Fraudulent acts make headlines nearly every day. But when fraud occurs amongst friends and family, the violation really “hits home” ? perhaps even in the most literal sense. Unfortunately, it is surprising how callous or devious some people can be, even the people trusted the most.
The Financial Industry Regulatory Authority (FINRA) has suspended a broker-dealer for operating a “boiler room” selling fraudulent oil and gas investments in defiance of FINRA’s cease-and-desist order, according to Jessica Toonkel’s InvestmentNews article entitled “Finra suspends B-D that it says ‘poses serious risk’ to investors.”
The Securities and Exchange Commission has filed a civil action against Nicholas D. Skaltsounis, AIC, Inc., Community Bankers Securities, LLC (“CB Securities”), John B. Guyette, and John R. Graves, all of Virgina (the “Defendants”), for the fraudulent sale of more than $7.7 million in AIC promissory notes and stock.
The Securities and Exchange Commission recently charged three senior executives at Akron, Ohio-based Fair Finance Company with running a $230 million Ponzi scheme on more than 5,000 investors, many of them elderly.
According to a recent article in Bloomberg.com, the current financial situation presents ideal conditions for crooks and schemers in the financial industry. As quoted in the article, Joseph Borg, a 16-year securities regulator who runs the Alabama Securities Commission, “This is a perfect time to be a crook.”
Bloomberg columnist Susan Antilla says Wall Street scoffs at the Securities and Exchange Commission, and she tells us why in her article entitled, “Four People Who Get Why Wall Street Can Scoff.” One reason seems to have something to do with money and self-interest.
The new whistleblower program that pays big cash rewards for tips about investment fraud has already resulted in a large number of high quality tips to the SEC, but it has also gotten the attention of Wall Street. As the SEC tries to implement regulations and procedures to carry out the program, several large companies […]
According to an article from InvestmentNews.com, the Securities and Exchange Commission has charged a 77-year-old Amish financial advisor with defrauding others in the Amish community over a 24-year period. Monroe L. Beachy, the man being charged, was able to raise more than $33 million dollars from more than 2,600 investors, the majority of whom were […]
Brian Kim who made two appearances on CNBC’s financial news show “Squawk Box” in 2009 to promote his business has been indicted by Manhattan District Attorney, Cyrus Vance, for perpetrating a $4 million Ponzi scheme. Kim, 35, was indicted on charges of grand larceny and scheme to defraud for a scam that started in 2003 […]
QA3 Financial Corp. will apparently join approximately twenty-four other brokerage firms that have shut down over the past twelve months. The firm announced that it will cease operations effective February 11, 2011, according to Bruce Kelly’s InvestmentNews article, “B-D down: QA3 to close up shop next week.” The announcement was made by owner and CEO […]
