Diamonds may still be a “girl’s best friend,” but for 300 or more investors in the US and Canada, there weren’t any to befriend. This week, the SEC obtained a court order to shut down a Ponzi scheme run by South Florida-based owner Jose Angel Aman, and his company, Argyle Coin.
Silver Law Group is investigating former Salinas, California-based, Independent Financial Group broker David Marshall after some customers have come forward alleging he recommended his customers invest with unregistered brokers.
According to Marshall’s FINRA BrokerCheck report, Marshall was registered with Independent Financial Group at its Salinas, California branch from July 2015 to October 2017 and is now unregistered. Marshall ran his brokerage business through his own company, Marshall Wealth Management, according to his detailed CRD report. Marshall Wealth Management was also a registered investment adviser. Continue reading
On February 26, 2019, the SEC announced charges and an asset freeze against the people behind a South Florida investment scheme. One of the people behind the scheme has a felony conviction, was in prison for 20 years, and is now out on parole.
Castleberry Financial Services Group LLC, managed by T. Jonathon Turner and CEO Normal Strell, has allegedly taken approximately $3.6 million from investors over the past year. The SEC filed an emergency action against them in district court, stating that Castleberry lied to its investors, claiming that it had hundreds of millions of dollars of capital invested in various businesses. The company also claimed that it had ties with CNA Financial Corp. and Chubb Group. Castleberry claimed that any investments would be protected and insured by those companies, which the SEC alleges is untrue. Continue reading
It’s one thing when a company terminates your employment. It’s another thing when the company causes you to lose business.
John L. Perry and Robin Johnson are two former financial advisors for Wells Fargo that have brought a complaint against the company. After news broke of Wells Fargo’s extensive misconduct, their partnership with Wells Fargo lost half its business, and suffered significant damage. (A timeline of Wells Fargo’s actions since 2016 is available here, including over 3.5 million fake accounts and extensive over-charging of clients.) Continue reading
UBS has marketed a so-called “Yield Enhancement Strategy” (YES) to certain of its clients as a safe way to increase the return on their money. Unfortunately, though marketed as low-risk, their Yield Enhancement Strategy was quite risky and ended up causing some investors to lose money. What was supposed to increase wealth ended up destroying it.
Investors may have been steered into this strategy without understanding the risks involved, and could be eligible to recover some of their losses through FINRA arbitration. Continue reading
A federal securities class action lawsuit has been filed on behalf of investors against cloud computing company Fusion Connect, Inc. (FSNN).
If you are an investor and have suffered a loss with this company, you may be able to recover some of your losses.
Investors who purchased shares of Fusion Connect between August 14, 2018 and April 2, 2019 may be eligible to participate in the lawsuit. Continue reading
Silver Law Group is investigating AAC Holdings, Inc. (AAC), a publicly-traded company that provides substance abuse treatment services, regarding potential violations of federal securities laws.
On April 16, 2019, AAC said that it would be correcting errors in its financial statements concerning revenue, estimates of accounts receivable, and provision for doubtful accounts. After the announcement, the price of AAC’s stock fell more than 18%. Continue reading
The Wall Street Journal reported that Fidelity Investments is the subject of a Labor Department probe and a lawsuit by an investor in a T-Mobile 401(k) plan, regarding the disclosure of an “infrastructure fee” it charges mutual funds for using their FundsNetwork asset management platform.
The lawsuit claims that Fidelity conceals the fee, while Fidelity says it fully discloses all fees it charges. Continue reading
Anthony Cottone (CRD#: 4394861) is a permanently-barred broker and is the subject of four disclosures on his FINRA BrokerCheck report, which includes two employment separations after allegations and two regulatory disclosures.
From 2002-2017, Anthony Cottone worked for 10 different firms in New Jersey, New York, and Florida, including Landolt Securities, Financial West Group, and Midamerica Financial Services. Continue reading
Broker William Matthew Crafa and wealth management firm Royal Alliance Associates, Inc are the subject of a FINRA claim on behalf of investors regarding the solicitation and recommendation to purchase GPB Capital Holdings private placement securities.
GPB Capital Holdings, a New York-based “alternative asset investment firm” that invests in car dealerships and trash hauling companies, has been the subject of a tremendous amount of bad news lately. After raising $1.8 billion for its private placement funds over 10 years, in 2018 GPB announced it would stop raising new money to focus on fixing accounting and financial statements for its two largest funds, GPB Automotive Portfolio and GPB Holdings II. Continue reading