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Articles Posted in securities fraud

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FINRA Sanctions Morgan Stanley and Scottrade for Failing to Supervise Customer Transfers to Third-Party Accounts

The Financial Industry Regulatory Authority (FINRA) issued a press release concerning two settlements fining Morgan Stanley Smith Barney, LLC (Morgan Stanley) $650,000 and Scottrade, Inc. $300,000 for failing to implement reasonable supervisory systems to monitor the transmittal of customer funds to third-party accounts. The settlements included allegations that both firms…

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Broker Spotlight: Alexander Capital Broker Anthony Pace

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Anthony Pace (Pace) has been the subject of at least six customer complaints and one employment seperation. The customer complaint against Pace allege a number of securities law violations including that the broker made unsuitable investments, engaged…

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Gana LLP Investigation: Broker James Connors

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker James Connors (Connors) has been the subject of at least two customer complaints. The customer complaints against Connors allege a number of securities law violations including that the broker made unsuitable investments and engaged in churning (excessive…

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New York Attorney General Arrests Advisor Frederick Monroe On Charges of Running a Ponzi Scheme

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Frederick Monroe (Monroe) has been the subject of at least three customer complaints alleging that the broker misappropriated funds. In total the customers complaint that over $2 million has been taken by the broker. Subsequently, Monroe’s brokerage…

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Broker Leonard Tanner Suspended By FINRA Over Unauthorized Trading

The Financial Industry Regulatory Authority (FINRA) fined and suspended broker Leonard Tanner (Tanner) concerning allegations between October 2010, and January 2014, Tanner executed discretionary transactions in approximately 90 accounts of customers under a verbal authorization but without prior written authorization from those customers or approval of his brokerage firm City…

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Why Professional Athletes are Common Victims of Investment Fraud

Certain groups have been particularly vulnerable to advisors who engage in investment fraud. Among those groups well known are senior citizens who may have diminished capacity. Another group that serves as a common target are affinity frauds. In an affinity fraud the scammer preys upon members of a group or…

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Former Merrill Lynch Advisor Roderick Yzaguirre Accused of Stealing Millions From Clients

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Roderick Yzaguirre (Yzaguirre) has been the subject of at least 10 customer complaints and one firm termination. Customers have filed complaints against Yzaguirre alleging that the broker made misrepresentations concerning investments and misappropriated their funds among other…

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SEC Complaint Alleges Veros Partners, Matthew Haab Jeffery Risinger, and Tobin Senefeld Engaged in a Farm Loan Ponzi Scheme

The Securities and Exchange Commission (SEC) brought charges against Veros Partners, Inc. (Veros), an Indianapolis investment adviser, Matthew Haab (Haab), and two associates, attorney Jeffrey Risinger (Risinger) and Tobin Senefeld (Senefeld), fraudulently raised at least $15 million from at least 80 investors, most of whom were Veros advisory clients for…

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Broker Complaint Investigation: David Persaud’s Sales Practices

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker David Persaud (Persaud) a/k/a Dwarka Persaud has been the subject of at least 5 customer complaints and one regulatory action over the course of his career. Customers have filed complaints against Persaud alleging a litany of securities…

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H. Beck, LaSalle, and J.P. Turner Sanctioned for Inadequate Supervision of Consolidated Reports

The Financial Industry Regulatory Authority (FINRA) sanctioned three firms, H. Beck, Inc. (H. Beck), LaSalle St. Securities, LLC (LaSalle), and J.P. Turner & Company, LLC (JP Turner) – with fines of $425,000, $175,000 and $100,000, respectively concerning inadequate supervision of consolidated reports provided to customers. As a background, a consolidated…

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