The SEC recently released an “investor alert” with the goal of helping “investors be better aware of fraudulent investment schemes that may involve social media.” The SEC acknowledges in the alert that social media has become an important tool for the investing public to accumulate information about all facets of investing. Investors are increasingly looking [...]
The USA Today recently ran a story in which they gave some tips on diligently selecting a financial advisor and encouraged investors to conduct research and ask questions prior to selecting one. Their article notes that in today’s investment environment where Ponzi Schemes and other frauds are plentiful, there are simple things that investors can [...]
FINRA released an investor alert for public non-traded REITs “to help investors understand the benefits, risks, features and fees of these investments.” This year FINRA has paid particularly close attention to the sale of non-traded REITs. In May, FINRA charged David Lerner & Associates “…with Soliciting Investors to Purchase REITs Without Fully Investigating Suitability.” David [...]
According to a public release from cftc.gov, “The U.S. Commodity Futures Trading Commission (CFTC)…issued an order filing and simultaneously settling charges that Forex Capital Markets LLC (FXCM) failed to supervise diligently its personnel’s handling of more than 57,000 customer accounts that traded on FXCM’s forex trading platforms.” A combination of restitution to customers and an [...]
According to the investmentnews.com, FINRA has “…proposed changes to its Rule 2340, which governs customer account statements. Finra’s new proposal takes aim at brokers’ commissions and other upfront costs.” This change to Rule 2340 would seriously impact how the price of a nontraded REIT is listed on a customer account statement by making clear the [...]
According to a public release from FINRA.org they, “ordered Raymond James & Associates, Inc. (RJA) and Raymond James Financial Services, Inc. (RJFS) to pay restitution of $1.69 million to more than 15,500 investors who were charged unfair and unreasonable commissions on securities transactions. FINRA also fined RJA $225,000 and RJFS $200,000.” Both companies have “neither [...]
According to the investmentnews.com the FBI is handling a criminal investigation into Gibraltar Partners, which allegedly, along with other companies, ran a Ponzi scheme for which investors are seeking to recoup more than $100 million. During the course of the FBI investigation and the unraveling of the Ponzi scheme, it was brought to the attention [...]
According to documents available from FINRA.org, “without admitting or denying the findings [of FINRA],” “Fidelity Brokerage Services LLC submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $375,000, and agreed to make an offer to repurchase illiquid auction rate securities (ARS) from certain customers who purchased ARS via the [...]
FINRA and the SEC jointly released a document meant to protect investors from “early retirement scams” that play on the desires of many peoples to retire as early as possible with as much money as possible. The document notes that “some financial ‘experts’ tout early retirement schemes that promise more than they can deliver.” The [...]
As an advocate for investors we are constantly looking for ways to get information out to the investing public about securities fraud practices and how investors can protect themselves. We have produced this “Top 10″ video that gives some information about the types of securities fraud practices we see most often here at The White [...]