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Massachusetts Securities Regulators Issue Subpoenas
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March 22, 2010 @ 2:50 pm |
Massachusetts Securities Regulators Issue Subpoenas to QA3 Financial Corp., National Securities Corp., CapWest Securities Inc., Independent Financial Group LLC, Investors Capital Corp. and Centaurus Financial Inc.
The Massachusetts Securities Division is requesting information on due-diligence efforts, suitability data and promotional materials related to the sale of private placements marketed by Medical Capital Holdings Inc. and Provident Royalities LLC, according to the statement.
The agency alleged that Securities America advisers sold $7.2 million in prom...
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Finra Shuts Down GunnAllen
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March 22, 2010 @ 1:38 pm |
GunnAllen Financial Inc., a Florida-based broker dealer, can no longer trade on behalf of customers because it has fallen below mandatory net capital requirements, a company spokeswoman has confirmed.
A closer look at GunnAllen Financial, an independent broker/dealer firm headquartered in Tampa, Florida, reveals some interesting, if not disturbing, details about the company and, specifically, the fact that it appears to have a track record of hiring brokers whose conduct records are wrought with problems.
On Sept. 28, 2009, the Securities and Exchange Commission (SE...
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Sue'em Don't Shoot Em! End the Violence Against Stockbrokers, Now!
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March 12, 2010 @ 6:05 pm |
On Monday, in North Dallas, Texas, a disgruntled investor paid a visit to his stockbroker and investment advisor’s office, with a 45 caliber weapon, yelling "you lost all my money," and is alleged to have shot his broker and the broker's son, before taking his own life. According to the Fort Worth News, Robert Mustard, Jr., (a disbarred lawyer), is alleged to have shot his stockbrokers Richard Smith, 66, in the leg, and his son, Christopher Smith in the n...
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SEC Charges Psychic with Securities Fraud
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March 9, 2010 @ 11:48 am |
On March 4, 2010, the Securities and Exchange Commission filed a civil fraud lawsuit against nationally recognized psychic Sean David Morton and three companies he owns under the name Delphi Associates Investment Group ("Delphi"). According to the SEC's complaint, Morton, who calls himself "America's Prophet," solicited more than 100 individuals to invest in his companies claiming that he would use his psychic powers to trade in foreign currencies. According to the SEC, Morton solicited investors through a newsletter with 20,000 subscribers run through the Del...
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