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).
October 2015
31-Oct-2015
CFPB Sues To Stop Allegedly Bogus Student Financial Aid OperationA federal consumer agency filed suit to stop a company that allegedly sent millions of letters to students and their families offering help in getting financial aid---for a fee.
Life Insurers Admit To Offering ‘Kickbacks,’ Says Elizabeth WarrenU.S. Senator Elizabeth Warren launched an investigation into 15 major annuity providers amid concerns about the "kickbacks" they offered to brokers who peddle products to retirees.
Edward Jones, Four Other Firms Settle Over Mutual Fund OverchargesEdward D. Jones & Co and four other brokerages agreed to reimburse a combined $18.4M...
Massachusetts Charges Fidelity Over Unregistered AdvisorsMassachusetts has charged Fidelity Brokerage Services LLC with knowingly allowing unregistered individuals to act as investment advisors for Fidelity customers.
Oregon Investment Manager Paid For Daughter's Wedding With Client's Gold Mine MoneyThe SEC has charged an Oregon man with spending $3 million that a client thought he was investing in a gold mine and energy technology.
San Diego Advisor Used Client Money For Porn, SEC SaysA San Diego investment advisor used nearly $2 million of clients' funds for himself, SEC says.
12 B-Ds Fined $2.6 Million By FinraThe Financial Industry Regulatory Authority has fined 12 broker-dealers a total of $2.6 million for failing to give breakpoint discounts on sales of unit trusts.
Florida Advisor Admits He Stole From Elderly ClientsThe SEC has charged Michael Donnelly in a criminal complaint with stealing from unsophisticated investors.
UBS Firms Fined $17.5 Million For Failing To Disclose Fund Strategy ChangesTwo UBS-affiliated firms will pay $17.5 million to settle charges that they failed to disclose a change in investment strategy that cost clients nearly $5 million in estimated losses.
New Hampshire Advisor Cheated Three Elderly Clients, SEC SaysA former advisor for Pruco Securities has been barred from the financial industry by the SEC for allegedly using $1.4 million in clients' money for himself.
Wisconsin Advisor Cherry Picked Profits, SEC SaysMark P. Wellhouse kept winning investments for himself and assigned losing ones to clients, the SEC says.
N.C. Hedge Fund Manager Charged With FraudThe SEC has charged Lonny Scott Bernath with defrauding investors of three hedge funds.
PA Advisor Barred For Operating $2 Million Ponzi SchemeJason A. Muskey pled guilty to criminal fraud charges in the case.
UBS To Pay $19.5 Million To Settle Structured Note ChargesUBS AG has agreed to pay $19.5 million to settle SEC charges that it misled U.S. investors about the value of structured notes based on a proprietary currency index.
SEC Slams Las Vegas Advisor For S2.5M ‘Make A Lot Of Money’ ScamThe SEC obtained a federal court judgment against a Las Vegas investment advisor’s scheme involving a company Malom, an acronym for ‘Make A Lot Of Money.’
Maryland Investment Advisor Cheated Middle-Class Investors Out Of $27 MillionA Bethesda, Md., man conducted a massive Ponzi Scheme that cheated 130 investors, the SEC says.
Trading Firm 'Spoofs' Stocks, SEC SaysA New York trading company placed false orders to manipulate stock prices, the SEC charges.
Fla. Advisor Charged By SEC In Alleged $500,000 Investment SchemeA Florida man is facing fraud charges from the SEC after he allegedly lied to his clients about his registration status, his disciplinary history and the quality of their investments to garner more...
Scottrade Says It Was HackedThe discount broker said it was the victim of a cyber attack from late 2013 to early 2014 that compromised information on 4.6 million customers.
New Jersey Fund Manager Arrested For Cheating FriendsA New Jersey man who called himself a registered investment advisor has been arrested for defrauding friends.
September 2015
30-Sep-2015
Two Philadelphia Men Cheated Families, Friends Out Of $5.4M, SEC says
Texan Pleads Guilty To Running Bitcoin Ponzi Scheme
SEC Bars Advisor Who Allegedly Bilked NFL Stars
Two Defendants Pay $30 Million For Stealing Press Information
Arizona Man Steals $10 Million To Pay For Strip Clubs, SEC Says
Wall Street Banks To Settle CDS Lawsuit For $1.87 Billion
Former Brokers Who Promised 'God's' Investing Face SEC Fraud Charges
Former Kentucky Lt. Gov. Charged With Fraud By SEC
Maryland Talk Show Host Inflated Her Firm's Assets By $1.5 Billion, SEC Says
3 Stock Traders Made Millions Lying To Investors, SEC Says
Michigan Man Convicted Of Stealing $43 Million From Hockey Star Fedorov
New Yorker Barred From Business For Stealing $3 Million
Convicted Ponzi Artist Repeated Crime To Pay Court Penalty, SEC SaysFlorida Investment Advisor Gets Prison For Fraud
Massachusetts RIA Charged In $40 million Fraud
Florida Advisor Charged With Insider Trading
NY Advisor Pumped And Dumped Barnes & Noble Stock, SEC Says
Familiar Faces Charged With Fraud in $72M Pump-and-Dump Scheme
LPL To Pay $1.4M Fine In Settlement For Non-Traded REIT Sales
Two Philadelphia Men Cheated Families, Friends Out Of $5.4M, SEC says
Ex-Morgan Stanley Advisor Pleads Guilty In Connection With Data Breach
Still want more scams? Check out www.ponzitracker.com and www.sec.gov/litigation/litreleases.shtml