Meyer Wilson

Recovering Losses Caused By Investment Misconduct

Blog Posts in November, 2011

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In its 2010-2011 annual enforcement action report (released last month) the North American Securities Administrators Association (NASAA) reported a 51 percent increase in the number of enforcement ... Continue reading "2010 Investment Fraud Enforcement Actions Up 51 Percent, Says NASAA" »
Over a period of approximately 20 years, Kenneth Joseph and Mary Kathryn Plein, dba Tri-Star Realty, solicited investments from at least 98, mostly elderly, investors purportedly for the purposes of ... Continue reading "Seniors Targeted in Alleged Arizona Real Estate Investment Fraud" »

5 Red Flags of Investment Fraud

Guaranteed riches. An opportunity that promises "guaranteed" returns should always be taken with a grain of salt. An opportunity that promises "guaranteed" returns that are ... Continue reading "5 Red Flags of Investment Fraud" »
The SEC charged San-Diego-based Western Pacific Capital Management LLC and its president, Kevin James O’Rourke, with investment fraud in connection to the non-public offering of stock by ... Continue reading "SEC Charges Western Pacific Capital Management and Its President with Investment Fraud" »
Business development companies (BDCs), such as FS Investment Corp., are coming under regulator scrutiny, according to a recent InvestmentNews article. The products, which allow individual investors to ... Continue reading "Popular BDCs Attract Regulator Scrutiny" »
Daniel Gallagher, a former stockbroker at Vision Securities Inc., was arrested in Boca Raton last week on charges related to a criminal complaint filed against him in federal court in Brooklyn. The ... Continue reading "Former Visions Securities Stock Broker Charged with Fraud" »
The SEC charged two Minnesota-based hedge fund managers recently in connection to the $3.65 billion Petters Ponzi Scheme. James N. Fry, of Long Lake, and Michelle W. Palm, of Edina, allegedly ... Continue reading "Minnesota Hedge Fund Managers Charged with Facilitating $3.65B Petters Ponzi Scheme" »
Earlier this month, FINRA released a Regulatory Notice to remind broker-dealer firms of "their supervisory obligations regarding the use of certifications and designations that imply expertise, ... Continue reading "FINRA Warns B-Ds to Be Careful About Claiming Senior Designations" »
The consumer investor protection group Wall Street Watchdog issued an alert on Friday that advised investors to watch out for Chinese counterfeit precious metal scams and Chinese counterfeit gold and ... Continue reading "Investor Alert: Watch Out for Chinese Precious Metal, Gold, Silver Scams" »
The SEC brought charges against broker-dealer FTN Financial Securities Corp. (FTN) last week for allegedly assisting the now bankrupt Sentinel Management Group, Inc. (Sentinel) in covering up ... Continue reading "Broker-Dealer FTN Financial Securities Corp. Charged with Aiding Sentinel in Fraud" »
FINRA ordered Morgan Stanley to pay $1 million in fines and $371,000 in restitution last week for activities and violations related to certain bond transactions, according to a Nov. 10 FINRA news ... Continue reading "Morgan Stanley to Pay $1,371,000 in Fines and Restitution for Excessive Markups and Markdowns" »
Alfred Gerebizza, formerly of the Chicago area, was recently added as a defendant in an indictment involving an alleged $105 million Ponzi scheme that authorities say defrauded 400 victims over a ... Continue reading "New Defendant Added in Indictment Alleging $105 Million Ponzi Scheme" »

ETF Investors Face Serious Risk

ETF Investors Face Serious Risk with Both Inverse ETFs and Leveraged ETFs Exchange traded funds (ETFs), which were originally designed for and are exceptionally popular with institutional investors, ... Continue reading "ETF Investors Face Serious Risk" »
FINRA has ordered Chase Investment Services Corporation to reimburse customers almost $2 million for losses related to the company's recommendation of certain unit investment trusts (UITs) and ... Continue reading "Chase Ordered to Reimburse Customers $1.9M for Unsuitable Recommendations" »
As we've discussed before, while exchange-traded funds are increasingly popular with investors, they pose a serious risk to individuals. Now, with the addition of several similarly named but ... Continue reading "Investor Alert: That ETF May Not Be What It Seems" »
Bishop Eddie Long, a pastor with New Birth Missionary Baptist Church in Atlanta, was allegedly involved in an investment fraud scheme that targeted members of his church congregation. Long allegedly ... Continue reading "Seminars and Sermons Held at Atlanta Church Allegedly Investment Fraud" »
A couple from Charlotte, North Carolina has been ordered to pay restitution after an alleged Ponzi scheme took millions from retired and elderly investors. Sidney Hanson pleaded guilty to counts of ... Continue reading "Restitution to Be Paid in North Carolina Ponzi Scheme" »
Richard Saunders, formerly of St. Louis, Missouri, has pleaded guilty to an investment fraud scheme that was perpetrated through Advisors Capital Holdings. The alleged scheme was based on offshore ... Continue reading "Man Pleads Guilty in Annuities Ponzi Scheme" »
Andrey Hicks, along with his Locust Offshore Management, LLC, has been accused by the US Securities and Exchange Commission (SEC) of running a hedge fund fraud and taking over a million dollars from ... Continue reading "Hedge Fund Fraud Was "Brazen Web of Lies"" »
Jonathan Kendig, of Southeast Portland, has been sentenced to two years in prison followed by three years of supervision and must pay back over a million dollars that officials say was taken from ... Continue reading "Oregon Man Blames Gambling Addiction for Ponzi Scheme" »
As another alleged Utah Ponzi scheme hits the news, the Utah Division of Securities warns seniors to beware potential investment fraud. There seems to have been a significant number of Utah investment ... Continue reading "Warning to Senior Investors: Be Aware of Utah Ponzi Schemes" »
Keith Epstein, formerly an investment advisor in Farmington Hills, has now been sentenced to eight years in prison for an alleged Ponzi scheme. Earlier this year, Epstein had pleaded guilty to bank ... Continue reading "Ponzi Scheme Case Ends in 8-Year Prison Sentence" »
Stephen Durland, of Greensboro, North Carolina, has received a sentence of two years and nine months after his alleged involvement in a securities fraud scheme. Durland pleaded guilty earlier this ... Continue reading "Alleged Securities Fraud May Have Led to Bankruptcy and Investor Loss" »
Keith Epstein, a former Farmington Hills investment adviser, was sentenced to eight years and one month in prison in connection with a multi-million dollar Ponzi scheme that ran from late 2006 through ... Continue reading "Farmington Hills Investment Adviser Gets 8 Years in Prison for Defrauding Elderly Investors" »
Citigroup Global Markets Inc. has agreed to pay $285 million to settle an SEC securities fraud action related to a collateralized debt obligation (CDO) called Class V Funding III. In the action ... Continue reading "Citigroup Agrees to Pay $285M to Settle SEC Charges" »
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