If the figures coming from the North American Securities Administrators Association (NASAA) are correct, the number of fraud actions involving victims over the age of 50 is staggering. We don’t have 2020 data yet and with COVID, we expect 2020 will be another record breaking year for fraudsters. Sadly, regulatory agencies only have enough resources […]
JPMorgan Securities Fined for Unsuitable Investments, Misconduct
JP Morgan Securities – Big Doesn’t Mean Better JPMorgan Chase is the largest bank in the United States and the 7th largest in the world. With assets of $2.86 trillion, it certainly is big. It also claims to be one of the oldest financial institutions in the country. But that doesn’t mean its brokerage arm […]
Can David Lerner Associates Survive?
My first encounter with David Lerner Associates came in July 2011. That month I spoke with a pleasant woman who had invested heavily with a David Lerner Associates broker in an Apple REIT (real estate investment trust). She was calling for advice on whether she accept their offer to buy back her REIT investment. “At […]
Senator to SEC: Strengthen Stockbroker Fraud Rules
Following a recent expose in the Wall Street Journal, Massachusetts Senator Edward Markey called on the Securities & Exchange Commission to strengthen FINRA’s ability to fight stockbroker fraud. (FINRA is the Financial Industry Regulatory Authority, a self regulatory organization that derives its enforcement powers from the SEC.) The Journal reported that over 5000 stockbrokers are […]
Cockroaching – New Trend in Investment Fraud Cases
“Cockroaching” – I must admit until I picked up today’s Wall Street Journal, I wasn’t familiar with term. Although the term was new to me, the underlying practice is unfortunately well known in the world of investment fraud lawyers. Cockroaching refers to the practice of stockbrokers jumping from one troubled brokerage firm to another. The […]
Massachusetts Targets REITs… Again
We have written many posts about REITs – Real Estate Investment Trusts. They can be great investments but many have liquidity problems. Stockbrokers often recommend them to the wrong customers as well. In May, Massachusetts Secretary of State William Gavin announced that five brokerage firms had agreed to pay restitution of $6.1 million to settle […]
Anderson Scott Hall Faces New Charges In Abaco Securities Scam
In June we wrote about Anderson Scott Hall, head of Abaco Securities International. At the time, Hall was awaiting trial on 20 counts of wire and mail fraud. Prosecutors say he bilked millions of dollars from teacher and school district employees near Jacksonville, Florida. Hall’s case was scheduled for trial in August but a federal […]
Lincoln Financial Advisors Rep Sanctioned By FINRA
Lincoln Financial Advisors says it wants to be the country’s “premier fee-based financial planning firm.” A recent decision by the Financial Industry Regulatory Authority’s (FINRA) Enforcement Department suggests that the firm is off to a rocky start. FINRA sanctioned former registered rep and investment advisor William Babb III with “trading away” and failure to cooperate […]
Securities America Fined For Improper Supervision – Stockbroker Fraud Post
Securities America is a large broker dealer headquartered in La Vista Nebraska. Licensed in all 50 states and in business for over 3 decades, the firm is well established in the industry. Lately, however, it has attracted some negative attention for its business practices. Some say the company has allowed or ignored fraud by some […]
Justice Delayed – The Story Of Anderson Scott Hall & Abaco Securities
From 2006 through 2011, Anderson Scott Hall and the company he ran, Abaco Securities International, were household words in Jacksonville, Florida. Abaco conned many Duval County teachers and administrators into turning over their hard earned savings. Prosecutors say millions in savings. Hall’s clients were promised stable, secure investment returns from 6 to 18%. Instead of being invested, […]
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