|Comments Off on “Coin Offerings” Can Constitute Securities Sales

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.

Read More
|Comments Off on SEC Settles With Fraudster Over $6M Startup Stock Scheme

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.

Read More
|Comments Off on Feds Crack Down On $147M Boiler Room Scheme

Federal prosecutors and the U.S. Securities and Exchange Commission brought charges Wednesday against more than a dozen individuals they alleged orchestrated a $147 million boiler room scheme using aggressive telemarketing to older investors and other manipulative techniques.

Read More
|Comments Off on Man accused of stealing $10M from 122 elderly West Side victims in reverse mortgage scheme

The Federal Trade Commission filed a civil suit against him in 2003. The Illinois Department of Financial and Professional Regulation suspended his loan originator registration in 2010.

Read More
|Comments Off on 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.

Read More
|Comments Off on SEC Cracks Down On Bogus News Articles Promoting Stocks

The U.S. Securities and Exchange Commission on Monday announced a major dragnet of stock promotion schemes that disguised promotions as independent research, unveiling settlements with more than a dozen communications firms, company CEOs and writers, and federal litigation against 10 other parties.

Read More
|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.

Read More
|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.

Read More
|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.

Read More
|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.

Read More