There is an interesting point in this week’s Wall Street Journal titled “Brokerage Files Don’t Give The Full Pictures,” which talks about the how brokerage firms and individual brokers are held to different standards, when it comes to their BrokerCheck records. BrokerCheck, the online search tool from FINRA for brokers…
Recently, CNBC interviewed Jenice Malecki for their white collar crime series, “American Greed”. The episode tonight (Feb 13, 2017), by CNBC correspondent Scott Cohn, is focused on John Bravata, who ran a real estate Ponzi Scheme from 2006 to 2009, through his company BBC Equities LLC. He collected more than…
We frequently represent individuals who have received an SEC Subpoena, and often the first question asked is, “Why did I get this subpoena? I did nothing wrong.” The SEC investigates many kinds of misconduct, and the people they seek information and documents from (through the use of Subpoenas) very often are…
When you receive an SEC subpoena, one of the first things that you want to know is “how long before this is over?” While that is an important question, it unfortunately is not one that has a definite answer. Frequently, the time to produce materials will range from weeks to…
You just received a Subpoena from the Securities and Exchange Commission (SEC). What will you have to produce? We regularly represent securities industry professionals and investors who have gotten these Subpoenas, and the reaction is usually the same: people are nervous and concerned. How will this affect your business, and…
Windsor Street Capital (formerly known as Meyers Associates) and its anti-money laundering (AML) officer, John D. Telfer, have been charged with securities violations by SEC, according to a recent report. Windsor allegedly failed to report at least $24.8 million in questionable penny stock sales. The violations cited by the SEC…
Michael J. Breton of Massachusetts was banned from the securities industry by the SEC according to a recent InvestmentNews report. According to the report, Mr. Breton cost his clients $1.3 million by “cherry-picking” trades – i.e., placing trades through one central account then allocating the profitable trades to himself and…
BlackRock has been charged by the SEC with removing whistleblower incentives in their separation agreements with employees, per the SEC. According to the Commission, BlackRock’s charges stemmed from allegations that the company forced employees to waive their ability to obtain whistleblower awards. Provisions such as those in Dodd-Frank provide for…
As reported recently, the Financial Industry Regulatory Authority has commenced an investigation into the cross-selling activities of several broker dealers in the wake of the Wells Fargo fallout. FINRA’s objective has reportedly been to determine just how much cross selling is taking place (including promotion of products such as credit…
Alliance for Investor Education and the PIABA Foundation is Hosting an Educational Conference about Securing Investors’ Financial Futures The National Investor Town Hall Meeting is a day-long series of presentations, free to the public, aimed at educating investors about the risks and rewards of financial investing. It will be held…