Search Results for: NFL

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Plaintiffs in a new class-action suit claim that the financial advisers hired to oversee a proposed merger of oil and gas companies Forest Oil and Sabine Oil & Gas did not have the best interests of shareholders in mind when approving the merger. The suit was filed by Randall Edwards against Forest Oil, seven of […]

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According to a FINRA press release, broker Jeffrey Rubin of Lighthouse Point, Florida, is barred from the securities industry for making unsuitable recommendations to invest in illiquid, high-risk securities issued in connection with a now-bankrupt casino in Alabama. Mr. Rubin was barred after after an investigation spearheaded by FINRA’s Departments of Enforcement and Member Regulation. […]

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New York federal prosecutors have asked the U.S. Court of Appeals for the Second Circuit to dismiss an appeal by a federal prisoner who asserts that Ponzi schemer Bernie Madoff was convicted because the government used mind-control techniques to influence the court. In July, a handwritten motion seeking to dismiss the case was filed under […]

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Earlier this week, the SEC charged a Houston financial adviser with fraud for failing to disclose to clients that it was profiting from a broker investing their money in mutual funds recommended by that broker. According to the SEC, Robare Group Ltd., a registered investment adviser that provides services for 350 separately managed accounts and […]

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Yesterday, authorities arrested two Charleston, South Carolina stock promoters, who allegedly manipulated shares of a shell company. To their surprise, the business was secretly being controlled by federal investigators. Christopher R. Putnam and Christopher G. Nix are in custody, looking at charges of conspiracy to commit securities fraud. Bail was set at $50,000 each. Putnam […]

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A FINRA hearing panel expelled Success Trade Securities, Inc., which is based in Washington, D.C., from membership and barred Fuad Ahmed, the firm’s CEO and President, for the fraudulent sale of promissory notes and for creating a Ponzi scheme. The firm and Ahmed are also jointly and severally ordered to pay about $13.7 million in […]

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The SEC will begin filing some insider-trading cases in an in-house court rather than federal court, despite protestations by defense attorneys arguing that this would be an unfair shift from past practice. These attorneys often complain that the SEC administrative proceedings lack the procedural protections that are available in federal courts, such as taking depositions, […]

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Two former executives of ArthroCare, a surgical device manufacturer, have been convicted for their roles in a securities fraud that cost investors more than $400 million, having been found guilty by a federal jury on Monday in Austin, Texas after a four week trial. Former CEO Michael Baker was convicted of conspiracy to commit wire […]

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A couple in Wichita have been left wondering who the industry funded Financial Industry Regulatory Authority (FINRA) was really set up to protect after 2 of the arbitrators placed on list for their case were found to be deceased. The couple lost $187,000 in a Ponzi scheme carried out by a Morgan Stanley broker. Almost […]

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Last week, the SEC filed charges against a San Diego investment advisory firm called Total Wealth Management, its Chief Executive Officer, Chief Compliance Officer, and an investment adviser representative for misleading investors and breaching their fiduciary duties to their clients. The SEC alleges that Total Wealth, its owner, and CEO made secret revenue sharing agreements […]