Investment Fraud

New fiduciary standards and stockbroker fraud

By WEALAW / January 18, 2016 / Comments Off on New fiduciary standards and stockbroker fraud

There is a battle going on right now in Congress that will affect stockbroker fraud cases in the years to come. Here are some updates and stories from various news sources to get you up-to-speed quickly. Department of Labor Proposes Rule to Address Conflicts of Interest in Retirement Advice, Saving Middle-Class Families Billions of Dollars Every…

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FINRA Bars Two Virginia FAs In Connection With Allegations Involving Converting Client Funds

By WEALAW / June 26, 2015 / Comments Off on FINRA Bars Two Virginia FAs In Connection With Allegations Involving Converting Client Funds

Tammy Charlene Petersen formerly of Merrill Lynch and Kirsten Flynn Hawkins formerly of SunTrust Investment Services, Inc. both were barred from association with any FINRA member in any capacity in connection with allegations involving the conversion of client funds. Tammy Petersen, formerly with Merrill Lynch in Carrollton, Virginia, consented to the bar and to the entry of findings that she…

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Former Stockbroker Apparently Staged Disappearance

By WEALAW / May 12, 2015 / Comments Off on Former Stockbroker Apparently Staged Disappearance

In Florida, the Sun Sentinel reported that Richard Ohrn, 44, a former stock broker who disappeared while fishing in the Atlantic ocean a month ago, admitted that he staged his disappearance by abandoning the boat and driving to Albany, Georgia. According to the article Ohrn was trying to escape legal issues, including a suit by a former…

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SEC and FINRA Launch National Senior Investor Initiative Examination Program

By WEALAW / April 16, 2015 / Comments Off on SEC and FINRA Launch National Senior Investor Initiative Examination Program

In releasing a report on the National Senior Investor Initiative, the SEC and FINRA have reaffirmed the paramount importance of protecting senior investors. Andrew J. Bowden, OCIE’s Director, said, “Seniors are more dependent than ever on their own investments for retirement. Broker-dealers are developing and offering a variety of new products and services that are…

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Former NFL Player Will Allen Accused Of Running $32M Ponzi Scheme

By WEALAW / April 7, 2015 / Comments Off on Former NFL Player Will Allen Accused Of Running $32M Ponzi Scheme

Former NFL Cornerback Will Allen and a business associate have been accused of running a $32 Million Ponzi Scheme thru a company that provided loans to professional athletes according to a complaint filed by the SEC.  If you would like more details, please click here. If you believe you may have been a victim of a Ponzi scheme…

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FINRA Arbitration Panel Finds Stifel Nicolaus And Broker Liable For Over $1.5M

By WEALAW / April 2, 2015 / Comments Off on FINRA Arbitration Panel Finds Stifel Nicolaus And Broker Liable For Over $1.5M

On March 31, 2015 in Gilbert v. Noble and Stifel Nicolaus, FINRA Case Number 12-02897, the Panel found Respondents jointly and severally liable for compensatory damages in the amount of $1,292,342.00 and attorneys’ fees in the amount of $250,000.00.  The claims related to the use of margin as well as purchases of variable annuities issued…

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If Investment Advice Sounds Too Good To Be True, It Is Likely To Be Fraudulent

By WEALAW / March 30, 2015 / Comments Off on If Investment Advice Sounds Too Good To Be True, It Is Likely To Be Fraudulent

Old aphorisms are often helpful in ferreting out fraudulent advice.  One such aphorism is: “if it sounds too good to be true, it is.”  One unchangeable law of investing is that the higher the rate of return on an investment, the higher the risk of the investment.  Anyone who claims that a high rate of return or…

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FINRA Fines Oppenheimer $3.75M For Failure To Supervise

By WEALAW / March 27, 2015 / Comments Off on FINRA Fines Oppenheimer $3.75M For Failure To Supervise

FINRA has ordered Oppenheimer & Co (now part of CIBC World Markets) to pay $3.75 million for failing to supervise, Mark Hotton, a broker who defrauded clients and the producers of a Broadway musical.  FINRA noted that Oppenheimer failed to investigate Mark Hotton before hiring him, and overlooked “red flags” after they hired him.  FINRA also says…

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Mid-Atlantic Stockbrokers Barred Or Suspended By FINRA For Taking Advantage Of Elderly Clients

By WEALAW / March 27, 2015 / Comments Off on Mid-Atlantic Stockbrokers Barred Or Suspended By FINRA For Taking Advantage Of Elderly Clients

George Wayne Hoffman from Parkville, Maryland, a former registered representative with H. Beck, Inc., was barred from association with any FINRA member in any capacity.  That sanction was based upon, among other findings, that Hoffman converted $17,000 from an elderly client for his own benefit and improperly accepted a $36,000 dollar personal loan from that…

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WELCOME TO OUR BLOG

By WEALAW / March 26, 2015 / Comments Off on WELCOME TO OUR BLOG

Welcome to the West & West Investment and Stock Market Fraud Law Blog. The securities fraud litigation lawyers at West & West have decades of combined experience representing victims of investment and stock market fraud. One of the main purposes for this blog is to help educate investors so that they never have to become…

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