Saving enough money for retirement is challenging enough. Unfortunately, senior investors now need to worry about trusting financial advisors and investment promoters in order to avoid losing their hard earned savings. There are steps and precautions seniors can take to help guard their investments. First, fraudsters tend to target people…
The Securities and Exchange Commission (SEC) has found private securities offerings of oil and gas ventures pose a substantial danger and risk for investor fraud. An SEC Investor Alert listed some common red flag sales pitches often made to investors including: (1) Sales pitches referring to the high price of…
The Office of Compliance Inspections and Examinations (OCIE), in coordination with other Securities and Exchange Commission (SEC) staff released guidance and observations concerning investment advisers due diligence process for selecting alternative investments. The OCIE has observed that investment advisers are increasingly recommending alternative investments to their clients in lieu of…
The Financial Industry Regulatory Authority (FINRA) ordered brokerage firms Stifel, Nicolaus & Company, Incorporated (Stifel Nicolaus) and Century Securities Associates, Inc. (Century Securities) to pay combined fines of $550,000 and nearly $475,000 in restitution to 65 customers concerning allegations of the improper sale of leveraged and inverse exchange-traded funds (ETFs).…
Broker Benjamin Cox (Cox) has settled charges brought by the Financial Industry Regulatory Authority (FINRA) concerning improper sales of oil and gas private placement offerings sold by Red River Securities LLC (Red River). Cox accepted a one-year bar from the securities industry and a fine of $5,000. Cox entered the…
The financial abuse of seniors continues to be a significant problem in the United States. Nearly 40 million people are age 65 and older and the number is expected to grow to 89 million by 2050. However, even though seniors comprise of a large portion of the population they make…
The Securities and Exchange Commission (SEC) investigates broker-dealer’s actions, including cases of misrepresentation, market manipulation, theft of customers’ funds, illegal schemes and the sale of unregistered securities. If the broker-dealer violates a securities law, the SEC enforces administrative action and civil penalties. In other circumstances, an investor may file a…
The Securities and Exchange Commission (SEC) recently found that broker Dimitrios Koutsoubos (Koutsoubos) churned the brokerage account of Teddy Bryant (Bryant). The SEC’s decision ordered Koutsoubos to: (1) cease and desist from committing fraud; (2) be barred from association with a broker, dealer, investment adviser, (3) disgorge $30,000 plus prejudgment…
The Securities and Exchange Commission (SEC) recently found that broker Jason Konner (Konner) churned the brokerage account of James Carlson (Carlson). The SEC decision ordered Konner to: (1) cease and desist from committing fraud; (2) be barred from association with a broker, dealer, investment adviser, (3) disgorge $55,000 plus prejudgment…
The Securities and Exchange Commission (SEC) recently found that broker Ralph Calabro (Calabro) churned the brokerage account of Dudley Williams (Williams). The SEC decision ordered Calabro to: (1) cease and desist from committing fraud in violation of Section 17(a) of the Securities Act of 1933 (Securities Act) and Section 10(b)…