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Never Invest in a Company Started or Managed by Your Stockbroker, Insurance Agent, or Investment Advisor

The United States Securities & Exchange Commission recently sued a Colorado investment advisor for fraudulently convincing his clients to invest in a company he started and owned.  The SEC alleges that the investment advisor misrepresented his credentials, the purported safety of the investments he was selling, and his success in creating and operating such companies in the past.  These poor victims violated a cardinal rule of investing:   You should never invest in any company created or managed by your stockbroker, insurance agent, or investment advisor unless and until: You thoroughly check out the so-called “investment opportunity” by having your CPA...

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“Coin Offerings” Can Constitute Securities Sales

Digital "Coin Offerings" Can Constitute Securities Sales

By Evan Weinberger of Law360.com The U.S. Securities and Exchange Commission on Tuesday brought some clarity to the market for “initial coin offerings” when it outlined a test for treating the digital “tokens” that are offered in exchange for money or digital currency as securities, but experts say key questions remain about certain types of tokens that defy easy categorization. The SEC released an investigative report into a German group known as The DAO, a so-called decentralized autonomous organization that used blockchain technology to raise about $150 million last year. The report found that the tokens like those used in The DAO’s...

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SEC Settles With Fraudster Over $6M Startup Stock Scheme

SEC Settles With Fraudster Over $6M Startup Stock Scheme

By Jon Hill of Law360.com A New Jersey man struck a deal in New Jersey federal court on Friday to settle the U.S. Securities and Exchange Commission’s claims that he participated in an alleged scheme to pocket more than $6 million investor dollars raised for stock in a technology startup. James R. Trolice, who pled guilty in April to securities fraud and money laundering charges in a related criminal case, agreed to pay disgorgement of ill-gotten gains, interest and a civil monetary penalty in amounts to be determined at a later date, according to the settlement agreement filed by the SEC. Trolice also consented...

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Advisers must protect elderly from financial fraud

Advisers must protect elderly from financial fraud

The elderly are targeted by fraudsters because they often have a pile of savings and a steady stream of income. Older people are also more prone to cognitive decline, physical disability, isolation and loneliness — all of which leave them susceptible to exploitation. More often than not, that exploitation is perpetrated by a close family member....

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FINRA Tackles Senior Financial Exploitation

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...

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