Meyer Wilson

Recovering Losses Caused By Investment Misconduct

Blog Posts in May, 2010

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In the last few years, individual investors have lost billions of dollars collectively due to the marketing of complex, supposedly safe, securities by brokerage firms and securities advisors. Now, ... Continue reading "Investor Claims Involving "100 Percent Principal Protected Notes" Soar" »
On Monday, May 24, 2010, the Financial Industry Regulatory Authority, Inc. (FINRA) fined Piper Jaffray and Co. $700,000 for failing to retain approximately 4.3 million e-mails over a period of six ... Continue reading "FINRA Fines Piper Jaffray and Co. $700,000" »
News recently broke that the government has charged Kenneth Ira Starr, the New York investment adviser used by many of the stars, with fraud. This alleged investment fraudequates to about $30 million. ... Continue reading "NY Investment Adviser Ken Starr Charged With Fraud" »

Life Settlement Securities Scam

Life settlements have received a lot of negative attention due to the industry’s high fees and aggressive sales tactics. Now there is another set of potential problems associated with life ... Continue reading "Life Settlement Securities Scam" »

Alternative Energy Scams

Many investors have become attracted to “green” investments. While there are legitimate ones out there, some of these investments are fraudulent. Just last year, the Securities and ... Continue reading "Alternative Energy Scams" »
In 2009, Joanne Schneider pled guilty to thirteen counts of fraud and securities violations involving a $60 million investment scam, according to the Associated Press. The scam involved a failed real ... Continue reading "Joanne Schneider Withdraws Plea on Ohio Securities Fraud Charges" »
In a housing market where most homeowners owe more than their properties are worth, there are some people who still have a substantial amount of equity. Unfortunately, these are the people who are the ... Continue reading "Homeowners Persuaded to Lend Their Home Equity" »
The SEC filed a federal court lawsuit in northern Ohio last week against two former brokers of World Group Securities (WGS), the Georgia-based broker-dealer affiliate of the financial services firm, ... Continue reading "SEC Files Ohio Lawsuit Naming Former Brokers of World Group Securities" »
Patricia Morgen has been sentenced to 15 years and 8 months in prison after admitting to defrauding over 400 investors out of millions of dollars. Supposedly, Ms. Morgen had made false promises of ... Continue reading "Woman Admits to Defrauding 400 Investors Out of Millions of Dollars" »
The top executives at Spongetech Delivery Systems Inc., a small company that frequently advertised at various sport venues, including the Yankee Stadium, have been arrested and charged in an alleged ... Continue reading "Spongetech Executives Charged with Alleged Securities Fraud" »
According to federal prosecutors, they have found insufficient evidence to bring criminal charges against American International Group (AIG) former executives. Joseph Cassano, the former head of ... Continue reading "Insufficient Evidence to Bring Criminal Charges Against AIG Execs" »

Senate Passes Financial Reform Bill

Last Thursday night, the U.S. Senate passed The Restore American Financial Stability Act, which seeks to implement financial reforms, curb abusive lending practices, and limit risk-taking by large ... Continue reading "Senate Passes Financial Reform Bill" »
Neil MacBride, the United States Attorney for the Eastern District of Virginia, announced today the creation of the Virginia Financial and Securities Fraud Task Force. Investigating and prosecuting ... Continue reading "Federal Prosecutors Stepping up Enforcement on Securities Fraud" »
A recent decision by the SEC not to officially "serve" Goldman Sachs with a civil securities fraud complaint has legal experts and others familiar with the case believing that both the SEC ... Continue reading "Settlement Talks Heat Up Between SEC and Goldman Sachs" »
A Grand Rapids stockbroker is currently under investigation by the Securities and Exchange Commission (SEC) for investment fraud, according to several area news reports. The former stockbroker, Martin ... Continue reading "Martin Wegener New England Financial | Michigan Stockbroker Fraud" »
Recent statistics show that FINRA (the Financial Industry Regulatory Authority, Inc.) is keeping a much closer eye on unsupervised stockbrokers who are engaging in the illegal sale of private ... Continue reading "FINRA Focuses on Unsupervised Brokers Selling Fraudulent Securities" »
The New York attorney general has sued Ivy Asset Management, a subsidiary of Bank of New York Mellon, for fraud related to the Bernard Madoff Ponzi scheme. The lawsuit, filed May 11, alleges that the ... Continue reading "Bank of New York Mellon Subsidiary, Ivy Asset Management, Sued for Madoff-Related Fraud" »
The Financial Industry Regulatory Authority (FINRA) recently proposed a change to FINRA Rule 9554 which would eliminate the “inability-to-pay” defense in customer arbitration cases. The ... Continue reading "FINRA Proposes Eliminating "Inability-to-Pay" Defense" »
Currently pending before the U.S. Senate is a proposed amendment, Specter Amendment SA 3806, to the Wall Street reform legislation to extend punishment to broker-dealers who violate the standard of ... Continue reading "Proposed Bill Would Include Criminal Penalties for Broker-Dealers Who Violate Fiduciary Standards" »
An investment fraud scam that cost investors $14.5 million dollars has led to a Santa Ana investment advisor facing more than 10 years in a federal prison. The man was also ordered to pay $14.5 ... Continue reading "Santa Ana Man Faces Prison Following Ponzi Scheme" »
U.S. Senator Arlen Specter (D-Pa.) has introduced an amendment to the larger Wall Street reform legislation currently working its way through Congress that would create a private cause of action ... Continue reading "Wall Street Reform Legislation May Include Aiding and Abetting Liability Provision" »
Following closely on the heels of the SEC’s April investigation into Goldman Sachs, U.S. prosecutors are now looking into whether Morgan Stanley may have misled investors regarding mortgage ... Continue reading "Prosecutors Begin Investigation into Morgan Stanley's "Dead Presidents" Deal" »
AFA Financial Group LLC, based in Calabasas, California, recently became the second independent broker-dealer to close up shop in under two months; GunnAllen Financial was shut down by FINRA in March ... Continue reading "Small, Independent Broker-Dealers Facing Tough Times" »

Five Broker-Dealers Fined by FINRA

Five broker-dealers received fines totaling $385,000 by the Financial Industry Regulatory Authority (FINRA). The fines are the result of the alleged illegal sale of more than 8 billion shares of penny ... Continue reading "Five Broker-Dealers Fined by FINRA" »
The Financial Industry Regulatory Authority ( FINRA ) recently proposed a change to the way arbitration panels are ranked and selected. The proposal would amend FINRA Rules 12403 and 12404 of the Code ... Continue reading "FINRA Proposed Rule Change Would Expand Arbitrator Selection Lists" »
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