According to a recent Acceptance, Waiver & Consent (“AWC”) submitted by broker Brian Berger with the Financial Industry Regulatory Authority (FINRA), Mr. Berger has been banned from associating with a broker-dealer in the securities industry. According to the AWC, in June 2015 FINRA “initiated an investigation into allegations that Mr.…
A Letter of Acceptance, Waiver and Consent (AWC) was recently accepted by Financial Industry Regulatory Authority’s (FINRA’s) Department of Enforcement from Adrian S. Lauer. Mr. Lauer was accused of failing to disclose outside business activities on his Form U4 and to his employer. Specifically, Mr. Lauer was accused of violating FINRA…
According to a Letter of Acceptance Waiver and Consent filed with the Financial Industry Regulatory Authority (“FINRA”), Thomas Buck has been barred by FINRA from working with any FINRA member firms. Mr. Buck was a former top broker at Bank of America Merrill Lynch and was at the time a…
Per reports, William Galvin, the Secretary of the Commonwealth of Massachusetts, recently filed complaints against Securities America and its broker Barry Armstrong over allegedly misleading advertisements that targeted vulnerable seniors. Securities America allegedly participated in and failed to supervise Mr. Armstrong, in conducting a misleading radio advertising campaign. In what…
On July 1, 2015, the Financial Industry Regulatory Authority (FINRA) accepted settlement offers from brokers Jonah Engler, Hector Perez, Jonathan Michael Sheklow and Joshua William Turney for their roles in selling fraudulent investments to 59 customers. According to FINRA’s Orders Accepting Offers of Settlement, these individuals sold $3 million worth of Senior…
Another oil and gas venture domino falls. The Securities and Exchange Commissions (SEC) released a press release on July 6, 2015 announcing charges brought against Luca International, a California based oil and gas company, and Bingqing Yang, the company’s CEO. The SEC charged Luca and Ms. Yang with running an alleged…
The Wall Street Journal reported on July 2, 2015 that many investors may suffer losses as a result of the attempts by Puerto Rico Electric Power Authority (PREPA) to restructure its debt with its creditors in order to avoid a default and other Puerto Rico economic woes. While clearly many investors…
The Securities and Exchange Commission (SEC) announced today that is has formally charged Malcolm Segal with running a Ponzi scheme and stealing investor money from his office in Pennsylvania. According to his BrokerCheck Report, Mr. Segal was formerly a registered stockbroker with Aegis Capital Corp. and Cumberland Advisors. Mr. Segal…
It was recently reported that Keith M. Rogers, formerly employed by GLS & Associates, Inc., a FINRA broker-dealer, has been indicted and held on $2 million bond on securities fraud charges, where it was reported that he took investors’ money to pay for personal expenses and repay other investors, a classic…
As the U.S. baby boomers look toward retirement, a larger percentage of the population will become senior-aged individuals who will have a substantial amount of savings that may be used to fund investments. It is more important than ever to keep in mind that everyone needs to take as much…