A National Securities Arbitration & Investment Fraud Law Firm
According to FINRA Disciplinary actions for November, 2014, the following individuals were suspended from FINRA for failing to comply with a FINRA arbitration award or settlement agreement pursuant to FINRA rules: NAME FORMER EMPLOYERS Niyukt Raghu Bhasin NSM Securities, Inc. Max International Broker/Dealer Corp. William Dean Chapman, Jr. Alexander Capital…
The U.S. Commodity Futures Trading Commission (CFTC) has announced that New Yorker Paul Greenwood, who operated a billion dollar investment scam where he misappropriated at least $500 million from investors, was sentenced to 10 years in federal prison for charges related to his participation in the scam. The criminal charges…
The Financial Industry Regulatory Authority (FINRA) recently barred former Aegis Capital Corp.(Aegis) broker Malcom Segal (Segal) alleging that Segal may have engaged in unauthorized transfers of funds from customer accounts to an outside business activity (a/k/a “selling away“). Segal was a broker for Aegis from 2011 until July 2014 when he…
A Federal Judge has denied Pershing LLC’s request to dismiss all claims against it for serving as the clearing firm in Allen Stanford’s multi-billion dollar Ponzi scheme. According to the Complaint, Pershing allegedly aided the scheme perpetrated through Stanford Group Co. U.S. and the Judge held that “Pershing’s role as…
The Securities and Exchange Commission alleged New York-based Premier Links, Inc., its former president, and two cold callers formed a fraudulent boiler room scheme targeting retirees and elderly to invest in speculative or high risk companies with limited or no real chance of making a profit. The SEC alleges that…
Daniel Thibeault, chief executive of GL Capital Partners, a brokerage firm which specialized in alternative investments, was arrested on securities fraud charges after the FBI accused him of a fraudulent scheme to divert some $12.6 million from a fund he was overseeing. Mr. Thibeault allegedly took out fictitious loans to…
The Financial Industry Regulatory Authority (FINRA) fined 10 brokerage firms a total of $43.5 million for allowing their analysts to solicit investment banking business and for offering favorable research coverage in connection with the 2010 IPO of Toys R Us. Firms and fines: Barclays Capital $5 million Citigroup Global…
Travis Wetzel of Frederick, Maryland has pleaded guilty to wire fraud relating to a fraudulent scheme to steal over 1.2 million dollars from an elderly client’s annuity account. According to the government press release, Wetzel processed financial distribution documents for his investment advisory firm located in Rockville, Maryland. According to…
Donald Ray Babb and Ralph Ruth each face a maximum 20 years in federal prison after pleading guilty to operating a $20 million dollar Ponzi scheme. The scheme lasted from June 2006 through the end of 2013 primarily targeting older investors including several government workers costing many investors their life…
NSM Securities, Inc. (CRD #134357, West Palm Beach, Florida) and Niyukt Raghu Bhasin (CRD #2282048, Wellington, Florida) submitted an Offer of Settlement to FINRA in which NSM Securities (“NSM”) was expelled from FINRA membership. Bhasin was barred from association with any FINRA member in any capacity. NSM and Bhasin consented…