While marijuana-related investments grow in popularity, the SEC has reportedly received more associated complaints from investors. As a result, the Securities and Exchange Commission warns individuals to be mindful of certain risks before investing in marijuana-related companies. The SEC released an investor alert with this warning after medical marijuana company…
Barred FINRA-registered broker Steve Pagartanis, of Suffolk County, N.Y, is facing charges by the SEC and the Suffolk County District Attorney’s Office for allegedly running a multi-million-dollar Ponzi Scheme that bilked long-term investors, many of them seniors, for 18 years. In May 2018, the SEC filed a civil complaint against…
Malecki Law is pleased to announce that a FINRA arbitration panel granted 28 expungements for three broker clients with customer complaints from their sale of Puerto Rican closed-end funds. The 28 expungements were granted as part of a FINRA arbitration award, the claim filed on behalf of nine Puerto Rico…
The Securities and Exchange Commission’s program to reward whistleblowers for coming forward has undoubtedly been an asset in recovering fraud for the regulatory agency. Useful tips from whistleblowers have helped the Securities and Exchange Commission recover over $1 billion in enforcement actions. The SEC whistleblower program offers financial incentives and…
Malecki Law attorney Jenice Malecki was on the set of business news network CNBC’s documentary true crime series American Greed yesterday to speak about affinity fraud for an upcoming episode. American Greed provides in depth-reporting exposing Ponzi Schemes, mortgage fraud, art heists, identity theft, and other shocking things people have…
Last week, Malecki Law filed an amended FINRA arbitration complaint against Securities America on behalf of victims claiming that the broker-dealer’s inadequate supervision over its registered representative, Hector May, permitted his alleged Ponzi Scheme to happen. Securities America failed to act as Hector May sold fictitious “tax-free” corporate bonds from…
The SEC charged New York-based FINRA regulated brokerage firm Alexander Capital L.P. (CRD # 40077)as well as two of its managers for failing to supervise three registered brokers, William C. Gennity, Rocco Roveccio, and Laurence M. Torres last Friday. The alleged supervisory failures are concerning charges against the brokers for…
Malecki Law was featured in the news for filing a FINRA arbitration claim on behalf of investors alleging that Securities America failed to perform proper supervisory duties as their formerly registered broker, Hector May allegedly operated a Ponzi Scheme. In the Financial Planning article, investor fraud attorney Jenice Malecki provides…
If you want to find trouble on Wall Street, follow the money. A “troubled broker” is a broker more concerned for his or her commissions than the quality of the investments he or she recommends. Finding investors for private placements can be very lucrative for a broker, but very risky…
The SEC settlement indicates that Merrill Lynch sent millions of dollars in customer orders to other broker-dealers for execution while purposely concealing their activity as part of their so-called “masking.” practice. For five years, Merrill Lynch had routed some orders to broker-dealers referred to as “ELP”s, or “Electronic Liquidity Partners.”…