Meyer Wilson

Recovering Losses Caused By Investment Misconduct

Blog Posts in 2014

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On December 16, 2014, the Financial Industry Regulatory Authority ("FINRA") banned a Wells Fargo stockbroker from ever working in the industry again. According to the Letter of Acceptance, ... Continue reading "Wells Fargo Broker Banned For Stealing from Elderly Client" »
The investment fraud lawyers at Meyer Wilson are investigating a case regarding broker Leonid Yurovsky. FINRA's records indicate that Yurovsky has two reported disclosure events – an ... Continue reading "Meyer Wilson Investigation: Former John Thomas Financial Broker Leonid Yurovsky" »
Meyer Wilson is currently investigating claims involving former Broker Frederick V. McMenimen III of New Hampshire. According to The State of New Hampshire Bureau of Securities Regulation, Frederick ... Continue reading "Meyer Wilson Investigation: Former Broker Frederick V. McMenimen III" »
According to an InvestmentNews article published yesterday, asset managers are able to stay profitable due mostly to the sale of high-priced alternative investments. By 2020, it is projected that ... Continue reading "High Costs of Alternative Investments and Managed Mutual Funds Drive Broker Paydays" »
The Financial Industry Regulatory Authority ("FINRA") fined Merrill Lynch, Pierce, Fenner & Smith Inc. ("Merrill Lynch") $1.9 million last week. According to FINRA, in 716 ... Continue reading "FINRA Fines Merrill Lynch Almost $2 Million for Supervisory Failures and Unfair Pricing" »
Ken Grant was charged this week by federal prosecutors in the Northern District of Ohio with defrauding about 70 investors out of approximately $17 million. Grant waived his right to prosecution by ... Continue reading "Criminal Charges Filed in Ohio Ponzi Scheme Against KGTA Principal Ken Grant" »
J.P. Morgan Securities, LLC (" J.P. Morgan ") was recently ordered by a three-person arbitration panel to pay two of its clients $485,000 in damages. The clients filed an arbitration against ... Continue reading "J.P. Morgan Securities Ordered to Pay $485,000 to Clients" »
By Chad M. Kohler, Esq. It was announced last week that Citigroup Global Markets, Inc. (" Citigroup "), the brokerage arm of Citigroup, Inc., was fined $15 million by the Financial Industry ... Continue reading "Citigroup Brokerage Unit Fined $15 million for Supervisory Failures Relating to Equity Research" »
Brokerage firms cannot include a confidentiality provision in a settlement agreement with a customer that restricts or prohibits communication with the Securities and Exchange Commission ... Continue reading "The Use of Confidentiality Provisions in Settlement Agreements" »
The U.S. Court of Appeals for the District of Columbia Circuit recently affirmed a trial court's order denying an investors' rights group's Freedom of Information Act request for certain ... Continue reading "Major Blow to Transparency Efforts of SEC Oversight of FINRA Arbitration" »
Your brokerage firm mishandled your investment account. You hire a lawyer, who works for the next year to get you an arbitration decision awarding you the damages caused by the brokerage firm's ... Continue reading "Unpaid Judgments and Investor Protection - The Brokerage Insurance Problem" »
A Los Angeles area pastor was sentenced to a term of 10 years in prison after pleading guilty to stealing more than $7 million from 82 people. Luis Alonso Serna is a former pastor of Zion Living Word ... Continue reading "Ponzi Scheme Pastor Gets 10 Years in Prison" »
By Chad M. Kohler Brokerage firms are required to monitor investment accounts to help protect customers against harmful activity such as unsuitable trading, churning, and over-concentrated positions. ... Continue reading "Beware of "Happiness Letters" From Your Brokerage Firm" »
Laurie Schneider admitted earlier this year to stealing approximately $6.9 million from about 30 investors by way of a real estate Ponzi scheme. Schneider was sentenced last Friday in Central Islip ... Continue reading "New York Woman Admits to Stealing Nearly $7 Million Through Ponzi Scheme" »
Another multi-million dollar Ponzi Scheme in Ohio in 2014? It's hard to believe but it is true. Our law firm started receiving calls from victims of Ohio's latest Ponzi scheme several months ... Continue reading "$50 Million Ponzi Scheme in Southwest Ohio" »
According to the North American Securities Administrators Association (NASAA), the number of enforcement actions against unlicensed brokers rose 34% from 2012 to 2013. Many industry experts posit that ... Continue reading "Unregistered Broker Fraud May Be On the Rise, Reports USA Today" »
In September 2014, the FBI announced the unsealing of an indictment that charged two Florida residents and one resident of Michigan with multiple counts of conspiracy and wire fraud. On Wednesday, the ... Continue reading "First of Three People Charged with Investment Fraud Pleads Guilty" »
Last Tuesday, October 21, former broker Ismail Elmas pleaded guilty to wire fraud in U.S. District Court in Alexandria. At the plea hearing, he admitted to stealing more than $1 million from ... Continue reading "Ismail Elmas Pleads Guilty to Wire Fraud" »
Ismail Elmas, the former broker from Virginia, is now the topic of a story in The Washington Post. In the latest development of this case, as of October 21, Elmas has pleaded guilty to wire fraud for ... Continue reading "Broker Ismail Elmas Pleads Guilty to Wire Fraud" »
Additional victims of former CUSO Financial Service stockbroker Ismail Elmas hired Meyer Wilson this week and joined the group of victims who have hired the firm to pursue the recovery of their ... Continue reading "Update for October 16, 2014: More Victims of Ismail Elmas Investment Fraud Hire Meyer Wilson Law Firm to Recover Losses" »
U.S. Attorney Joe Hogsett charged an Indianapolis financial advisor with stealing money from elderly investors. Last Friday, Kevin James was sentenced to a federal prison term after he was found ... Continue reading "Indianapolis Advisor Sentenced to 10 Years in Federal Prison for $1.35 Million Securities Fraud" »
The Jon Guay story is one of a wolf in sheep's clothing. Guay, who recently pleaded no contest to fraud and grand theft, was accused of befriended a group of people in California's Bay Area, ... Continue reading "California Man Steals $300,000 from Bay Area Investors" »
For those who are unfamiliar, bitcoin is virtual currency also referred to as "peer to peer" or "open source" currency. Bitcoin was created around 2009, but its exact origins are ... Continue reading "Bitcoin: The Latest Trend in Ponzi Schemes" »
One week ago today, the U.S. Securities and Exchange Commission filed a civil injunctive action in the Northern District of Georgia against Atlanta-based marketing company Zhunrize, Inc. In the ... Continue reading "SEC Accuses Atlanta Marketing Company Zhunrize and CEO Jeff Pan of Running a $100M Pyramid Scheme" »
On September 24, the SEC announced charges in a San Francisco federal court against internet marketing company eAdGear Holdings and eAdGear, Inc. alleging that its operators, Charles S. Wang, Qian ... Continue reading "SEC Files Pyramid Scheme Charges Against Internet Marketing Company eAdGear Inc." »
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