We cover latest news on investor lawsuits, investigations and investment fraud. Unfortunately, investment fraud is very common, especially with seniors. We report on several different kinds of security fraud that includes Ponzi-Schemes, Bad Accounting and Improper Sales Practices.
In 2021, the Securities and Exchange Commission (SEC) examined 16% of RIAs (registered investment advisors). This translates to every sixth RIA being examined, out of about 15,000 in all. Additionally, the SEC believes that in …
A registered representative of Merrill Lynch, Evelyn Batista was suspended by the Financial Industry Regulatory Authority (FINRA) for making “reckless misrepresentations” to the Small Business Administration (SBA) to obtain an economic injury disaster loan. In …
A FINRA claim has been filed by an investment fraud law firm on behalf of a resident of Kansas. It alleges unsuitable client investments made by Lincoln Financial Advisors Corp. in Cole Credit Property Trust …
If it wasn’t a case of fraud, the scale might even be considered impressive. $100 million from over a thousand different people is what Perry Santillo, 41, of Rochester, New York, succeeded in ripping off …
Perry Santillo’s Ponzi Scheme Swindles $115M From 1,000 Investors Read More »
E*Trade Securities, the self-directed platform for trading that was acquired by Morgan Stanley in October 2020, and which has 2,100 registered representatives spread across 40 branches, has been censured by Financial Industry Regulatory Authority (FINRA). …
Supervisory Lapses Cost $350K in Fines to Morgan Stanley Owned E*Trade Read More »
Investors continue to file lawsuits against brokers for the sales of GPB Capital Holdings investment. There are an estimated 17,000 investors that were sold a GPB Capital product. Last year GPB Capital and two key …
Investors File Complaints Against Triad Advisors For GPB Capital Sales Read More »
A customer complaint has been filed against former stockbroker Eric Hollifield (Eric Shea Hollifield CRD:# 3091319) claiming damages of $1,240,000 for misappropriation of funds from the account. The claim was filed on the 25th of …
FA Eric Hollifield Barred After $1.2 Million Misappropriation Complaint Read More »
Matthew Clason, a one-time LPL Financial FA (financial advisor), has got 30 months behind bars, against a possible 20 years, for stealing several hundred thousand dollars from an elderly client. The sentence was announced by …
Matthew Clason From LPL Financial Gets 2.5 Years In Prison For Theft From Elderly Client Read More »
At one time associated as a financial advisor (FA) with Ameriprise, Paul Juan Mata has pleaded guilty to multiple counts of wire and mail fraud, and several others, in a total of 17 felonies. The …
Paul Juan Mata (Ameriprise) Sentenced to 14 Years For Fraud Read More »
Sentencing has been done for Phillip Conley of Jacksonville, Florida on charges of defrauding pastors and churches, and others, in West Virginia, to the tune of $5 million. He is required to serve 87 months …
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