J.P. Turner Ordered by FINRA to Pay Clients Over $700,000 in Restitution for Unsuitable ETFs

J.P. Turner & Company, L.L.C. an Atlanta-based brokerage was ordered by the Financial Industry Regulatory Authority (FINRA) to pay $707,559 as restitution to 84 of its customers. The firm was found by FINRA to have made excessive mutual fund switches as well as engaged in numerous sales of unsuitable leveraged and inverse exchange-traded funds (ETFs)…. Read more »

National Planning Ordered to Pay $6.2M in Arbitration Award

National Planning Corp. (NPC), a leading independent broker-dealer and a subsidiary of National Planning Holdings, Inc., a network of four broker-dealers affiliated with Jackson National Life Insurance Co., was ordered to pay $6.2 million in arbitration award to Minnesota investors Ronnie and Stacy Erickson over a real estate investments trust dispute. The award issued on November 18,… Read more »

Abdul Walji, Reniero Francisco, Arista LLC Charged with Multi-Million Dollar Fraud Scheme

Abdul Walji and Reniero Francisco, the chief executive officer and president, respectively, of Arista LLC, a Newport Coast, California investment firm, were arrested in their homes and charged with fraud. A six-count criminal complaint for defrauding their investors and for misappropriation of millions of dollars, was filed against them according to U.S. Attorney for the Southern District of… Read more »

Parallax Investments, Tri-Star Advisors Accused of Conducting Thousands of Unauthorized Trades

Parallax Investments LLC and Tri-Star Advisors, both based in Houston, were charged by the SEC along with three executives with engineering thousands of principal transactions through their affiliated brokerage firm without informing clients, and making millions of dollars as a result. One firm and its chief compliance officer was also charged with violating the “custody rule” that… Read more »

Louis Spina, LJS Trading LLC Charged with Wire Fraud

Louis Spina, a resident of Miami, Florida was arrested on November 25 and charged with collecting $18 million for a Ponzi scheme ran through his investment advisory business, LJS Trading. Spina offered investors high returns ranging from 9 percent to 14 percent a month.  Part of the investor money was siphoned and used for personal expenses including… Read more »

Derek Oglesby and Ambassador Capital Management charged with Fraud

Ambassador Capital Management and Derek Oglesby of Detroit, Michigan, were charged by the Securities and Exchange Commission with fraud for deceiving the trustees of a money market fund and failing to comply with rules that limit risk in a money market fund’s portfolio. A Money market fund is designed to maintain a stable share price… Read more »

Bio Profit, Velocity Group, Promoters Charged with $131 Million Ponzi Scheme

Velocity Investments, several Bio Profit investment funds and their organizers and promoters Michael Wang, also known as Yin Nan, and Wendy Ko, have been charged with running a Ponzi scheme which had a total take estimated at $131 million. Yin Nan, a.k.a. Michael Wang and Wendy Ko have raised funds from approximately 2,000 investors by selling promissory notes issued via the Velocity Investment Group,… Read more »

Maxum Gold Bank, FMP Medical, Organizers Accused of Orchestrating Ponzi Scam

Christopher A.T. Pedras, Sylvester M. Gray II and Alicia Bryan were charged by the SEC with using Maxum Gold Bnk Holdings Ltd, Maxum Gold Bnk Holdings LLC, FMP Medical Services Limited, and FMP Medical to perpetrate a Ponzi scheme. To limit the damages caused by the alleged Maxum Gold scheme, the SEC announced an emergency… Read more »

Invictus Capital, John Carris Investments and George Carris Investigated

Invictus Capital, John Carris Investments, and George Carris are being investigated by the securities attorneys at the Peiffer Wolf law firm, for alleged violations of the securities laws and regulations in connection with the sale of Invictus Capital securities to their customers. John Carris Investments, a securities broker-dealer firm, and George Carris, its principal and owner, have been… Read more »