Arb Bar Frets FINRA Comms Rule Reforms

The Public Investors Arbitration Bar Association is concerned about planned changes to rules governing broker/dealers’ communications with the public, arguing that the reforms would undermine regulatory oversight and could harm investors. The Financial Industry Regulatory Authority has asked for feedback on the changes following a retrospective review conducted last year into the effectiveness and efficiency of its existing rules… Read more »

Christopher F. Venti Charged with Investment Fraud

Christopher F. Venti of Hamburg, New York was charged with perpetrating a $7.1 million “high-yield” investment fraud program. Venti allegedly operated three different companies: Secured Strategies LLC, Viewpoint Solutions Group, and American Finance Investments, to execute his alleged scheme. Venti lured investors with investments that promised a high rate of return according to the complaint… Read more »

Inland Diversified Real Estate Trust to Merge with Kite Realty Group Trust

Inland Diversified Real Estate Trust Inc. has said that it has agreed to merge with Kite Reality Group Trust, a publicly traded REIT in a $2.1 billion all-stock deal. The merger is expected to close between the second or third quarter will be based on a $6.15 a share closing price for Kite Realty Group… Read more »

Joseph Lombard of Prim Capital Corporation, Pleads Guilty to Fraud and Obstruction of Justice

Joseph Lombardo, 72, founder and managing director of Cleveland-based Prim Capital Corporation, pleaded guilty to charges of mail fraud and conspiracy to obstruct justice in the U.S. District Court in Manhattan. Lombardo and his firm were investment advisors to the National Basketball Association players’ union. The plea came after the arrest of Lombardo and Carolyn… Read more »

Kari Sonovich of B&B Consulting Group LLC Arrested for Fraud

Kari Sonovich, a 42 year-old resident of Meadow Vista, California was arrested on charges of mail fraud in relation to the loss of more than $3 million of investor money. A federal grand jury returned a 3-count indictment on mail fraud charges prior to her arrest. Sonovich allegedly recruited investors to her company B&B Consulting… Read more »

Craig Rothfeld of WJB Capital Group Charged with Investment Fraud

Craig A. Rothfeld, Gregory S. Maleski, and Michael N. Romano were arrested and charged in connection with their dealings while associated with defunct brokerage company WJB Capital Group.They stand accused before the Manhattan State Supreme Court of a 71-count indictment that includes charges of grand larceny, securities fraud, and fax fraud. Rothfeld was the Chief… Read more »

FINRA Aims for Greater Transparency in Non-traded REIT Statements

New rule changes proposed by the securities industry regulators, if adopted, would give investors a truer picture of the costs to buy shares of non-traded real estate investment trust (REITs). The Peiffer Wolf securities lawyers often represent investors in non-traded REITs in cases arising out of unsuitable sales of such products to investors or out… Read more »

Mark Talley Barred from the Securities Industry

Mark R Talley has been barred from associating with any securities broker-dealer firm following allegations by the securities regulators that he provided false information to a customer and provided false answers to FINRA and failing to appear for testimony. Talley consented to the sanctions, without denying or admitting the allegations in the regulators’ complaint against… Read more »

Florelena Cortez Sanctioned by Regulators

Florelena Cortez was sanctioned by the securities regulators in connection with her alleged solicitation of four customers to invest in securities that were not approved by her employer. Cortez was suspended from associating with any securities broker-dealer firm as a result of her alleged wrongdoing. She consented to the sanctions and did not deny or… Read more »

FINRA Aims for Greater Transparency in Non-traded REIT Statements

New rule changes proposed by the securities industry regulators, if adopted, would give investors a truer picture of the costs to buy shares of non-traded real estate investment trust (REITs). The Peiffer Wolf securities lawyers often represent investors in non-traded REITs in cases arising out of unsuitable sales of such products to investors or out… Read more »