Straight Talk

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

|Comments Off on Puerto Rican Bond Losses Result In UBS Paying For Damages

The Financial Industry Regulation Authority Inc has ordered that the UBS Group must pay more than $470,000 to three investors who claimed damages, due their accounts being over saturated with Puerto Rico bonds that plummeted in value.

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|Comments Off on $2.7 Million Dollar Ponzi Scheme Results in Ramifications

Two brothers have been charged by the Securities and Exchange Commission for operating a $2.7 million ponzi scheme, by targeting elderly investors. Daniel Rivera, a New York resident, promised investors they would profit in a Pennsylvania real-estate venture named Robbins Lane.

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|Comments Off on Four Charged in Fraud Scheme That Targeted The Elderly

A “free dinner” investment seminar ended in a fraud scheme that targeted elderly people, according to the SEC. Philadelphia residents John D. Ellis Jr. and Joseph Andrew Paul fabricated their respected track record of their investment firm, Paul-Ellis Investment Associates. The two recruited James S. Quay and Donald H. Ellison to help lure potential victims with promises of lofty returns.

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|Comments Off on Improper Trading Leads to Finra Charges

Finra has charged former broker David Randall Lockey with profiting from improper trading of client accounts for about two years. According to the Finra complaint, Mr. Lockey had engaged in unsuitable short-term trading and switching mutual funds and unit investment trust involving four accounts from May 2012 to March 2014. Lockey was associated with SWS Financial Services.

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|Comments Off on Samsung Hit With Lawsuit Over Exploding Washers
By Steven Trader Law360, New York (March 9, 2016, 7:10 PM ET) -- Consumers have accused Samsung of breaching its implied warranty and unfairly making money by selling defective washing machines that explode randomly and are prone to "catastrophic failure," according to a proposed class action filed in Indiana federal court on Wednesday. Indiana resident [...] Read More
|Comments Off on How a Favor From a Friend Led To Uncovering a $7 Billion Ponzi Scheme

Allen Stanford was convicted for misappropriating more than $7 billion from private investors who purchased false certificates of deposit from his Antigua based Stanford International Bank Ltd.

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|Comments Off on The SEC Charges Wells Fargo With Securities Fraud in Connection With Video Game Company

Wells Fargo and the Rhode Island Economic Development Corp. (RIEDC) have been charged by the SEC with fraud.

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|Comments Off on Finra Nixes Broker for Rash Debt Recommendations Regarding Elderly Clients

David Joseph Escarcega was barred from the financial industry following a February 29th disciplinary decision from the Financial Industry Regulatory Authority Inc. He was found guilty for making at least 12 unnecessary recommendations involving debt tools known as debentures, which are used for life insurance policies. Escarcega was also fined $52,270, which was the amount he profited in commissions from his clients.

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|Comments Off on Broker Accused of Variable Annuity Fraud

A former rep of MetLife and Prudential, Winston Wade Turner, is being investigated for “engaging in a course of deception and other misconduct in connection with sales and exchanges of variable annuities involving numerous customers,” said Finra in a formally filed complaint.

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|Comments Off on Law360’s FINRA Arbitration Cheat Sheet
"The following article was authored by Ed Beeson and was first published on" By Ed Beeson Call it the Thunderdome of the securities industry. For the 4,000 firms, 637,000 registered representatives and millions of investors in the U.S. brokerage industry, there’s practically only one way to settle disputes: Financial Industry Regulatory Authority arbitration. Here, [...] Read More