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Former Ameritas Broker Barred by FINRA and Ordered to Pay Restitution
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April 30, 2012 @ 12:35 pm |
Harold E. Wilson, a former broker with Ameritas Investment Corp., has been permanently barred from the financial industry for engaging in private securities transactions without disclosing this activity to his firm
In addition, Wilson was barred for failing to respond to repeated requests for information on these transactions from the Financial Industry Regulatory Authority (FINRA). He was also ordered to pay restitution of $10,000 plus interest to customers' from whom he misappropriated fu...
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The Judicial Panel on Multidistrict Litigation Orders Transfer and Consolidation Of National Royal Alliance Ponzi Scheme Cases to Philadelphia
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April 17, 2012 @ 11:36 am |
In October 2010, Nicholas J. Guiliano, Esquire of the Guiliano Law Firm, P.C. in Philadelphia and Jeffrey Sonn of Sonn & Erez in Ft. Lauderdale, Florida filed nine actions in arbitration before the Financial Industry Regulatory Authority against Royal Alliance, Inc. and several of its former agents, in connection with the sale of the unregistered securities of the Draseena Funds Group, in what was later determined to be a Ponzi scheme.
Royal Alliance Associates, Inc. is a registered securities broker-dealer which, among other things, conducts its securities business throug...
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FINRA Files Action Against Former Broker for Misappropriation
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April 11, 2012 @ 10:03 am |
The Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) filed a disciplinary proceeding on March 28 alleging that former broker William Bruce Smith misappropriated $100,000 from a customer.
Smith, who worked for FINRA-member Triad Advisors in Shrewsbury, Ma., at the time of the misappropriation, was registered as a general securities representative and principal as well as a direct participation programs limited representative. S...
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Federal Court Rules Ignorance no Excuse for Brokerage Firm that Employed Thieving Broker
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April 3, 2012 @ 3:02 pm |
An arbitration claim by Lucy and John Mattinen against White Pacific Securites Inc. (WPS), the firm that employed a broker who misappropriated their money, has gone to arbitration after a federal court in San Francisco declined to enjoin the claim in an order issued March 19.
The claim includes counts for breach of fiduciary duty, misrepresentation and conversion against Krittibas Ray, the broker,...
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Former LPL Financial Broker Failed to Inform Firm About Promissory Notes
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April 2, 2012 @ 2:59 pm |
When Jeffrey D. Ogle, formerly a broker with LPL Financial LLC, induced five of his customers to invest roughly $460,000 in promissory notes to finance his father's business, he failed to inform his firm, thus running afoul of the notice and approval requirements of private securities transactions.
Aside from getting him fired in April 2011, Ogles' failure to comply with these requirements resulted in a violation of Rule 3040 of the National Association of Securities Dealers (NASD), a predecessor to the Financial Industry Regulatory Autho...
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Black and White on Wall Street: The Untold Story of the Man Wrongly Accused of Bringing Down Kidder Peabody
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Chasing Goldman Sachs: How the Masters of the Universe Melted Wall Street Down . . . And Why They'll Take Us to the Brink Again
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