Wedbush Securities Inc. out of Los Angeles has agreed to pay a fine of $850,000 to the Financial Industry Regulatory Authority to settle allegations that the firm misled clients for years into believing they were earning interest on defaulted corporate and municipal bonds.
A group of investors has asked a California federal court to certify a class-action lawsuit against a bank that is alleged to have helped and encouraged an alleged Ponzi scheme run by a now-deceased real estate investment manager. The lawsuit alleges that Oregon-based Umpqua Bank knew that Professional Financial Investors Inc. and Professional Investors Security Fund Inc. (jointly, “PFI”) were using new investor money to pay existing investors.
Matthew Piercey, a California investment firm leader, tried to flee while facing criminal charges for supposedly operating a $35 million Ponzi scheme. According to the FBI, Mr. Piercey allegedly evaded authorities for about an hour by driving his truck from his home in Redding, California, up until the edge of Lake Shasta. He then attempted …
FBI Captures Ponzi Suspect After Underwater Escape Attempt Read More »
Law firms DLA Piper and Fox Rothschild LLP have been sued in California federal court under allegations that one of their lawyers helped perpetuate a $170 million Ponzi scheme involving a Florida real estate company.
The receiver appointed to unwind Christopher Faulkner’s massive securities fraud scheme has sued longtime lawyers at Scheef & Stone LLP, alleging they saw signs as early as 2010 but refused to unveil the scam until it was too late.
Dimond Kaplan & Rothstein, P.A. partner Jeffrey Kaplan featured in AdvisorHub article about UBS Yield Enhancement Strategy claims.
MIAMI, Florida and LOS ANGELES, California – April 3, 2020 – Investor advocate lawyers at Dimond Kaplan & Rothstein, P.A. (“DKR”) (https://dkrpa.com) have filed additional FINRA arbitration claims against UBS Financial Services, Inc. on behalf of UBS customers who lost money in UBS’s Yield Enhancement Strategy or the “YES” options program. The claims allege that …
Patrick Neal Foley, formerly with Merrill Lynch’s Ontario, California branch office, has been barred by the Financial Industry Regulatory Authority (FINRA) following his failure to comply with a FINRA investigation into his acceptance of a loan from a vulnerable client.
Wedbush Securities will pay $8.1 million to settle charges stating that the firm improperly handled American Depository Receipts (ADRs); leaving the ADR markets open for abuse.
DKR is investigating and prosecuting claims against Morgan Stanley related to broker Kevin C. Yang. The broker allegedly made unauthorized trades in customer’s accounts.
