Morgan Stanley Owes $2.5M Over Trader Supervision

A Financial Industry Regulatory Authority arbitration panel has awarded $2.5 million to a group of physicians who claim their Morgan Stanley & Co. Inc. trader in Jackson, Mississippi, was able to commit unauthorized trades and falsify business returns because of a lack of supervision. The three-arbitrator panel found July 24 that Morgan Stanley and branch manager Fred Brister… Read more »

Barry George Hartman— Recommending Customers to Invest in Unaffiliated Privately-held Company

Barry George Hartman Allegedly Participated in Private Securities Transactions by Personally Investing Approximately $450,000 in IC and by Recommending that 13 FSC Customers Invest in IC Barry George Hartman, between 2004 and March 2015, and while associated with FSC, allegedly served on the board of directors of an unaffiliated privately-held company, known only as IC,… Read more »

VCA– Failure to Establish, Maintain and Enforce an Adequate Supervisory System

VCA Allegedly Failed to Establish, Maintain and Enforce an Adequate Supervisory System and Adequate Written Supervisory Control Procedures VCA Securities, LP allegedly failed to establish, maintain and enforce an adequate supervisory system and adequate written supervisory control procedures reasonably designed to review and monitor the transmittals of funds from customer accounts to third-party accounts, according to… Read more »

Carson Energy, Inc. of Austin, TX, Earl Carter Bills II of Austin, TX, Anthony Weber of Austin, TX, and Jerrold S. Rothouse of Austin, TX. Gerhart—Sales of Unregistered Energy Securities

Iowa Insurance Commissioner Nick Gerhart Has Ordered Texas Energy Companies to Cease and Desist Promoting the Alleged Fraudulent Sales of Unregistered Oil and Gas Securities to Iowans Iowa Insurance Commissioner Nick Gerhart has ordered Texas energy companies to cease and desist promoting the alleged fraudulent sales of unregistered oil and gas securities to Iowans, according… Read more »

Wells Fargo Advisors—Unsuitable Recommendations to Retail Customers

Wells Fargo Advisors Allegedly Made Unsuitable Recommendations to Retail Customers to Purchase Structured Repackaged Asset-Backed Trust Securities (STRATS) Wells Fargo Advisors allegedly made unsuitable recommendations to retail customers to purchase Structured Repackaged Asset-Backed Trust Securities (STRATS), according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC). What is more, the AWC further alleges… Read more »

Paul Lee Moore and Coast Capital Management—Ponzi Scheme

Paul Lee Moore and His Coast Capital Management Allegedly Ran a Ponzi Scheme Which Raised $2.6 Million from Clients Paul Lee Moore and his Coast Capital Management allegedly ran a Ponzi scheme which purportedly siphoned $2.6 Million, according to SEC documents currently under review by Attorneys Joe Peiffer and Jason Kane. Said SEC Documents go… Read more »

Lobsang Dargey and Path America—Real Estate Fraud

Lobsang Dargey and His Path America Allegedly Ran a Real Estate Fraud Wherein He Defrauded Chinese Investors Seeking U.S. Residency with EB-5 Immigrant Investor Pilot Program Lobsang Dargey and his Seattle-based Path America allegedly ran a real estate fraud wherein he defrauded defrauding Chinese investors seeking U.S. residency through the EB-5 Immigrant Investor Pilot Program… Read more »

Francesco Puccio—Failure to Provide Documents, Customer Fund Conversion

Francesco Puccio Allegedly Converted Funds from a Non-firm Customer Francesco Puccio, of AXA Advisors and Cambridge Investment Research, allegedly converted funds from a non-firm customer, according to a recent FINRA Letter of Acceptance, Waiver and Consent. Francesco Puccio, the AWC reports, was a financial advisor and registered representative of Cambridge Investment Research from January 2014… Read more »

Raymond Schmidt—Industry Bar for Alleged Undisclosed Loans

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Raymond Schmidt, Ex-LPL broker, Barred over Loans Regarding Luxury Hawaii Vacation Property Raymond Schmidt allegedly borrowed approximately $2.25 million from customers in order to build a Hawaiian island retreat without first properly notifying his firm, LPL Financial, according to FINRA. Between 2009 and 2012, Raymond Schmidt, of Oceanside, California, allegedly took out $2.25 million in… Read more »