National Securities Corporation (NSC) has been fined $9 million by FINRA, including $4.77 million in net profits the company made for underwriting 10 public offerings in which NSC sought to manipulate the market for the securities it was selling. For failing to provide consumers who bought private placements from GPB Capital Holdings, LLC with significant …
Merrill Lynch was fined $15.2 Million ($13.4 Million plus interest) by Financial Industry Regulatory Authority (FINRA). It allegedly charged consumers exorbitant fees for mutual fund transactions. Merrill was not penalized for the infraction due to its “exceptional cooperation”. Mutual fund issuers offer several classes of mutual fund shares, including Class A and C. Class A shares …
John Jumper was a former broker with Alluvion Securities who stole $5.7 million from Snowshoe Refractories (a Pennsylvania-based firebrick manufacturer’s pension plan benefit plan). Jumper was also ordered by Snowshoe Refractories to pay $2.4 Million in restitution. This reflects financial recoveries made by Snowshoe Refractories. He will spend 78 months in prison, followed by three years …
John Jumper (ALLUVION SECURITIES) Sentenced to 78 Months For $5.7 Million Embezzlement Read More »
Morgan Stanley, along with one of its financial advisors, now former, Francisco Valenzuela, have been asked to pay $330K over several violations, including allegations of fraud, by an arbitration panel of the Financial Industry Regulatory Authority (FINRA). The claim was filed by Carlos Ramon Tapia Sanchez in October 2020. Allegations included supervisory failure, conversion, fraud, …
The Financial Industry Regulatory Authority (FINRA) has taken action against a former Morgan Stanley broker from Beverly Hills, California for misleadingly marketing a private placement on its platform. Nikolay Zotenko was a Morgan Stanley employee for five years before he was terminated in May 2021. He was also suspended and fined $10,000 because of the …
If you have been a victim of stockbroker fraud, you may want to contact a brokerage misconduct attorney for help. Although many such cases are reported each year, you might not be eligible to receive compensation for the losses you’ve sustained unless you’ve been involved in the fraud yourself. Attorneys can offer legitimacy and weight …
How to Protect Yourself Against Stock Broker Fraud Read More »
When a broker makes a recommendation that is not suitable for a client, that investor is at risk of taking on unnecessary risk and losing money. Suitability rules have been established by the Financial Industry Regulatory Authority, and other regulatory bodies to protect consumers. Brokers must consider a number of factors when making recommendations, including …
FINRA Rule 2111 – Avoiding Unsuitable Investments Read More »
Are you wondering if you can sue a financial advisor? Perhaps your advisor shifted firms, or you experienced investment fraud. Here are some helpful tips for filing a lawsuit against your financial advisor if this has happened to you. You can also use this information to file a lawsuit if your financial advisor is not …
Investing in a Ponzi Scheme? There are signs to watch for to avoid falling prey to this financial scam. These warning signs are also the key to getting out of a Ponzi scheme. If you are unsure whether you’re getting involved in a Ponzi Scheme, read this article to learn more. Here, you’ll learn what …
If you have been, or are, a customer of Tony Barouti, a registered broker with Emerson Equity, or purchased GWG L Bonds, you are invited to contact our experienced investment fraud lawyers. Haselkorn & Thibaut is investigating the sales practices adopted by Tony Barouti in connection with the L Bonds offering of GWG Holdings. Any …