In our Silver Law securities arbitration and investment arbitration blogs, we highlight individuals who were caught taking financial advantage of their investment clients. In many cases, the investors are elderly, and sometimes, inexperienced at investing. And in some cases, the brokers and advisors are elderly themselves, caught committing fraud after a successful decades-long career. These individuals should understand what constitutes fraud, particularly against elderly clients. Still, they do it anyway. Continue reading ›
It’s a story we’ve heard repeatedly: an elderly individual has been fleeced out of a large sum of money. In many cases, it was all the money they had, and don’t have a clue on how to get it back.
Americans over the age of 65 are 15% of the general population and hold a considerable amount of wealth. Many elders are particularly trusting of people when they shouldn’t be. Continue reading ›
The US Justice Department today announced the conviction and sentencing of two former employees of SunTrust Bank who pled guilty to financial exploitation of an elderly person.
Former SunTrust bankers Rashad Liverpool, 28, and Robert Tillery, 45, were each sentenced on March 5 after conviction of financial exploitation of an elderly person, in violation of Title 22, D.C. Code, Section 933.01(a)(3). Continue reading ›
Cynthia Cowden (Cynthia Diane Cowden CRD#: 2054676) is a former registered broker and investment advisor whose last known employer was NPB Financial Group, LLC (CRD#:137743) of Lake Isabella, CA. Her previous employers include Tricor Financial, LLC (CRD#:142518) and Next Financial Group, Inc. (CRD#:46214), also of Lake Isabella, and Advantage Capital Corporation (CRD#:146) of Atlanta, GA. She has been in the industry since 1990. Continue reading ›
Roger Duval (Roger Allen Duval CRD#: 2503718) is a former registered broker and investment advisor whose last known employer was Pruco Securities, LLC. (CRD#:5685) of Bellevue, WA. His previous employers include MML Investors Services, LLC (CRD#:10409) and MSI Financial Services, Inc. (CRD#:14251) both of Spokane, WA, and Allstate Financial Services, LLC (CRD#:18272) of Liberty Lake, WA. He has been in the industry since 1994. Continue reading ›
Scott Silver, managing partner of Silver Law Group, has sent letters to Florida’s U.S. Senators, Marco Rubio and Rick Scott, expressing support for, and asking the senators to support, the Edith Shorougian Senior Victims Of Fraud Compensation Act of 2020 (Edith’s Bill).
Edith’s Bill would provide a recovery pool for elderly investors who have been defrauded. Provisions in the bill would amend the Victims of Crime Act of 1984 so that seniors victimized by financial fraud would be eligible for reimbursement from the Crimes Victim Fund. Continue reading ›
The Securities and Exchange Commission (SEC) is suing Frederick Stow (Frederick Markley Stow), a barred broker last employed by Raymond James in Nashville, Tennessee, for allegedly defrauding two senior citizens of over $943,500.
“As alleged in our complaint, Stow took advantage of these seniors, abusing his access to their brokerage accounts to generate income for himself,” said Justin Jefferies, assoc. regional director, SEC’s Atlanta regional office. The SEC seeks the return of alleged ill-gotten gains, interest, injunctive relief, and a penalty.
Federal prosecutors also filed criminal charges against Stow. Continue reading ›
Stockbrokers should not borrow money from their clients. That’s according to FINRA Rule 3240, which states that unless the stockbroker is an immediate family member or their firm has specific written procedures about borrowing and lending, then borrowing from a customer constitutes a violation.
Silver Law Group helps investors recover money lost to stockbroker misconduct and elder financial fraud. Contact us today for a no-cost, confidential consultation at 1-800-975-4345.
Although prohibited, stockbrokers do still borrow and misappropriate from their customers. Sometimes it is from an older client who does not understand what is happening or cannot consent, which can be considered elder financial fraud. Continue reading ›
FINRA has released a new report illustrating the growth over the last five years of the FINRA Securities Helpline for Seniors and its efforts to provide support, resources, and education to senior investors. Silver Law Group continues to help seniors who are defrauded by stockbrokers and other financial advisors in elder financial fraud cases.
Unfortunately, we continue to see a rise in elder fraud cases, especially relating to promises of conservative investments that will provide income without risk to principal. Many of these cases involved illiquid or non-traded investment products including Reg D offerings, private placements, and real estate projects. Our experience is bolstered by FINRA’s report that the senior helpline has experienced a rise in calls. Continue reading ›
FINRA requested comments on its proposed rule to limit registered representatives from being “named as a customer’s beneficiary or holding a position of trust for or on behalf of a customer.” Silver Law Group, a nationally-recognized investor rights law firm, has submitted a comment letter to FINRA that states our support for addressing this issue. Submitted by managing partner, Scott Silver, Esq., he comments that our firm has seen a rise in cases involving stockbrokers who improperly borrow money from clients, pressure clients to make the financial advisor part of the estate, and other trust and estate issues. Continue reading ›