According to the Business Record, DeWaay Financial Network LLC of Clive and three other Iowa investment brokers are among 49 firms that have been sued in connection with the bankruptcy of a company accused of running a $485 million Ponzi scheme involving allegedly bogus oil and gas investments. Provident Royalties LLC, based in Dallas, filed [...]
Rhonda Breard, a Kirkland, Wash., investment adviser who has been accused of stealing an estimated $8 million from at least 38 clients, has been permanently barred from the securities industry by Finra. Ms. Breard neither admitted nor denied the charges, Finra said, but “consented to the entry of Finra’s findings.” The former adviser who had [...]
The White Law Group is investigating possible securities fraud claims involving the Oppenheimer Champion Income Fund (OCHBX, OPCHX and OCHCX) and the Oppenheimer Core Bond Fund (OPIGX). Although marketed to investors as conservative investments, the Champion Fund and Core Bond Fund were extremely risky ventures, investing in illiquid derivatives and high risk credit default swaps. [...]
FINRA recently announced that Richard Albert Seefried, a financial advisor in Spokane, Washington currently registered with GVC Capital, LLC, has been suspended from association with any FINRA member in any capacity for three months. The suspension is effective from April 19, 2010 through July 18, 2010. Without admitting or denying the allegations, Seefried consented to [...]
The SEC recently announcements that an Administrative Law Judge issued an Initial Decision in Frederick J. Barton (Barton), Admin. Proc. 3-13548 (Sept. 24, 2009), in which she found that Barton and companies he controlled had been enjoined from any future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities [...]
FINRA recently announced that Daniel Allen Abbott has been fined $20,000 and suspended from association with any FINRA member firm for 60 days. Without admitting or denying the allegations, Abbott consented to the findings that he presented seminars to promote the sale of reverse mortgages and solicit various types of investments from senior citizens contrary [...]
FINRA recently announced that National Securities Corporation has been fined $105,000 and required to pay $15,697.91, plus interest, in restitution to investors. Without admitting or denying the findings, National Securities Corporation consented to the findings that it sold or bought corporate bonds to or from customers and failed to sell or buy the bonds at [...]