Last week the Securities and Exchange Commission announced that it was pursuing charges against two Florida men, Gregory Adams and Larry Grossman. Both men were involved in a company called Sovereign International Asset Management. The SEC accuses both men of committing fraud by failing to truthfully inform clients about compensation received from offshore funds. Prosecutors say […]
Archives for 2013
Two Lawyers of Failed Firm Receive $16 Million? – Virtual Law Post
[Ed. Note: The following post is reprinted from our sister blog, Guerilla Law Firm Blog. The behavior of some “BigLaw” firms is so outrageous that it warrants reprinting. If anyone wonders why rates are so high at big law firms, read this post and you may begin to understand.] Two Lawyers of Failed Firm Receive […]
November's Dirty Dozen – (Stockbroker Fraud Post)
In an industry employing over 500,000 people, there are always going to be bad apples. Every profession has some including lawyers, accountants, and insurance agents. This post is about bad stockbrokers. For this month’s list, we culled the records from the Financial Industry Regulatory Authority (FINRA). Each month FINRA’s Department of Enforcement issues a monthly […]
Wells Fargo Sanctioned For Actions Of Broker Patricia Rodriguez
Every month we cull the public records made available by the Financial Industry Regulatory Authority (FINRA). And each month we learn how ingenious stockbrokers have figured out news ways to rip off clients. This month is no exception. FINRA just published a notice that Wells Fargo had been sanctioned $150,000 for failing to properly supervise […]
Seeking Former Clients of Christopher Olson – National Planning Corporation
The Dow Jones news service reported that National Planning Corporation, an affiliate of Jackson National Life Insurance Company, was ordered to pay $6.2 million to a couple who accused their former National Planning representative, Christopher Olson, of misrepresenting investments. Olson was not ordered to pay as he previously filed bankruptcy. The award was made by […]
Cops Say Woman Forged Will of Elderly Neighbor, Stole Her House
Elder abuse stories are always heart wrenching. That criminals would even think of taking advantage of people who are unable to defend themselves is abhorrent. Yet elderly victims, particularly those suffering from dementia, make them easy targets. Prosecutors in Allegheny County, Pennsylvania say Mary Mechelli, age 54, forged the will of a dying neighbor while […]
SEC Bans Rogue Broker For Stealing Client Funds
Most of the rogue stockbroker cases we deal with involve brokers selling unsuitable investments. Many otherwise honest financial professionals are too easily lured by the promise of fat commission checks or exotic new investment schemes that promise above average returns. In many respects, some brokers are just like their clients; looking for something special that […]
Seeking Information on Ellwood Jones and Dennis Edmonds
A recent investigation by the Wall Street Journal revealed that 99.5% of stockbrokers have one or no public disclosures. A “public disclosure” occurs when there is a formal complaint against a broker, arbitration, lawsuit, bankruptcy or criminal complaint. Considering there are over one-half million stockbrokers in this country, the low complaint rates are a testament […]
FINRA Cracks Down on Stockbroker Fraud
We frequently post articles about stockbroker fraud. Every day we represent people who have lost their life savings because of worthless investments hawked by stockbrokers, investment advisers, insurance agents and financial planners. Unfortunately, when we get involved the investors have already become victims. Bad brokers sometimes can go for years before being stopped by regulators. […]
New Hope For Sunderlage Fraud Victims! (PIWM, Battoo, Anchor Post)
There is hope for the thousands of investors who lost money through the so-called Madoff feeder funds. People who invested directly with Bernard Madoff Investment Securities were the only ones eligible to share in the $9.5 billion collected by trustee Irving Picard. Unfortunately, billions of dollars were funneled into Madoff’s empire through so-called feeder funds. […]
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