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His Reputation at Stake, Expert Joins Fight Over $9.2 Million Arbitration Award
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November 10, 2011 @ 3:11 pm |
Ratcheting up the drama surrounding a $9.2 million arbitration award levied against Morgan Keegan & Co. Inc. for securities fraud, an expert witness for the plaintiffs has moved to expunge all references to him in an opinion issued by a federal court that vacated the award, and laid waste to the expert’s reputation in the process.
The expert, Dr. Craig McCann, took the unusual step so he could present evidence that countermands assertions in court’s opinion that he knowingly provided false testimony during the arbitration hearing.
Dr. McCann’s ...
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Second Circuit: Ameriprise Settlement Does Not Cover Suitability Claims, So Couple Can Pursue Arbitration
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November 9, 2011 @ 7:59 am |
On Nov. 3, the 2nd U.S. Circuit Court of Appeals partially vacated a judgment of the court below with the result that a married couple from Illinois can pursue suitability and other claims against Ameriprise Financial Services Inc., the defendant below.
The married couple, John and Elaine Beland, appealed after the U.S. District Court for the Southern District of New York ruled in favor of Ameriprise and enjoined an arbitration the Belands had instigated before the Financial Industry Regulatory Authority, or FINRA, the 2nd Circuit ...
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Two Indicted in Chicago for Ponzi Scheme that Defrauded 400 Investors
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November 7, 2011 @ 12:36 pm |
A second defendant has been added to an indictment in the U.S. District Court for the Northern District of Illinois stemming from a Ponzi scheme that fraudulently obtained $105 million in investments from about 400 victims, leading to $34 million in losses.
The newly added defendant, Alfred Gerebizza, and his co-defendant Daniel Spitzer allegedly misappropriated money raised from investors for funds they said they operated from the U.S. Virgin Islands. The defendants allegedly made Ponzi-type payments of about $71 million to certain investors, as well as used money for t...
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New Jersey Advisor Sent to Prison After Defrauding Retirees
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November 4, 2011 @ 3:46 pm |
A New Jersey investment advisor was sentenced to 14 years in prison recently after pleading guilty to one count of securities fraud and use of manipulative and deceptive devices plus one count of transacting in criminal property.
According to court documents, Sandra Venetis, 60, the founding principal and president of Systematic Financial Associates Inc., a registered investment adviser located in Branchburg, N.J., defrauded investors – mainly retirees and unsophisticated investors -- of more than $11 million by soliciting funds for a Ponzi scheme she ran for 13 years....
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Reading between the Lies: How to detect fraud and avoid becoming a victim of Wall Street's next scandal.
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What Every Investor Needs to Know About Accounting Fraud
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