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Securities Fraud

08 January
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FINRA Awards $4.2M For Morgan Stanley’s Lack Of Oversight

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FINRA Awards $4.2M For Morgan Stanley's Lack Of Oversight

By Darcy Reddan of Law360.com A Financial Industry Regulatory Authority arbitration panel has ordered Morgan Stanley Smith Barney LLC to pay a former NFL player and a Mega Millions lottery winner a combined $4.2 million, ruling the wealth manager failed to adequately supervise the adviser who squandered the funds. The panel awarded $3.3 million to James Groves, a Mega Millions lottery winner, and $879,000 to retired NFL player Asante Samuel. The ruling relates to the conduct of Aaron R. Parthemer, a former adviser at Morgan Stanley Smith Barney and a Miami Beach nightclub owner, who steered Samuel and Groves to invest in...

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07 December
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Indiana Secretary of State Fines LPL Financial (Linsco Private Ledger) $450,000 for Failing to Supervise Its Indiana Brokers

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in Latest News, Securities Fraud
Indiana Secretary of State Fines LPL Financial (Linsco Private Ledger) $450,000 for Failing to Supervise Its Indiana Brokers

Written by Scott L. Starr December 3, 2018 The securities industry is designed so that the first line of defense against fraud is the requirement that a brokerage firm must police its own brokers. A principal rule in the securities industry is that brokerage firms are required to supervise each of its broker’s offices. LPL Financial has recently agreed to pay a civil penalty of $450,000 for “various deficiencies” related to the supervision of its Indiana brokers, the Indiana Secretary of State’s Office recently reported.  In addition to the payment of this civil penalty, Linsco Private Ledger agreed to conduct a third party...

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23 October
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Asset Management Firm CEO Charged With $16M Fraud

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in Securities Fraud

Attached below is a copy of an article recently reported by Rachel Graf and Law360 entitled “Asset Management Firm CEO Charged With $16M Fraud”. This article defines a pattern of conduct that is occurring everywhere. Scott Starr of Starr Austen & Miller within the last five years has represented over 100 victims of similar schemes, wherein a life insurance salesman, a stockbroker, or an investment advisor convinces his clients to purchase promissory notes, LLC membership interests, stocks, or such similar investments for the purported purpose of “investing in real estate” promising high returns, typically in the 10% range. In reality,...

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21 September
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SEC Charges Indiana Investment Advisor With Securities Fraud

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in Securities Fraud
SEC Charges Indiana Investment Advisor With Securities Fraud

September 18, 2018 The Securities Exchange Commission recently charged a former middle school math teacher now working as an investment advisor, Tammie Steele, with securities fraud.  Steele sold securities through Pendleton-based Steele Financial Inc., 131 N. Pendleton Avenue, which she founded in 2000.  Steele allegedly defrauded a significant number of her clients by causing them to invest in a Houston, Texas based software firm called BRS.  The SEC complaint charges that Steele convinced her clients to purchase the extremely risky BRS investments while failing to tell her clients that she was incentivized to push these risky investments by the huge commissions...

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17 September
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Secretary Of State Connie Lawson Reminds Investors And Offerors To Use Caution With Cryptocurrency Investments

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Secretary Of State Connie Lawson Reminds Investors And Offerors To Use Caution With Cryptocurrency Investments

By: www.wbiw.com Indiana Secretary of State Connie Lawson is again reminding Hoosiers to be cautious about investments involving Initial Coin Offerings (ICOs) and cryptocurrency-related investment products. She is also reminding those who seek to sell these products to be aware of the laws pertaining to these investments. "While not every ICO or cryptocurrency-related investment is a fraud, it is important for individuals and firms selling these products to be mindful that they are not doing so in a vacuum; Indiana laws or regulations may apply, especially securities laws. Sponsors of these products should seek the advice of knowledgeable legal counsel to ensure they...

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16 March
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Adviser admits defrauding former [Indianapolis] Colt of $4.7M

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in Securities Fraud

“Anyone can be the victim of securities fraud. See the Indianapolis Business Journal article below. If you or a loved one has been victimized by a bad broker or bad investment advisor, contact Starr Austen & Miller for a free consultation.” - Scott Starr By: Greg Andrews of the Indianapolis Business Journal Cory Redding, a defensive end for the Colts from 2012 to 2014, was referred to financial adviser Kenneth Ray Cleveland by a business professor at Redding’s alma mater, the University of Texas. (AP photo) It might be little consolation to former Indianapolis Colt Cory Redding—the latest in a long line of...

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15 March
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Pastor, Partner Must Pay $9M To Settle Fraud Allegations

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By: Dean Seal of Law360.com A Florida federal judge on Monday ordered a fund run entirely by a North Carolina man and a convicted pastor-turned-fraudster to pay $9 million to settle claims it duped Florida churchgoers and their associates out of $2 million. The settlement with the U.S. Commodity Futures Trading Commission resolves claims against the corporate entity Maverick International Inc., its sole officer Edward Rubin and Wesley A. Brown, the two men accused of soliciting investors into a pooled fund that they then entirely embezzled. U.S. District Judge Brian J. Davis ordered $2,151,318.73 in restitution along with $6.8 million in civil monetary penalties. “Upon...

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07 March
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New rules look to help elderly fraud victims

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New rules look to help elderly fraud victims

By Nick McGill of Fox59.com Advocates for the elderly are calling new rules designed to help protect the elderly from fraud a “step in the right direction.” Starting Monday, brokers can place temporary holds on accounts of elderly clients who may have been victims of financial exploitation, thanks to new rules by the Financial Industry Regulatory Authority. “If we’re finding ways for these different people in different positions to be able to respond when they have legitimate reasonable concerns, that’s wonderful, because we’re going to have to find ways as a society to help protect those vulnerable elders,” said Ken Bennett with the...

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07 February
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SEC Accuses Accounting Firm Of Fraud Over Microcap Audits

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By Jon Hill of Law360.com The U.S. Securities and Exchange Commission on Monday accused a California-based public accounting firm and a number of its current and former partners of doing flawed audit work for an energy services holding company and two other penny-stock company clients that have themselves been accused of fraud by the agency. The SEC said it has initiated proceedings against Anton & Chia LLP, alleging that some of its conduct in connection with audits and reviews for Premier Holding Corp., Accelera Innovations Inc. and CannaVEST Corp. was fraudulent. Anton & Chia co-owners Gregory A. Wahl and Georgia Chung, its former audit partner...

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24 January
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FRAUD: CFTC Sues Bitcoin Ponzi Scheme Operator

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CFTC Sues Bitcoin Crytocurrency Ponzi Scheme Operator

By Nicole D. Prysby, Senior Attorney, National Legal Research Group The price of Bitcoin has soared in recent months, from approximately $900 in January 2017 to a current price of over $15,000. But even before the 2017 increase, Bitcoin had periods where its value rose sharply. For example, in 2013, it went from about $15 to $800. Bitcoin’s short-term gains have made it a very attractive hook for would-be Ponzi scheme developers. In fall 2017, the Commodity Futures Trading Commission (“CFTC”) sued Gelfman Blueprint, Inc. (“GBI”), and GBI’s Chief Executive Officer (“CEO”) for operating a Bitcoin Ponzi scheme that allegedly defrauded...

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