Personal Banker Elaina Patterson Accused of Embezzling over $6 Million from Clients

Elaina Patterson, a former personal banker at Bank of America, embezzled over $6 million from 31 investors and customers, according to an investigation led by Massachusetts Attorney General Martha Coakley that led an indictment. Patterson persuaded family and friends to invest in fake accounts that offered high interest rates, according to the attorney general. Patterson… Read more »

Nikolai Battoo Caused Alliance Investment Management to Supply Inflated Asset Values

Nikolai Simon Battoo caused Alliance Investment Management to provide investors with statements that overstated the value of PIWM Portfolio assets, according to a motion filed by Robb Evans & Associates LLC, the court appointed receiver for BC Capital Group, Battoo, and other BC Capital entities. Battoo, through various BC Capital Group entities, solicited investors to… Read more »

Bernardita Roque Sanctioned by Securities Regulators

Bernadita Cortez Roque was sanctioned by securities regulators as a result of participating in three private securities transactions without providing notice to her firm, Transamerica Financial Advisors, Inc., according to a Letter of Acceptance, Waiver, and Consent agreed upon by the Financial Industry Regulatory Authority (FINRA) and Roque. Roque neither denied nor admitted FINRA’s factual… Read more »

Mark E. Rice Sanctioned for Fraudulent Forex Scheme

Mark E. Rice, of Sugar Land, Texas, was ordered to pay $827,000 in restitution and a $673,000 monetary penalty to settle U.S. Commodity Futures Trading Commission charges regarding fraudulent solicitation and misappropriation of customers’ funds to trade leveraged off-exchange foreign currency (forex) contacts. Rice also had permanent trading and registration bans imposed against him as… Read more »

Michael Brendan Ferguson, ATM Scheme Investigated by Securities Lawyers

Michael Brendan Ferguson perpetrated a Ponzi scheme that cost victims more than $10 million in connection with investments involving automatic teller machines (ATMs), according to charges brought against Ferguson.  Ferguson is charged with nine felonies, including securities fraud and grand theft. Attorneys Jason Kane and Joe Peiffer, in the Peiffer Rosca law firm’s securities practice,… Read more »

Pfeiffer and Field Sentenced to Prison, Ask for Reconsideration

Frederick Scott Pfeiffer and Arthur Field, former managers of Capital Investment Funding, have asked the court to reconsider their prison sentence. Pfeiffer and Field are asking for a lower sentence and the inclusion of their time spent behind in jail as part of their sentence. Pfeiffer pleaded guilty for two counts of securities fraud and… Read more »

Michael DeRosa Barred from Securities Industry in Connection with Success Trade Note Sales

Michael Andrew DeRosa, an investment professional, has been permanently barred from the securities industry by the regulators for his alleged participation in the sale of promissory notes issued by Success Trade Securities. Michael DeRosa’s case is related to an earlier regulatory case currently pending against Success Trade Securities and its CEO, Fuad Ahmed, arising out of their alleged… Read more »

Fleet Mutual Wealth, MWF Operating Pyramid Scheme, Regulators Charge

Fleet Mutual Wealth Limited and MWF Financial Limited (collectively known as Mutual Wealth) operate an emerging, fraudulent pyramid scheme masquerading as an international investment firm, according to a complaint filed by the Securities and Exchange Commission. Through its website, social media accounts, and numerous promoters, Mutual Wealth has made and continues to make numerous fraudulent… Read more »