Multiple Investor Awards in Recent FINRA Arbitrations of TIC Claims
A review of recent FINRA Arbitration Awards show that TIC investors have had multiple victories in sales practice claims against the FINRA brokerage firms that sold them Tenant in Common (TIC)...
View ArticleFINRA Ousts Firm and President for Fraud
As set out in this recent FINRA Press Release, a FINRA hearing officer expelled a member firm (Pinnacle Partners Financial) and its President. The decision stated that Pinnacle operated a “boiler...
View ArticleFINRA Fines Multiple Firms for Leveraged and Inverse ETF Sales
As noted in this press release from FINRA, Wells Fargo, Citigroup, Morgan Stanley, and UBS were fined for failing to supervise sales of leveraged and inverse ETFs. FINRA also alleged failures of a...
View ArticleAXA fined by FINRA Due to Broker Ponzi Scheme
As set out in this FINRA link, FINRA recently fined AXA Advisors, LLC for its failures to act in relation to the sale by its registered representative of a ponzi scheme. The Letter of Acceptance,...
View ArticleGUILTY PLEA IN FRAUDULENT INVESTMENT SCHEME
Michael Crosswhite of Forest, Virginia pled guilty this week to wire fraud and money laundering in U.S. District Court for the Western District of Virginia. The Information filed in Court alleged that...
View ArticleNew FINRA Suitability Rule Goes Into Effect
As of July 9, 2012, FINRA’s new suitability Rule (Rule 2111) takes effect to replace the old NASD/FINRA Rule 2310. The new Rule can be found here. The new suitability Rule, and its supplemental...
View ArticleSEC Releases Financial Literacy Study
Pursuant to the Dodd-Frank Act, the Securities and Exchange Commission (SEC) was required to conduct a study identify the financial literacy of retail investors in the U.S. The study can be found...
View ArticleUpdate on Recent TIC Awards in FINRA Arbitration
Back in March of 2012 we listed five recent FINRA arbitration awards to customers who had suffered losses in TIC investments - the post can be found here. FINRA arbitration panels have issued several...
View ArticleInsurance and Life Settlement related claims regarding California Broker...
Greco & Greco is currently pursuing claims on behalf of investors relating to wrongful conduct in life insurance sales, life settlement sales, and variable annuity withdrawals by Neil Winterrowd....
View ArticleDavid Lerner Associates Fined by FINRA for sale of Apple Reits
As shown by this FINRA Order, FINRA sanctioned David Lerner and Associates for sales of Apple REIT Ten and markups related to municipal bonds and CMO’s. Of the $14 million in fines and restitution,...
View ArticleConsent Order in Maryland Case Against Joseph Giordano
The Securities Commissioner of Maryland entered a Consent Order against former FINRA registered representative Joseph A. Giordano in May, 2013. The Order can be found here. According to the Consent...
View ArticleUBS Puerto Rico Funds Suffering Drastic Losses
Since 1995, UBS Financial Services Inc. of Puerto Rico (UBS PR) has been the primary underwriter for 14 separately organized closed end fund companies and 9 co-managed closed end fund companies. The...
View ArticleState Securities Regulators release new list of top investor threats
NASAA (the North American Securities Adminstrators Association) has released its 2013 list of top financial product and practice threats to investors here. The top threat is one that we at Greco &...
View ArticleFINRA fines JP Turner for Leveraged and Inverse ETF sales
The securities industry self-regulatory body, FINRA, recently required JP Turner & Company to pay $700,000 in restitution to customers who lost money in unsuitable leveraged and inverse exchange...
View ArticleBrokers barred for stealing from elderly widow
As shown by this press release, FINRA barred two JP Morgan Chase Securities brokers for taking $300,000 in annuity proceeds from an elderly widow. Although the firm paid the monies back to the...
View ArticleVirginia Regulators Require License Surrender and Fines over sale of 54...
A Settlement Order was recently issued by the State of Virginia (Bureau of Insurance and Division of Securities) against two insurance salespersons and their firm (Pamela “Suzy” Smith, Timothy...
View ArticleVienna Virginia Financial Advisor Pleads Guilty to Defrauding Customers
Ismail Elmas plead guilty on October 21, 2014 to a Count of Wire Fraud in the U.S. District Court for the Eastern District of Virginia. According to the U.S. Attorney’s Office press release (which can...
View ArticleNorfolk Virginia Financial Advisor Charged with Fraud
As reported by the Virginia Pilot, Joshua Abernathy was charged in U.S. District Court for the Eastern District of Virginia with mail fraud related to his alleged unlawful conversion of funds from...
View ArticleH.D. Vest Charged With Failures Related to Supervision
The SEC entered a Cease and Desist Order pursuant to an Offer of Settlement by H.D. Vest Investment Securities Inc. The Order can be found here. The SEC charged H.D. Vest with failing to implement...
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