Straight Talk

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

|Comments Off on Scott and Shannon Starr to present at ICLEF Elder Law Seminar on October 16, 2015
Securities Fraud Update for Seniors Scott and Shannon Starr will give a presentation titled “Securities Fraud Update for Seniors” at the Indiana Continuing Legal Education Forum (ICLEF) Elder Law Seminar on October 16, 2015 at 3:30 pm. The address for the presentation is ICLEF Conference Center, 230 East Ohio Street, Suite 300, Indianapolis , IN 46204. Read More
|Comments Off on Settlement of Puerto Rico Investor Claims Costs UBS $2.9 Million
UBS AG, a Swiss global financial services company, was ordered by the Financial Industry Regulatory Authority Inc. (FINRA) to pay about $2.9 million to two investors in Puerto Rico closed-end municipal bond funds. A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). [...] Read More
|Comments Off on Brokers Plead Guilty in Post-It-Note-Eating Insider Trading Case
In scenes reminiscent of a spy movie, a Brooklyn, New York, mortgage broker showed secret tips written on Post-it notes to a former Morgan Stanley broker, then swallowed the notes. True story! Insider Trading Frank Tamayo pleaded guilty in September 2014 for his role as the middleman in the insider trading case. Tamayo repeatedly met [...] Read More
|Comments Off on SEC Charges Broker with Inflating Assets and Exaggerating Returns
Dawn J. Bennett, founder of Bennett Group Financial Services in Washington D.C. and host of the radio show, “Financial Myth Busting,” has been busted by the Securities and Exchange Commission (SEC). The reason? She allegedly inflated her firm’s assets under management by as much as five times the actual amount, and exaggerating investment returns. Inflated [...] Read More
|Comments Off on Squelching ‘Cockroach’ Brokers
The Financial Industry Regulatory Authority Inc. (FINRA) recently barred 10 brokers for moving from one problem securities firm to another while committing securities violations. This practice is called cockroaching. Broker Misconduct Barbara L. Desiderio, president of the now defunct New York City-based broker-dealer, Global Arena Capital Corp., was barred from the brokerage industry. Regulators claim [...] Read More
|Comments Off on FINRA Orders Morgan Stanley to Pay $2.4M for Excessive Trading
  Here we go again. Responding to the latest round of claims against former Morgan Stanley broker Steven Mark Wyatt, a Financial Industry Regulatory Authority Inc. (FINRA) arbitration panel recently ordered Morgan Stanley to pay at least $2.4 million for unauthorized and excessive trading in the stock market during and after the 2008 financial crisis. [...] Read More
|Comments Off on Tom Buck Now Disbarred
Indiana’s top-selling financial advisor from Carmel, Tom Buck, has been barred from working in the securities industry for alleged misconduct that included unauthorized trading for his clients without the clients, or his employer, Merrill Lynch’s, permission. Buck, a former senior vice president of investments at Merrill Lynch, who had been honored numerous times over the [...] Read More
|Comments Off on Do Federal Motor Carrier Safety Regulations Help Build a Case?
The Federal Motor Carrier Safety Regulations (FMCSRs) can help truck accident victims and their attorneys build stronger cases against trucking companies. Beyond the basic rules of the road like obeying speed limits, using proper turn signals and stopping at lights or stops signs, FMCSRs provide guidelines for both inspection and operation of a tractor trailer. FMCSR § 396.13 [...] Read More
|Comments Off on Ponzi Scheme Lands Minnesota Adviser 25 Years in Prison
Former financial adviser, Sean M. Meadows, has been sentenced to 25 years in prison for fraud. A St Paul, Minn., U.S. District Court judge handed down the sentence recently in the case in which Meadows pleaded guilty to diverting $10 million for business and personal expenses, including gambling and adult entertainment. As part of the [...] Read More
|Comments Off on Broker Busted for Trying to Inherit $1.8 Million from Alzheimer’s Client
The Financial Industry Regulatory Authority Inc. (FINRA) filed a complaint against Arizona broker, John Waszolek, for allegedly attempting to inherit $1.8 million from a client with Alzheimer’s disease. Broker Took Unfair Advantage FINRA says that in 2009, John Waszolek, who was at UBS Wealth Management at the time, "took unfair advantage" of an 81-year-old client [...] Read More