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Posts Tagged suing stockbrokers

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 [...]

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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 [...]

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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 [...]

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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 [...]

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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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TIC Awards Still Haunt Brokerage Firms

Claims for failed Tenants in Common (TIC) investments still haunt stockbrokers and investment advisers according to a story in InvestmentNews. According to the report published on Friday, arbitration awards continue to be made against broker dealers. TICs were a popular investment vehicle several years ago. An IRS ruling allowed individuals to pool their monies and [...]

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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 [...]

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Stockbroker Fraud – Another Broker Dealer In Dire Straits

Stockbroker fraud is a hot topic these days. Thousands of investors make claims each year about investment scams and Ponzi schemes. In many cases, when the dust settles, the only “deep pocket” is the brokerage firm that facilitated the sale of the investment. Other times, registered reps simply don’t take the time to know their [...]

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LPL Broker Charged With Securities Fraud

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 stockbroker, Blake Richards, with securities fraud after accusing him of stealing $2 million in client funds. [...]

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FINRA Attacks New Type Of Securities Fraud

Securities fraud costs investors billions of dollars annually. Sometimes the promoter is the fraudster (think Bernie Madoff) and other times it is the stockbroker trying to make a quick buck. This week the Financial Industry Regulatory Authority – FINRA – levied a whopping $7.5 million fine against LPL securities for email violations. Email violations? Thats [...]

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