Straight Talk

The purpose of this blog is to provide education and news that will help clients through the litigation process.

|Comments Off on Royal Bank Unit Aided $123M ATM Ponzi Scheme, Suit Says

Royal Bank of Canada and a Los Angeles-based banking subsidiary have been sued in California state court for negligence and other claims by dozens of individual investors alleging a bank officer enabled a $123 million Ponzi scheme through an ATM machine leaseback program operated by the in-receivership Nationwide Automated Systems Inc.

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|Comments Off on Paving Stone Co. Head Gets 10 Years For $26M Ponzi Scheme

A New York man on Friday was sentenced to over 10 years in prison for running a $26 million Ponzi scheme through a purported paving stone company, in a case that has also ensnared a former U.S. Securities and Exchange Commission attorney accused of aiding the scheme.

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|Comments Off on State regulators reveal top enforcement targets

Agencies brought more cases against registered advisers than unregistered entities, and certain products featured in many of them

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|Comments Off on Charlestown, Indiana man pleads guilty in securities fraud case

A Charlestown man was ordered to pay $250,000 in restitution after pleading guilty in a securities fraud case Monday.

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|Comments Off on Indiana awards whistleblower $95K with more whistleblowers likely in financial advice sector

Earlier this month, Indiana announced its first whistleblower award, giving $95,000 to a former JP Morgan official who helped the state’s regulators make an advice-related case against the firm that resulted in a $950,000 settlement. The informant showed how the firm failed to make proper disclosures to clients about proprietary funds in discretionary accounts. The whistleblower exposed JP Morgan for putting its interests before its clients.

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|Comments Off on SEC Wants Firms To Watch Reps With Troubled Pasts

The U.S. Securities and Exchange Commission announced Monday that it is launching exams to test the compliance oversight and controls of investment advisers that hire individuals with a disciplinary history.

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|Comments Off on 2 Firms To Pay Fines Over Wrap Fee Compliance

James & Associates and Robert W. Baird & Co. agreed Thursday to pay a fine to the U.S. Securities and Exchange Commission over claims they failed to ensure clients enrolled in programs with a single annual fee weren’t being overcharged commissions for certain trades.

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|Comments Off on Day Traders Think They Can Win in Online Ponzi Schemes

Software makers and speculators help to keep $47 million a year flowing through a world of fraudulent investment schemes.

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|Comments Off on SEC Says Advisers Must Report Clients’ Derivatives Risk

The U.S. Securities and Exchange Commission said on Thursday investment advisers must disclose more about assets held in separately managed accounts, including their level of exposure to derivatives, cementing rules industry stakeholders previously worried could expose trading strategies.

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|Comments Off on Adviser Who Targeted Elderly Gets 5 Years

A financial adviser convicted of running an 8-year, $4.2 million Ponzi scheme was sentenced to five years in prison Thursday after several of her victims spoke about how she selected elderly and ill people to defraud.

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