Ponzi Schemes

Archive | Ponzi Schemes

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 […]

Read More »

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 […]

Read More »

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. […]

Read More »

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 […]

Read More »

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 […]

Read More »

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 […]

Read More »

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 […]

Read More »

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 […]

Read More »

FINRA Charges TriPoint Stockbroker With Unsuitable Recommendations

June 23, 2020  |   Posted by :   |   FINRA Securities Arbitration, Ponzi Schemes   |   Comments Off on FINRA Charges TriPoint Stockbroker With Unsuitable Recommendations

Mark Harris Elenowitz of New York New York a prior Chief Executive Officer of TriPoint Global Equities has been charged along with the securities broker dealer in a Complaint by Financial Industry Regulatory Authority (FINRA) Department of Enforcement that alleges that Elenowitz made unsuitable investment recommendations to customers as it pertained to private placement offerings. […]

Read More »

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 […]

Read More »

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. […]

Read More »

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 […]

Read More »

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 […]

Read More »

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 […]

Read More »

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 […]

Read More »

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 […]

Read More »

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 […]

Read More »

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. […]

Read More »

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 […]

Read More »

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 […]

Read More »

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) […]

Read More »

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. […]

Read More »

Investors Sue MetLife For Fraud

Gary Wayne Hammond of Charlotte North Carolina a stockbroker formerly registered with MSI Financial Services (MetLife Securities) is the subject of a customer initiated investment related civil action brought in the North Carolina Superior Court in which the customer sought more than $25,000.00 in damages based upon allegations that (1) the customer had been provided […]

Read More »

Western International Stockbroker Sentenced In Ponzi Scheme

October 14, 2019  |   Posted by :   |   Investment and Regulatory News, Ponzi Schemes, Promissory Notes   |   0 Comments

Bradley Carl Mascho of Frederick Maryland a stockbroker formerly employed by Western International Securities Inc. and former Chief Financial Officer of DJB Holdings was sentenced on August 28, 2019 to thirty months in prison for (1) conspiracy to commit securities fraud in reference to his alleged solicitation and receipt of funds from investors for purchases […]

Read More »

SEC Charges LPL Stockbroker With Ponzi Scheme

James Thomas Booth of Norwalk Connecticut a stockbroker formerly registered with both LPL Financial LLC and Invest Financial Corporation and the founder of Booth Financial Associates has been charged by Securities Exchange Commission (SEC) in a Complaint alleging that Booth engaged in a Ponzi scheme in which forty investors were defrauded. SEC v. James T. […]

Read More »

FINRA Bars MSI Stockbroker In Fake Securities Investigation

October 14, 2019  |   Posted by :   |   Investment and Regulatory News, Ponzi Schemes   |   0 Comments

Benjamin Benoit Lowder Jr. of Charlotte North Carolina a stockbroker formerly registered with MSI Financial Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Lowder failed to cooperate with a FINRA investigation into accusations of his potentially fraudulent trading practices. Letter of […]

Read More »

Investors Sues Legacy Asset Securities For Stockbroker Ponzi Scheme

William Andrew Hightower of Houston Texas a stockbroker formerly registered with Legacy Asset Securities Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought unspecified damages supported by accusations that (1) the customer’s account had been liquidated by Hightower without the customer’s authorization and (2) funds were improperly used to […]

Read More »

Royal Alliance Stockbroker Barred For Failure To Pay $2.1 Million Arbitration Award

August 28, 2019  |   Posted by :   |   Investment and Regulatory News, Ponzi Schemes   |   0 Comments

Gary John Basralian of Maplewood New Jersey a stockbroker formerly employed by Royal Alliance Associates Inc. has been suspended on April 23, 2019 from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that Basralian failed to comply with a FINRA Arbitration Award in which he was ordered to […]

Read More »

Investors Sue Pruco Securities For Fraud

Terry Joe Bagwell of Birmingham Alabama a stockbroker formerly registered with Pruco Securities LLC is the subject of a customer initiated investment related arbitration claim which was settled for $120,000.00 in damages founded on accusations that Bagwell failed to supervise a stockbroker who sold away from the firm by placing customers into fraudulent unregistered securities […]

Read More »

Investors Sue Royal Alliance For Role In Ponzi Scheme

Frank John Capuano of Holyoake Massachusetts a stockbroker formerly registered with Royal Alliance Associates Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $100,000.00 in damages supported by accusations that the customer had been placed into unauthorized investments which were part of a Ponzi Scheme. Financial Industry Regulatory […]

Read More »