Regulators are clamping down on money laundering violations among brokerdealers in firms of all sizes, regardless if they have the proper compliance resources or not. Brokerdealers of small and medium sized firms should brace themselves for increasing regulations involving their compliance practices.
The top 241 firms in Massachusetts with an above average number of reps with misconduct reports on their records are being audited.
Lee Weiss, a Massachusetts resident, was banned from the brokerage and investment industry for a fraud scheme revolving around tobacco.
A former stockbroker who pled guilty to fraud charges for bilking investors through fake certificates of deposit was ordered by a Pennsylvania federal court on Thursday to pay over $3 million in restitution and serve a 10-and-a-half-year sentence, according to the U.S. Securities and Exchange Commission.
A California federal judge has sentenced Medical Capital Holdings Inc.’s ex-president to serve more than 10 years in prison and pay nearly $40 million for allegedly operating a $50 million Ponzi scheme that defrauded hundreds of investors, federal prosecutors said Wednesday.
The Securities and Exchange Commission (SEC) charged broker Louis Martin Blazer III with fraud, for stealing money from multiple professional athletes claiming to invest in movie projects.
Multiple investors were cheated out of $131 million by buying stock in a worthless LED lighting distributor, by another former Stratton Oakmont broker.
The Financial Industry Regulatory Authority (FINRA) levied a record $25 million penalty against MetLife Inc., who agreed to settle a bevy of abuses tied directly to variable annuities.
James Van Doren was barred by Finra for deceiving creditors who were trying to recoup assets from a friend’s business.
Cornerstone Research has reported that a total of $3 billion worth of securities class-action settlements occurred in 2015, involving 80 cases – a 184 percent increase over the previous year.