SEC Investor Tips

Published on: June 28, 2019

SEC Publishes Fact Sheet For Identifying Senior Financial Exploitation

The SEC has published a fact sheet for identifying and reporting senior financial exploitation for brokers, transfer agents, and financial advisors. We’ve all heard at least one story about an investor who put money into something that was supposed to be the “next best thing,” maybe even with a “guaranteed return.” Unfortunately, that “next big thing” turned out to be fraudulent. As we at Silver Law Group have reported on our many blogs, senior investors have been particular targets of such blatant fraudulence. In some cases, these investors are bankrupted, and their years of lost savings and careful investments have left them dependent on Social Security. Continue reading

Published on: February 5, 2019

SEC Halts Trading On Petrotech Oil & Gas, Inc.

by Silver Law Group

Petrotech Oil & Gas Inc. (PTOG) is a company based in Bedford, TX, and claims it is involved in petroleum recovery from oil wells that are considered “empty.” Using their own extraction technology with CO2 and N2 called “Gas-Injection EOR” (Enhanced Oil Recovery), Petrotech is able to recover 20% or more than previously thought possible.

The SEC Has Proposed New Regulations for Fiduciaries on silverlaw.com On February 19, 2014, the company announced that it would also be entering the legal cannabis market in Washington and Colorado, causing their stocks to surge. Petrotech’s deal created subsidiary Legalizepot.us Management Group, Inc. (the site is now a blank page.) LP.US Management was intended to manage the growing companies where cannabis became legal, starting with Washington and Colorado.

On March 14, 2014, the SEC suspended trading for the company “because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the company’s operations.” Trading resumed on March 28, 2018. The company was in the process of completing a 2-year audit to comply with SEC reporting standards to achieve full reporting status.

Published on: September 26, 2018

Investment Center Broker Accused of Stealing $300K from Elderly Client

by Silver Law Group

Leon Vaccarelli allegedly defrauded a total of nine clients out of more than $1 million

In May, former financial advisor Leon Vaccarelli was charged with 12 counts of fraud and money laundering in a federal court in Connecticut. If convicted on all of them, he could receive a maximum penalty of 210 years in prison. After pleading not guilty, Vaccarelli was released on a $100,000 bond.

Vaccarelli is alleged to have stolen money from several clients between 2011 and 2017. During that time, he reportedly informed his clients that their money would be invested in different places, including money market accounts and retirement products. What Vaccarelli actually did, according to investigators, was put the money into his own account and use it to pay his own expenses. In addition, federal prosecutors also say that he also used client money to make interest payments to other investors.

Published on: September 5, 2018

Some of National Securities Corporation’s FINRA-Reported Brokers

by Silver Law Group

These four brokers have been accused of numerous infractions

National Securities Corporation has been operating for decades and has offices and brokers all over the U.S. Unfortunately, however, a significant percentage of their brokers have been involved in numerous customer complaints. Here are just a few examples of how National Securities employees have allegedly violated FINRA rules:

James Eichner

Published on: August 22, 2018

The SEC Has Proposed New Regulations for Fiduciaries

by Silver Law Group

What the new code of conduct rule entails and how it could affect elderly investors

Up until earlier this year, the Department of Labor had a rule in effect for fiduciaries that specified that they couldn’t earn commissions unless the advice they offered was in the best interests of their clients. In addition, the rule mandated that they could only earn reasonable compensation and must be transparent about this compensation as well as the products they sell.

However, in March, a federal appeals court struck down the DOL’s rule. Recently the SEC proposed their own rule – called Regulation Best Interest or Reg BI – that aims to address three areas:

Published on: August 15, 2018

Securities Arbitration Claims Against National Securities Corp.

by Silver Law Group

According to some reports, nearly 1/3 of National Securities brokers have had regulatory issues, legal disputes, or personal financial problems that have been disclosed to investors

National Securities Corporation is one of the oldest financial firms in the U.S., dating back over 70 years. Its the main office is in Seattle, Washington, but the company has licenses to operate in every state in the country, as well as the District of Columbia, Puerto Rico, and the Virgin Islands.

National Securities Corporation is registered with the SEC and three self-regulatory organizations: Nasdaq, Cboe BZX Exchanged, Inc., and the Financial Industry Regulatory Authority (FINRA) – and it is with the latter agency that the company has come under intense scrutiny over the last couple of decades.

Published on: August 2, 2017

Federal Employee Benefit Counselors Targeted Federal Government Employee Retirement Plan Participants With Variable Annuities Scheme.

by Silver Law Group

Silver Law Group and The Law Firm of David Chase are reviewing potential claims of fraudulent inducement of federal employees into purchasing high fee paying variable annuity products by LPL Financial LLC (CRD#6413) affiliated brokers Brandon Long (CRD# 5975459) , Christopher S Laws (CRD#4479529) , Johnathan Dax Cooke (CRD#5365691) and Danny Scott Hood (CRD#3236852).

Variable annuities (“VAs”) are highly-complex financial products. According to FINRA, a good way to think of a VA is as a cross between an insurance product and an investment product.

Like other annuities, a VA is a contract between the investor and an insurance company. The investor pays the insurer a single payment or a series of payments called premiums. In exchange for those premiums, the insurer promises to make periodic payments to you either immediately or at some point in the future.

Published on: March 22, 2016

Investor Beware: Does Your Broker Have Access to Your Online Trading Account?

by Silver Law Group

Investor Beware: Does Your Broker Have Access to Your Online Trading Account? on silverlaw.com

California broker, Angelo Talebi, finds himself in hot water with his firm and FINRA, as well as his clients.

Does your broker have your username and password for your online trading account? If so, does his current employer know that he does? If not, it could spell trouble for everyone involved.

Take into account Royal Alliance Associated, Inc. broker Angel Talebi out of California according to FINRA records, or about December 2013, Talebi’s customer from Royal Alliance Associates, Inc. moved his accounts with Royal to another FINRA member firm that provided online trading. Without informing Royal, Talebi used the customer’s login credentials to execute transactions through the customer’s other FINRA member firm.

Published on: August 11, 2015

Boca Raton Oppenheimer Employees Settle SEC Investigation

by Silver Law Group

Each faces a one-year suspension for alleged unregistered sale of penny stocks

On Thursday, the Securities and Exchange Commission announced settlements in the cases of three Oppenheimer & Co. employees in Boca Raton, Florida. Scott A. Eisler, Arthur M. Lewis and Robert Okin allegedly were involved in the unregistered sale of more than 2.5 billion shares of penny stocks for a customer in 2009 and 2010.

The investigation alleges that Eisler should have conducted an inquiry into the customer’s trading activity, as it raised red flags that could point to illegal activity. According to the SEC, the proceeds from these transactions amounted to about $12 million, with Oppenheimer making more than $588,000 in commissions.

Published on: July 23, 2015

Investors Beware: SEC Warns of Financial Professionals Making False Claims

by Silver Law Group

Tips on how how to be alert so you do not fall victim to an investment scheme.

The old adage “don’t believe everything you hear or read” rings true in the case of a recent Securities Exchange Commission (SEC) Investor Alert. This particular alert warns investors about financial professionals that may misrepresent their backgrounds and professional experience to lure investors into investment schemes.

Fraudulent Information Abounds