of Acceptance Waiver and Consent […]

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Farmers Stockbroker Sanctioned For Selling Away

June 23, 2020  |   Posted by :   |   Ponzi Schemes, Selling Away and Outside Activities   |   Comments Off on Farmers Stockbroker Sanctioned For Selling Away

Joe McCollum Allbright of Odessa Texas a stockbroker formerly employed by Farmers Financial Solutions has been fined $10,000.00 and suspended for nine months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that (1) Allbright was selling Future Income Payments LLC investments away from Farmers Financial Solutions and […]

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Raymond James Sued By Investors In $21 Million Ponzi Scheme

May 13, 2020  |   Posted by :   |   Ponzi Schemes, Securities Arbitration Claims   |   Comments Off on Raymond James Sued By Investors In $21 Million Ponzi Scheme

Joel Nathan Burstein Jr. of Coral Gables Florida a stockbroker associated with Raymond James Associates Inc. is the subject of a customer initiated investment related civil action brought in the United States District Court in which the customer requested damages in connection with a $21 million Ponzi scheme involving Burstein. Civil Action No. 2:17-cv-crf-00061 (Mar. […]

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Lombard Stockbroker Sentenced To Jail For Fraud

May 12, 2020  |   Posted by :   |   Misappropriation of Funds, Ponzi Schemes, Securities Arbitration Claims, Securities Fraud, Stockbroker Theft   |   Comments Off on Lombard Stockbroker Sentenced To Jail For Fraud

Steven Pagartanis (also known as Steve Pagartanis) of Setauket New York a stockbroker registered with Lombard Securities Incorporated has been sentenced by a United States District Judge to 170 months behind bars as a result of the stockbroker pleading guilty to conspiring to commit wire and mail fraud as part of carrying out a securities […]

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Cantone Accused By Investors Of Private Placement Misconduct

April 18, 2020  |   Posted by :   |   Failure To Supervise, Investment and Regulatory News, Misappropriation of Funds, Ponzi Schemes, Promissory Notes, Stockbroker Theft   |   Comments Off on Cantone Accused By Investors Of Private Placement Misconduct

Christine Louise Cantone (also known as Christine L. Gefken) of Eatontown New Jersey a Vice President and Chief Compliance Officer of Cantone Research Inc. is the subject of a customer initiated investment related complaint which was resolved on February 14, 2019 for $42,500.00 in damages based upon accusations of Christine Cantone’s failure to supervise a […]

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SEC Bars RP Capital Stockbroker For Fraud

April 08, 2020  |   Posted by :   |   Ponzi Schemes, Promissory Notes, Securities Fraud, Selling Away and Outside Activities   |   Comments Off on SEC Bars RP Capital Stockbroker For Fraud

Norman Gary Price of Gig Harbor Washington a stockbroker formerly associated with RP Capital LLC, Genesis Capital LLC and Aequitas Commercial Finance LLC has been fined $75,000.00 and barred by Securities and Exchange Commission (SEC) from being a stockbroker or investment adviser representative or otherwise associating with any securities broker dealer or investment adviser according […]

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SEC Charges CV Brokerage Stockbroker With Fraud

March 26, 2020  |   Posted by :   |   Misappropriation of Funds, Ponzi Schemes, Securities Fraud, Stockbroker Theft   |   Comments Off on SEC Charges CV Brokerage Stockbroker With Fraud

Brenda Ann Smith (also known as Brenda Smith Peterman) of West Conshohocken Pennsylvania a stockbroker and investment advisor formerly associated with CV Brokerage Inc., Broad Reach Capital LP and Bristol Advisors LLC is named in a Securities and Exchange Commission (SEC) Complaint alleging that Smith and the companies she controlled had defrauded investors who purchased […]

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Paulson Investment Company Sued For Fraud

March 26, 2020  |   Posted by :   |   Ponzi Schemes, Securities Arbitration Claims, Securities Fraud, Unregistered Securities   |   Comments Off on Paulson Investment Company Sued For Fraud

Kevin Richard Graetz of New York New York a stockbroker employed by Paulson Investment Company LLC has been identified in a customer initiated investment related arbitration claim which was resolved for $225,000.00 damages founded on accusations that the customer was placed into unregistered and fraudulent investments during the time that Graetz was employed by Paulson […]

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Investors Sue Ameritas In Promissory Note Scheme

James F. Anderson of Dakota Dunes South Dakota a stockbroker formerly associated with Ameritas Investment Corp. has been referenced in a customer initiated investment related arbitration claim in which the customer requested $2,423,000.00 in damages supported by allegations that (1) the customer had been inappropriately sold promissory notes as they were neither registered nor exempt […]

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Investors Sue Fortune Financial For Fake Notes From Mr. Freeze

Jonathan Douglas Freeze of Canonsburg Philadelphia a stockbroker formerly associated with Fortune Financial Services Inc. has been referenced in a customer initiated investment related arbitration claim in which the customer requested $175,000.00 in damages supported by allegations of bad promissory notes transactions effected through Freeze during the time that he was registered with Fortune Financial. […]

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Center Street Barred By SEC For Defrauding Investors

Sean Joseph Kelly of Marietta Georgia a stockbroker currently registered with Center Street Securities Inc. is the subject of an Order Instituting Administrative Proceedings initiated by Securities and Exchange Commission (SEC) in which SEC is seeking sanctions against Kelly which potentially include a bar from the securities industry since the stockbroker was permanently enjoined from […]

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NYLife Stockbroker Barred In FIP Investigation

Kari Marlin Bracy (also known as Kari Marlin Farwell) of Jacksonville Beach Florida a stockbroker formerly registered with NYLife Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she failed to comply with FINRA personnel when it investigated her for […]

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Investors Sue IFG For Sale of Fake Promissory Notes

Jon Richard Pariser of Pacific Grove California a stockbroker formerly employed by Independent Financial Group LLC has been referenced in a customer initiated investment related arbitration claim where the customer sought $1,268,000.00 in damages founded on accusations of unsuitable promissory notes transactions which caused the customer to incur investment losses. Financial Industry Regulatory Authority (FINRA) […]

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Regulator Sanctions UBS Stockbroker For Fraud

John Cochran Maccoll of Birmingham Michigan a stockbroker registered with UBS has been stripped of his stockbroker license or investment adviser representative license based upon accusations that (1) the stockbroker violated securities laws or regulations  and (2) the stockbroker was expelled by a securities regulator based upon accusations of his misconduct in the securities industry. […]

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