When I read a headline today in InvestmentNews that said “Financial Fraud is Rampant but Most People Can’t Spot It,” I wasn’t surprised. Because we only handle investment fraud cases with losses of $100,000 or more, most of our clients are savvy, sophisticated men and women. We have represented lawyers, doctors and bank vice presidents. […]
Investment Fraud – "Guaranteed Returns" Was Really a Scam
Every week we hear about people who gave money to a promoter offering “guaranteed returns.” About the only thing guaranteed is the loss of all or most your money. Unless you are putting money into government savings bond, nothing is guaranteed. (Many of our readers would question the safety of savings bonds!) One of the […]
22 Year Sentence Upheld In Hollywood Investment Fraud Case
There is a popular perception that courts simply give white collar fraudsters a slap on the wrist – a quick court appearance in the afternoon and then home in time for dinner. While we believe that the government hasn’t prosecuted enough criminal fraud cases against the big banks and Wall Street, federal judges do hand […]
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 […]
Stock Fraud Post – "Outside Business Activities"
Stock fraud is a hot topic these days. With interest rates at all time lows, investors are demanding higher returns. Financial professionals such as stockbrokers and investment advisers have limited options. Although there are some high yield alternative investments available, most are too risky for the average investor. Good brokers are honest with their clients […]
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 […]
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, […]
Tenants In Common Fraud Leads To Award Against Broker
A Tenants in Common fraud claim resulted in an award against a major brokerage firm earlier this month. According to records obtained from the Financial Industry Regulatory Authority (FINRA), ProEquities was hit with a $448,000 arbitration award last week after a customer complained about a failed tenant in common investment. Suzy Asad filed a complaint […]
December 11th, A Date That Will Live In Infamy – Investment Fraud Blog Post
by Brian Mahany History buffs will remember President Roosevelt’s famous speech after the bombing of Pearl Harbor. He started that speech by saying, “Yesterday, December 7th, 1941, a date that will in infamy…” He went on to inform a shocked nation about the surprise attack on Pearl Harbor. A little more recently, December 11th has […]
Former Sunwest CEO Indicted For Fraud
by Brian Mahany Former Sunwest Management CEO Jon Harder was indicted for fraud in connected with an alleged Pozi scheme. Prosecutors say he bilked investors out of over $130 million. Harder was CEO of Sunwest, a constellation of companies that purchased and operated nursing homes and assisted living facilities. Several years ago, his company went […]