Lawyers, Guns & Money
Why is it important to work with a fiduciary?
This section of our site is dedicated to all the low-down, no-good, thieving rascals of the industry. It’s a shame that people were hurt by their actions, but at least we can smile (and maybe even laugh) knowing that they are getting what they deserve.
Each month brings new headlines. If you are interested in reading more about a particular story, just highlight the headline and right click on "search Google" (or the search engine of your choice).
February 2016
29-Feb-2016
SEC: Fake Broker Charged With Selling Phony Stock To Pay Gambling DebtThe SEC has charged Gregory Ruehle, an unregistered broker in Oceanside, CA with fraudulent stock sales.
SEC Bars RIA Over Use of Leveraged, Inverse ETFsNicholas Rowe, ex-owner of Focus Capital Wealth Management, has been barred from the securities industry by the SEC.
JP Morgan Faces Indiana Probe Of Proprietary Funds
Indiana regulators are looking into how JP Morgan handled investments inside trusts that benefited churches.
Buffalo, N.Y. Brokers Barred For Fraud
FINRA barred two Buffalo brokers for committing fraud in trying to sell a hedge fund.
N.C. Fraud Targeted Dominican Republic Investors
Frank E. Lleras defrauded investors of $2.9 million in a real estate scheme, the SEC says.
Lending Company And Brokerage Firm Defrauded Investors, SEC SaysThey kept information form investors about deteriorating loan values and other issues, the SEC says.
SEC Bars Advisor On State SanctionsNicholas Rowe, a Hollis New Hampshire investment advisor has been barred from the securities industry based on a bar imposed by the state securities commission.
FINRA bars 2 Brokers in Hedge Fund FraudBrokers told investors the fund was a 'growth', not a 'highly speculative' one.
Morgan Stanley In $63 Million Deal With FDIC Over Mortgage BondsMorgan Stanley has agreed to pay $62.95 million to resolve claims over the sale of toxic mortgage-backed securities.Morgan Stanley Paid New Jersey Widow Over Puerto Rico Losses
Morgan Stanley paid a New Jersey widow to compensate for her losses on Puerto Rico securities.
January 2016
29-Jan-2016
Church Scheme Gets Broker Barred From Financial IndustryMichael T. Snedeker pled guilty earlier to criminal charges of defrauding the IRS, SEC says.
State Street To Pay $12 Million To Settle Pay-to-Play ChargesTo settle charges it participated in a pay-to-play scheme with an Ohio public official, State Street will pay $12 million.
Ex-Capital One Analyst Held Liable For Insider TradingA Chinese national has been held liable for using private data to conduct trades.Goldman, Sachs & Co. disregarded short-selling regulations, the SEC says.
Goldman Sachs Pays $15 Million To Settle SEC Charges
Finra Nails California B-D Over Penny Stocks
A California broker-dealer was hit with a $400,000 fine, resulting in a sale of the company.
Finra To Examine 'Firm Culture' In Wall Street BrokeragesFinra said it would examine the "firm culture" at Wall Street brokerages and the factors that influence them.
FTC: Lumosity 'Brain Training' Claims UnprovenThe company has agreed to pay $2 million to settle allegations over unfounded claims.
Finra Charges Texas Firm In $1 Million Churning CaseFinra alleges the firm took on a number of offices that operated like bucket shops.
Still want more scams? Check out www.ponzitracker.com and www.sec.gov/litigation/litreleases.shtml