Less than 24 hours ago we wrote a story about securities fraud and the need for brokerage firms to protect clients against advisers who rip off clients by “selling away.” Today the SEC announced it charged a former LPL Financial stockbroker, Blake Richards, with securities fraud after accusing him of stealing $2 million in client […]
Morgan Stanley Manager Claims He Was Fired For Being A Whistleblower
by Brian Mahany Unfortunately, story titles such as this one are all too common. Companies should welcome employees who are looking after the long term interests of the business and reporting internal wrongdoing. Unfortunately they often don’t, especially in the financial industry. According to published reports, a risk manager from Morgan Stanley Smith Barney claims […]
Charles Schwab Pays $119 Million to Settle Consumer Charges
When a prospective customer logs on to the Charles Schwab website, they are greeted with a friendly message that says, “We see investing from your perspective and make recommendations based on actually listening to you and understanding your needs.”Apparently that isn’t so. Schwab settled SEC charges accusing the company of misleading investors about the safety […]
Ex Wells Fargo Brokers Defrauded Customers of Millions
Two former brokers working for Wachovia Securities were charged with securities fraud by the Securities and Exchange Commission. The government says William Harrison and Eddie Sawyers defrauded dozens of Wachovia customers out of at least $8 million. Wachovia is now known as Wells Fargo Advisors. According to court records, Harrison and Sawyer told their clients […]
SEC Shuts Down Broker Who Defrauded Elderly Nuns
Not one week into the new year and the SEC has shut down another fraud scheme, this one targeting the Sisters of Charity, a congregation of mostly elderly nuns in the Bronx section of New York City. The SEC charged Paul Chironis with churning two accounts owned by the nuns. The accounts were to be […]