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).
December 2016
31-Dec-2016
Advisor Fined $8.9 Million For Penny Stock FraudA Canadian citizen and his Boston-based advisory practice have been ordered to pay $8.9 million for penny stock fraud.
SEC Alleges Suspended Broker Continued To Scam RetireesA broker was hit with a temporary court bar and asset freeze after the SEC alleged he drained clients' retirement savings.
Texas Investment Advisor Operated $6 Million Ponzi SchemeBobby Eugene Guess bragged about his expertise in radio ads and seminars, Texas regulators say.
Advisor Who Allegedly Cheated Pro Athletes Barred From IndustryAsh Narayan is accused of defrauding former Jets quarterback Mark Sanchez and others out of $33 million.
Advisor Made $1 Million Through Fraud, Indictment SaysAn Illinois advisor assigned profitable securities to himself and gave losers to clients, says the SEC.
Goldman Sachs Ordered To Pay $120M Penalty For Rate ManipulationThe Commodity Futures Trading Commission said Goldman tried to manipulate a dollar benchmark for interest rate products.'Big Short' Advisor Loses Appeal In SEC CaseWing Chau is at the center of a fraud case that alleges he defrauded investors out of $1.1 billion.
November 2016
30-Nov-2016
Former Advisor Barred From Industry For Defrauding ClientsHe is serving a three-year prison term for defrauding clients of nearly $2.5 million, the SEC says.
Valic Pays $1.75M To Settle Finra Conflict Of Interest ChargesFinra fined Valic for failing to manage conflicts when moving assets from variable annuities to its fee-based advisors.
Wells Fargo Employees Sue Over Funds In Retirement PlansA lawsuit claims the company funneled more than $3 billion of employee savings into expensive, underperforming funds.
Former NFL Player, Partner, Plead Guilty To $37 Million Ponzi SchemeWill Allen, a former NFL player, pleaded guilty to participating in a $37 million Ponzi scheme.
Finra Fines Firms Over VA ContractsFinra fined eight firms $6.2 million for failing to supervise VA sales and ordered five to pay customers more than $6 million.
Still want more scams? Check out www.ponzitracker.com and www.sec.gov/litigation/litreleases.shtml