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Evan M. Kochav, of Jersey City, New Jersey, and the owner of White Cedar Group LLC in Red Bank, was fined $2 million for reportedly using investor money for gambling sprees at casinos and on poker websites, the New Jersey Bureau of Securities alleges. The Bureau also reports that Kochav had his agent registration revoked,… Read more »
Susan E. Walker, of Plymouth, Minnesota, reportedly siphoned funds from elderly clients in order to finance a peculiar spending spree which included Victoria’s Secret, Caribbean cruises, salon visits, and donations to a local Catholic Church, the U.S. attorney’s office alleges. Earlier this week Susan E. Walker, 50, pleaded guilty in U.S. District Court in Minneapolis… Read more »
On October 10, Tyrone Herman, 55, of St. Anthony, Minnesota, was reportedly found guilty of defrauding at least twenty five investors of more than $19 million, according to documents filed in court. Herman, from 1998 through December 2013, allegedly operated Executive Marketing Group and Ty Herman & Associates, which he purported had working business relationships… Read more »
The Securities and Exchange Commission (SEC) has authorized a new rule change which was proposed by FINRA that will allow investors broader insight into the actual costs of purchasing shares of unlisted REITs (real estate investment trusts). The SEC gave FINRA the go ahead on October 10. The new regulation would mandate broker-dealers to include… Read more »
Roger S. Rathmell, of Clayton, Missouri, and formerly of Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch), failed to properly supervise and report customer complaints regarding one of the financial advisors he was supervising, a FINRA Letter of Acceptance, Waiver and Consent (AWC) alleges. Rathmell’s failure to report the customer complaints was of dire… Read more »
Anthony Diaz, a Scotrun, Pennsylvania, financial planner, bilked dozens of clients out of millions of dollars over the last few years, by buying unsuitable variable life insurance investments on the behalf of approximately 80 clients, and intentionally implementing deceptive financial information and dates, which included faking the net worth of clients in order to appear… Read more »
On September 25, 2014, the Securities and Exchange Commission (SEC) filed a civil injunctive action charging Wealth Strategy Partners, LC, of Sarasota, Florida, Stevens Resource Group LLC, of Washington State, and their respective principals, Harvey Altholtz and George Stevens, for fraudulent conduct in relation to two private funds, the Adamas Fund, LLP and the Stealth… Read more »
Cantella & Co., of Boston, Massachusetts, charged its customers excessive commissions on approximately 1,270 equity transactions, and 99 options transactions, a FINRA Letter of Acceptance, Waiver and Consent (AWC) alleges. In addition, from January 2006 through September 2011, whilst Cantella & Co., which currently employs approximately 210 registered representatives, charged its customers excessive commissions ranging… Read more »
The law firm of Peiffer Wolf Carr & Kane Abdullah Carr & Kane LLP has opened an investigation into The Brown Group, an investment advisory group whose principals were formerly affiliated with Merrill Lynch. Public records indicate that Stephen Brown and James Goetz were accused of advising clients to invest outside of Merrill Lynch into a private… Read more »
Dennis F. Wright, a Lewisberry stockbroker and insurance salesman, has been accused of stealing more than $1.5 million from at least 28 customers from the mid-1990s to 2012, according to federal charges filed on September 30, 2014. Court records stated that Wright, 68, “targeted his childhood friends and/or members of his community, unsophisticated and inexperienced… Read more »