Straight Talk

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

|Comments Off on FINRA’s Judges To Review Other Penalties, Harm To Elderly

The Financial Industry Regulatory Authority updated its sanctions guide on Monday to make sure its in-house judges consider whether accused broker-dealers abused their influence with old and vulnerable clients and to expand on how to adjust penalties when other regulators have imposed sanctions, among other changes.

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|Comments Off on Former Indiana televangelist faces charges

Seventy-one-year-old William E. Tully is charged with selling unregistered securities and corrupt business influence.

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|Comments Off on FINRA Tackles Senior Financial Exploitation

By the year 2050, the number of U.S. residents 65 and older is projected to more than double — from 41 million to 86 million.[1] Baby boomers, defined by the U.S. Census Bureau as those born between 1946 and 1964, have begun to retire and control about 50 percent of the total investable assets in the U.S. — more than $30 trillion in net household wealth.[2] Equally significant, by some estimates, one in five Americans aged 65 and older has been victimized by financial fraud.[3] As wealth continues to concentrate in America’s elderly population, and the elderly population grows ever larger, broker-dealers are increasingly faced with instances of suspected financial exploitation of seniors.

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|Comments Off on Jury Awards $15 Million in Punitive Damages Against MetLife for Ponzi Scheme Involvement

Last year MetLife and one of its subsidiaries were assessed $15 million in punitive damages by a jury for its failure to discover one of its agents was selling unregistered securities along with life insurance policies. The unregistered securities were actually promissory notes which were allegedly invested in a $200 million Ponzi scheme. The plaintiff, Christine Ramirez, claimed that MetLife’s subsidiary New England Life Insurance Company had an agent who was selling her these unregistered securities at the same time he was selling her life insurance.

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|Comments Off on SEC Limits Whistleblower’s Award Over Culpability, Delay

The U.S. Securities and Exchange Commission has determined that a whistleblower will receive a fifth of any monetary sanctions collected in an enforcement action sparked by the tipster’s revelations, saying the cap is appropriate due to the whistleblower’s delayed reporting and connection to the violations.

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|Comments Off on What is the “Fraud-on-the-Market” Doctrine of Securities Fraud?

If you or one of your clients are the victims of securities fraud, contact the securities fraud team at Starr Austen & Miller. Starr Austen & Miller has been representing investors in both individual and class actions since 1982.

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|Comments Off on SEC’s Office of Compliance Inspections and Examinations Identifies Frequent Advisor and Brokerage Firm Shortcomings

On February 7, 2017, the SEC’s Office of Compliance Inspections and Examinations issued a report which is both telling and confirmatory of what the Starr Austen & Miller stock fraud team has seen for many years.

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|Comments Off on Indiana settles with securities firm over agent who ran Ponzi scheme

Attorney Scott Starr, who represented 33 of Schwartz’s victims, told the Kokomo Perspective in 2015 that 71 parties filed claims against the Schwartz estate, seeking more than $36 million.

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|Comments Off on Oil Futures Trader Gets 10 Years For Ponzi Scheme

Texas federal judge on Tuesday sentenced a New York-based oil futures trader to 10 years in prison for orchestrating a Ponzi scheme in relation to his operation commodity pool, which took more than $1.4 million from investors.

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|Comments Off on Securities watchdog bans second broker in alleged Veros Ponzi scheme

Financial industry regulators have permanently barred a local broker alleged to have participated in a Ponzi scheme.

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