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As part of an ongoing investigation into a Ponzi scheme involving five individuals and ten affiliated companies, the Securities and Exchange Commission (SEC) has filed fraud charges in the US District Court for the Northern District of Texas. The court also issued a temporary restraining order against all of the defendants. This includes an order freezing assets of some of the defendants and an order appointing a receiver over the assets of the defendants. The SEC's complaint was filed under seal on December 1st, 2021, and later unsealed. In it, the SEC describes multiple defendants including five individuals that were affiliated with Heartland Group Ventures LLC, Heartland production and Recovery, LLC., and others affiliated with Heartland. The SEC is requesting a jury trial. Silver Law Group represents victims of these types of frauds frequently pursuing claims against the financial advisors, insurance agents and unregistered brokers who sell these investments to small and retail investors.  Unfortunately, there has been a rise in claims against unregistered financial advisors selling unregistered securities which, in many cases, turn out to be Ponzi schemes. As part of an ongoing investigation into a Ponzi scheme involving five individuals and ten affiliated companies, the Securities and Exchange Commission (SEC) has filed fraud charges in the US District Court for the Northern District of Texas. The court also issued a temporary restraining order against all of the defendants. This includes an order freezing assets of some of the defendants and an order appointing a receiver over the assets of the defendants. Continue reading ›

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BrokersBrokers and financial advisors are under a fiduciary duty to put the client first—a relationship that gets muddied whether the loan is in writing or not. The Financial Industry Regulatory Authority (FINRA) has a rule in place prohibiting a broker from borrowing or lending money to customers in most instances. There are few exceptions to FINRA Rule 3240, which forbids customer loans unless the customer is “in the business of providing credit or loans,” or the customer and broker are members of the same immediate family. FINRA’s Rule 3240 defines immediate family as “parents, grandparents, mother-in-law or father-in-law, husband or wife, brother or sister, brother-in-law or sister-in-law, son-in law or daughter-in-law, children, grandchildren, cousin, aunt or uncle, or niece or nephew, and any other person whom the registered person supports, directly or indirectly, to a material extent.” Unfortunately, brokers routinely violate FINRA rules, borrowing money from unsuspecting clients while failing to disclose these deals to their financial institutions as required. Rule 3240 requires brokers to report customer loans to their financial institutions and get consent beforehand in writing. And even when brokers repay a customer’s loan in full, FINRA prohibits the transaction. While registered investment advisors (RIAs) are not governed by FINRA Rule 3240, they still have a fiduciary duty to put the customer’s financial interest first, which similarly precludes their borrowing money from clients. and financial advisors are under a fiduciary duty to put the client first—a relationship that gets muddied whether the loan is in writing or not. The Financial Industry Regulatory Authority (FINRA) has a rule in place prohibiting a broker from borrowing or lending money to customers in most instances. Continue reading ›

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Investment fraud schemes vary, each with its own characteristics, except they share a similar red flag: they look too good to be true. Here are the most common. Ponzi Schemes Named after Charles Ponzi, who one hundred years ago touted he could deliver a 50% return within a matter of months for an international investment, the Ponzi scheme entails using funds from new investors to distribute phony returns to earlier investors. Modern-day Ponzi scams entice new investors to invest in opportunities that promise high returns with little or no risk and consistent return distributions that defy the normal fluctuations of the market. Real Estate Investment Schemes Sponsors of real estate investments sometimes offer the promise of easy and fast returns, using testimonials of others who boast prior extraordinary returns. They are often pitched as retirement planning alternatives to traditional mutual funds, bonds, and other securities. They are also characterized by financing outside of common bank borrowing—"hard money"—and property "flipping," where properties are constantly bought and sold for profit in rapid succession.Investment fraud schemes vary, each with its own characteristics, except they share a similar red flag: they look too good to be true. Here are the most common.

Ponzi Schemes

Named after Charles Ponzi, who one hundred years ago touted he could deliver a 50% return within a matter of months for an international investment, the Ponzi scheme entails using funds from new investors to distribute phony returns to earlier investors. Modern-day Ponzi scams entice new investors to invest in opportunities that promise high returns with little or no risk and consistent return distributions that defy the normal fluctuations of the market. Continue reading ›

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According to FINRA Disciplinary actions for November 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
  Ryan Burneo   J.P. Morgan Securities LLC
  Morgan Engbrecht   Horace Mann Investors, Inc.
  Jamila Fields   Wells Fargo Clearing Services, LLC
  PNC Investments
  Micah Judy   W&S Brokerage Services, Inc.
  Xinwo Li   Pruco Securities, LLC
  Vincent Pepe   J.P. Morgan Securities LLC
  Tara Pierce   LPL Financial LLC
  Investment Centers of America, Inc.
  Rachel Rodriguez   J.P. Morgan Securities LLC
  Kezia Simeon   J.P. Morgan Securities LLC
  Tara Supron   Allstate Financial Services, LLC
  Alex Taylor
  Isaac Yamoah

Continue reading ›

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According to FINRA Disciplinary actions for November 2021, 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
  Peter Budd Jr.   Benjamin F. Edwards & Company, Inc.
  UBS Financial Services Inc.
  Michael Leahy   First Standard Financial Company LLC
  Alexander Capital, L.P.
  Steven Mitchell   UBS Financial Services Inc.
  Procyon Private Wealth Partners LLC
  Alvaro Paiz   Edward Jones
  LPL Financial LLC
  Gregory Rachele   H.D. Vest Investment Services

Continue reading ›

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According to FINRA Disciplinary actions for November 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
  Ikea Huggins
  Jason Kai   Vanguard Marketing Corporation
  Cambridge Investment Research, Inc.
  James Kent Jr.   Emerson Equity LLC
  Newport Coast Securities, Inc.
  Ahmad Khalil   Allstate Financial Services, LLC
  Nicholas Kraiko   National Securities Corporation
  Princor Financial Services Corporation
  Narith Long   NYLife Securities LLC
  Northwestern Mutual Investment Services, LLC
  Reynold Neufeld   Centaurus Financial, Inc.
  LPL Financial Corporation
  Juanita O’Neal   TD Ameritrade, Inc.
  Scarlett Ramsey   NYLife Securities LLC
  Merrill Lynch, Pierce, Fenner & Smith Incorporated
  Timothy Williams   Edward Jones

Continue reading ›

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Jerry Rice (CRD#: 375290) is a previously registered broker advisor whose last known employer was Raymond James Financial Services (CRD#: 6694) of Tinton Falls, New Jersey. His previous employers include Robert Thomas Securities (CRD#: 10147) of St. Petersburg, FL, Smith Barney (CRD#: 7059) of New York City and Lehman Brothers (CRD#: 7506), also of New York City. He has been in the industry since 1968. Jerry Rice was allowed to voluntarily resign from Raymond James after it was discovered that he received monetary gifts in excess of the yearly limits from one of his elderly clients, an 89-year-old widow. He and several family members received a total of $477,000 from this client. However, like many FINRA broker dealers, Raymond James prohibits such gifts and bequests due to a conflict of interest. From 2013 through 2017, Jerry Rice attested in his yearly compliance questionnaires that he understood that brokers were strictly prohibited from receiving monetary gifts from clients without the firm’s permission. Brokers are also prohibited from being named beneficiaries in their wills. Should the broker discover that they have been unknowingly named, he or she is required to immediately notify the firm. The exception is if the client is also an immediate relative.Jerry Rice (CRD#: 375290) is a previously registered broker/advisor whose last known employer was Raymond James Financial Services (CRD#: 6694) of Tinton Falls, New Jersey. His previous employers include Robert Thomas Securities (CRD#: 10147) of St. Petersburg, FL, Smith Barney (CRD#: 7059) of New York City and Lehman Brothers (CRD#: 7506), also of New York City. He has been in the industry since 1968. Continue reading ›

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FINRA recently barred four brokers after they were individually found to have engaged in elder financial abuse. All four have been barred indefinitely after separate FINRA disciplinary actions. All four have signed Acceptance, Waiver & Consent (AWC) letters after the hearings to settle the claims. They are no longer working for or affiliated with a FINRA broker dealer, by order of the hearing officers in each case. Misappropriation of Client Funds - David Wells, CRD#: 6774493 This broker has two additional names listed in Brokercheck: David Sheldon Wells David Wells He has been in the industry since 2017 and has worked for two broker dealers: Fifth Third Securities, Inc. (CRD#:628) Of Chicago, IL Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Chicago, IL On 06/03/2021, Fifth Third Securities allowed Wells to resign after allegations surfaced that he misappropriated client funds from three of his clients.FINRA recently barred four brokers after they were individually found to have engaged in elder financial abuse. All four have been barred indefinitely after separate FINRA disciplinary actions. All four have signed Acceptance, Waiver & Consent (AWC) letters after the hearings to settle the claims. They are no longer working for or affiliated with a FINRA broker dealer, by order of the hearing officers in each case. Continue reading ›

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