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Public Justice

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NorthstarNorthstar Financial Services (Bermuda) Ltd. is one of the dozens of firms in the US and abroad owned by businessman Greg E. Lindberg, now facing bankruptcy and other litigation. And investors are scrambling to recover their lost investments. Current estimates are that 1,773 Northstar account holders have potential claims totaling $426,825,594. Lindberg bought Northstar in 2018. Even then, Northstar, a Bermuda investment firm founded in the 1990s, was said to be on financially shaky ground, offering investment products much less secure than they were marketed to be. But just months after the acquisition, allegations began to surface that Lindberg was using the assets of his companies like Northstar—insurance and investment companies—to keep his other business interests afloat. Lindberg had allegedly taken $2 billion from his U.S. insurance companies to cover investments (and debts) of the other companies—while untold amounts went to his personal gain. Financial Services (Bermuda) Ltd. is one of the dozens of firms in the US and abroad owned by businessman Greg E. Lindberg, now facing bankruptcy and other litigation. And investors are scrambling to recover their lost investments. Current estimates are that 1,773 Northstar account holders have potential claims totaling $426,825,594. Continue reading ›

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While allegations of Activation’s discriminatory and harassing culture have been in the news lately, it is of course far from being the only company scandalized by such reports. Let’s take a look at how some other companies have been impacted by similar allegations…. Wynn Resorts Gambling industry tycoon Steve Wynn lost his job, running the company that bore his name, after the Wall Street Journal broke the news that he had a long history of sexual misconduct allegations. They now face a class-action lawsuit for securities fraud for having made material misrepresentations to investors regarding the allegations. In addition to the lawsuits, the company has had to pay millions in penalties to state gaming agencies. Signet Jewelers After an explosive expose in the Washington Post and elsewhere revealed a pattern of gross sexual harassment and other malfeasance at Signet Jewelers, the parent company of shopping mall stores such as Zales and Kay Jewelers, the CEO—who was alleged to be directly participating in the malfeasance—left the firm. The board was reconfigured to achieve gender parity, and the company had to agree to a $240 million settlement of a related shareholders’ derivative lawsuit.While allegations of Activision’s discriminatory and harassing culture have been in the news lately, it is of course far from being the only company scandalized by such reports. Let’s take a look at how some other companies have been impacted by similar allegations…. Continue reading ›

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For a bright shining moment, it looked like WeWork was going to be the Starbucks of office space—a worldwide company offering shared drop-in workspaces that people could rent for short or long-term. But lawsuits relating to sexual harassment filed before WeWork’s Initial Public Offering hurt the burgeoning company’s reputation. More allegations began to follow, including charges of gender discrimination and wasteful spending by leadership. Then there were accusations that the workspaces being rented were unsafe: “Some were found to have unsafe levels of formaldehyde.” Soon the company’s chief executive no longer had an office at WeWork. Research has shown that sometimes when a company is dealing with issues such as sexual harassment, the perpetrators are also often involved in other wrongdoing. Workplaces that are high in sexual harassment may also be higher in other forms of discrimination or worker mistreatment. In one dramatic example that arose during a due diligence investigation, investigators found a chairman and CEO of a company had a history of sexual misconduct, and, through further investigation, they discovered that he was also committing fraud and forgery.For a bright shining moment, it looked like WeWork was going to be the Starbucks of office space—a worldwide company offering shared drop-in workspaces that people could rent for short or long-term. But lawsuits relating to sexual harassment filed before WeWork’s Initial Public Offering hurt the burgeoning company’s reputation. More allegations began to follow, including charges of gender discrimination and wasteful spending by leadership. Then there were accusations that the workspaces being rented were unsafe: “Some were found to have unsafe levels of formaldehyde.” Soon the company’s chief executive no longer had an office at WeWork. Continue reading ›

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The law is clear on this point: If you are a whistleblower who reports a possible violation to the Securities and Exchange Commission (SEC), the company cannot retaliate against you. For example, as stated in the Dodd-Frank legislation that created the SEC whistleblower program, “No employer may discharge, demote, suspend, threaten, harass, directly or indirectly, or in any other manner discriminate against, a whistleblower in the terms and conditions of employment because of any lawful act done by the whistleblower.” Depending on the exact facts at issue, if a company does retaliate against someone for making a lawful report, the company can be liable to the employee, having to pay back pay (or double that) and other compensatory damages. In some cases, punitive damages are also possible.The law is clear on this point: If you are a whistleblower who reports a possible violation to the Securities and Exchange Commission (SEC), the company cannot retaliate against you.

For example, as stated in the Dodd-Frank legislation that created the SEC whistleblower program, “No employer may discharge, demote, suspend, threaten, harass, directly or indirectly, or in any other manner discriminate against, a whistleblower in the terms and conditions of employment because of any lawful act done by the whistleblower.” Continue reading ›

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Under the law, the Securities and Exchange Commission (SEC) can investigate and enforce violations of the nation’s securities laws. On the agency’s website, the SEC provides examples of conduct it is “interested in,” such as Ponzi schemes, insider trading, bribery of foreign officials, and false or misleading statements about a company in SEC reports or financial statements. But all of that seems worlds away from allegations relating to sexual harassment at a company—even if it’s a publicly-traded one. So how does the SEC get “interested” in that? Ironically enough, allegations of sexual harassment themselves are probably not enough for the SEC to get involved. That is not to say that targets of sexual harassment would be without recourse. For example, they could file complaints with the Equal Employment Opportunity Commission or a state labor office. But for the SEC to become involved, there needs to be a tie into securities laws.  This can include a corporate culture that leads to misconduct or an impact on the company’s stock price. This can be at a publicly traded company of at a Wall Street brokerage firm. One of the primary ways that occurs is if a company fails to reveal harassment-related complaints against its leadership or resolution of lawsuits. Companies are required to disclose to the SEC, and shareholders, any litigation or other controversies. Therefore, if a company was investigating the staff’s behavior, or if it had responded to related litigation, that should be included in required SEC filings. Companies also have duties not to mislead investors in filings. So a company can’t promote the excellence of its leadership team, if they know that the team is operating under a cloud.Under the law, the Securities and Exchange Commission (SEC) can investigate and enforce violations of the nation’s securities laws. On the agency’s website, the SEC provides examples of conduct it is “interested in,” such as Ponzi schemes, insider trading, bribery of foreign officials, and false or misleading statements about a company in SEC reports or financial statements. But all of that seems worlds away from allegations relating to sexual harassment at a company—even if it’s a publicly-traded one. So how does the SEC get “interested” in that? Continue reading ›

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Last September, the Wall Street Journal first broke the story: The Securities and Exchange Commission (SEC) was investigating Activision Blizzard Inc., relating to allegations of how the company had been handling allegations of sexual harassment and gender discrimination. The SEC was reportedly looking into allegations made against Activision, asking for documents relating to six women’s personnel files and separation agreements, board meeting minutes since 2019, and other documents relating to the allegations. Even in a male-dominated industry such as computer game design, Activision had been known for a drunken “frat boy culture.” Supervisors were alleged to have made passes at women, even groping them at public events. Day-to-day, women were said to have been harassed. They were also alleged to be paid less than their male counterparts, as the men belittled them and took credit for their work. Allegedly, if women complained to the Human Resources Department, the company purportedly took no actions against the offending employees, but they did retaliate against the women, laying them off, depriving them of promotions, and other punishment. And while senior leaders were not directly implicated in having participated in the actual malfeasance, there were complaints that they had failed to take action if and when they’d learned of the problems.Last September, the Wall Street Journal first broke the story: The Securities and Exchange Commission (SEC) was investigating Activision Blizzard Inc., relating to allegations of how the company had been handling allegations of sexual harassment and gender discrimination. The SEC was reportedly looking into allegations made against Activision, asking for documents relating to six women’s personnel files and separation agreements, board meeting minutes since 2019, and other documents relating to the allegations. Continue reading ›

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NBC 6 in Miami recently published an article about the alleged MJ Capital Funding Ponzi scheme and how to spot Ponzi schemes and other investment fraud. Silver Law Group represents victims of MJ Capital through a class action lawsuit, and routinely represents victims of Ponzi schemes and investment fraud. The article details the experience of Gilmer Bautista, who was looking for a way to earn extra money when someone on social media told him about MJ Capital Funding, which operated out of a Pompano Beach, FL tax office. Batista was told he could earn incredible monthly returns on his principal by investing in MJ’s merchant cash advance business. He eventually handed over $45,000. He hasn’t gotten his money back and now the SEC accuses MJ Capital of operating a Ponzi scheme. In August, 2021 the SEC put out a press release stating that it had filed an “emergency action and obtained a temporary restraining order, an asset freeze, and the appointment of a receiver to stop an alleged Ponzi scheme and misappropriation of investor proceeds perpetrated by Coral Springs, Florida resident Johanna M. Garcia and two entities she controls.”NBC 6 in Miami recently published an article about the alleged MJ Capital Funding Ponzi scheme and how to spot Ponzi schemes and other investment fraud. Silver Law Group represents victims of MJ Capital through a class action lawsuit, and routinely represents victims of Ponzi schemes and investment fraud. Continue reading ›

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According to FINRA Disciplinary actions for December 2021, the following individuals were barred from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules:

NAME FORMER EMPLOYERS
  William Friedman   Pinnacle Investments, LLC
  Woodstock Financial Group, Inc.
  Johnnie Jones   Network 1 Financial Securities Inc.
  National Securities Corporation
  Toni Marshall   J.P. Morgan Securities LLC
  Dominic Scalzi   Deutsche Bank Securities Inc.
  Banc of America Investment Services, Inc.
  Rosemary Vrablic   Deutsche Bank Securities Inc.
  Banc of America Investment Services, Inc.

Continue reading ›

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According to FINRA Disciplinary actions for December 2021, the following individuals were suspended from FINRA and cannot currently work for a FINRA brokerage firm for failing to provide FINRA with information it requested or to keep information current with FINRA pursuant to FINRA rules. However, these individuals remain bound by the securities arbitration agreement to arbitrate any disputes between themselves and their former customers:

NAME FORMER EMPLOYERS
  Jeremy Bahls   NYLife Securities LLC
  Joshua Baker   State Farm VP Management Corp.
  Kameise Bickham
  Anthony Bookman   Seaport Global Securities LLC
  Pickwick Capital Partners, LLC
  Bernard Chevalier
  Michael Dorband   Berthel, Fisher & Company Financial Services, Inc.
  U.S. Bancorp Investments, Inc.
  Ian Ha   Infinity Financial Services
  AXA Advisors, LLC
  Gregory Hanshew   Infinity Financial Services
  CIM Securities, LLC
  Jordan John   TD Ameritrade, Inc.
  Wells Fargo Clearing Services, LLC
  Frank Mathis   Fidelity Brokerage Services LLCV
  TD Ameritrade, Inc.
  Ronald Molo   Edward Jones
  Christopher Ogbuehi
  Robert Paterson   Truist Investment Services, Inc.
  BB&T Securities, LLC
  Noe Ramirez III   Merrill Lynch, Pierce, Fenner && Smith Incorporated
  Chase Investment Services Corp.
  Nathaniel Robinson   J.P. Morgan Securities LLC
  Bobby Sullins   BB&T Securities, LLC
  BB&T Investment Services, Inc.
  Herbert Weith IV   Equitable Advisors, LLC
  Wells Fargo Clearing Services, LLC

Continue reading ›

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