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Former Edward Jones Brokers Face FBI Scrutiny Over Alleged Ponzi Scheme
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September 29, 2011 @ 1:38 pm |
The FBI is investigating two former Edward Jones brokers for their alleged role in raising money from clients who invested in a Ponzi scheme.
A client brought the matter to Edward Jones’ attention in March of this year, the brokerage firm said. As it followed up, Edward Jones learned that the FBI was in the process of a criminal investigation of Gibraltar Partners Inc., a company formed by the two South Dakota based brokers, who were then fired by Edward Jones, according to a ...
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RBC settles charges of misconduct in Wisconsin school district CDO transactions
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September 28, 2011 @ 2:02 pm |
RBC Capital Markets LLC of New York has agreed to pay $30.4 million to settle charges that it sold unsuitable, high-risk investments to five eastern Wisconsin school districts, as well as charges that it inadequately disclosed the risks.
The misconduct charges were brought by the Securities and Exchange Commission, or SEC, after RBC marketed and sold $200 million in credit-linked notes to trusts created by the districts.
The notes were tied to the performance of synthetic collateralized debt obligations, or CDOs, according to the SEC...
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New Study Reveals That Stockbrokers More Willing To Take Risks Than Psychopaths
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September 27, 2011 @ 11:49 am |
A recent study from the University of St. Gallen, in Switzerland, led by forensics expert Pascal Scherrer and Thomas Noll, finds that professional stock traders actually outperform diagnosed psychopaths when it comes to competitive and risk-taking behavior.
According to the study’s authors, one contributing factor may be that stockbroker behavior is more reckless and manipulative than that of psychopaths. Researchers at the Swiss research university measured the readiness to cooperate and the egotism of 28 professional traders who took part in computer simulations and in...
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Crime pays for RBC Capital Markets Corp. Broker Richard H. Byerly
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September 23, 2011 @ 10:21 am |
The Financial Industry Regulatory Authority or FINRA ordered Richard H. Byerly of Chester Springs, Pennsylvania to pay $30,000 in restitution to and was suspended for two years from association with any FINRA member in any capacity for the unauthorized churning of customer accounts belonging to two senior citizens.
Although FINRA found that he "exercised discretion," meaning that he effected unauthorized trading in 12 of his customer accounts, FINRA only focused on two accounts, where the customers collectively lost $390,000.
In one account, belonging to a...
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Texas unregistered Broker rips off 7,133 deaf investors converts portion of money to personal use
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September 16, 2011 @ 8:18 am |
Affinity fraud hit’s a new low. Jody Myung Dunn was accused by the Securities and Exchange Commission, or SEC, of selling $3.45 million in fraudulent investments in a phantom offshore company to the deaf community. Dunn is also deaf.
The deaf investors were allegedly solicited via the Internet to sink their money into Imperia Invest IBC so the company could purchase Traded Endowment Policies, or TEPs, the British term for viatical...
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You Can't Cheat an Honest Man: How Ponzi Schemes and Pyramid Frauds Work... (Personal Security Collection)
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Wall Street Versus America: The Rampant Greed and Dishonesty That Imperil Your Investments
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