Category: Insurance Fraud

Chicago Broker Bhenoy Dembla Barred by FINRA Over Falsifying Mutual Fund Sales Orders

Chicago Stockbroker Bhenoy Dembla has been barred from the securities industry over claims that he falsified mutual fund sales orders while employed by Merrill Lynch. Call to speak with an investment loss attorney from Meyer Wilson.

The 10 Most Common Investment Scams

Scammers have spent millennia refining old schemes and creating new ones to separate a mark from their money. While people are constantly testing out new ideas in an attempt to strike gold, the main rotation of scams that you need to look out for remains more or less the same: Ponzi Schemes: Ponzi schemes work… read more

Former Broker Donald A. DeVito II Accused of Churning and Unauthorized Trading

Donald A. DeVito II, a former Wells Fargo stockbroker, has been accused of churning and unsuitability in a recent customer complaint filed in May 2017. Regulatory documents show that Donald DeVito was terminated from Wells Fargo in late 2016 because of “concerns related to the level of trading in accounts.” He is not currently registered… read more

Duration – How Interest Rate Hikes Can Affect Your Bond Portfolio

If you have money in a bond fund or if you own a bond, you should pay close attention to an important number known as duration. This will signal the likely change in the price of your bond when interest rates either go up or go down – the higher the number, the more your… read more

What You Need To Know About Customer Advisory Centers

In an investor alert released by the Financial Industry Regulatory Authority (FINRA), the securities regulator warned investors about “customer advisory centers” that are becoming increasingly common in the securities industry. These offices ostensibly act as call centers for discount brokers with customers who self-manage their own accounts. But the persons working there often receive financial… read more

Investor Advice: Be Wary Of All-Or-Nothing Options

Trading binary options may seem tempting depending on your situation, but come with an extremely high level of risk due to the fact that they are all-or-nothing propositions – when they expire, you either lose your entire investment or make a pre-determined sum of money. Fraudulent schemes, many of which originate outside of the country,… read more

Chicago Investment Advisor Umesh Tandon Charged for Investment Fraud

A Chicago-based investment advisor has been charged with lying to his clients, including the California Public Employees’ Retirement System (CalPERS), about the amount of money managed by his firm. According to the SEC, Umesh Tandon, an adviser with Chicago-based Simran Capital Management, usedfalse information to obtain the business of several institutional investors, including CalPERS. Specifically,… read more

North Dakota Insurance Agent Charged with Cheating Elderly via Insurance Fraud

Former ND Insurance Agent Charged with Cheating Elderly Clients out of Nearly $1.5M Brent Kitzan, a former Bismarck insurance agent named in a Dec. 2011 Cease and Desist Order, has been officially charged with cheating his clients, many of whom were elderly, out of nearly $1.5 million over a period of nine years. State officials… read more