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$70 MILLION Recovery for Investment Fraud
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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

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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

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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

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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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Vipshop Holdings, a Chinese e-commerce company has sued Goldman Sachs and Morgan Stanley in New York accusing both companies of utilizing inside information to dump blocks of shares of two companies under Archegos Capital Management earlier this year after the firm defaulted on margin calls in March of 2021. Vipshop accuses both firms of knowing in advance that Archegos’ collapse was imminent, long before the information became public. In order to minimize their losses, the firms sold their shares prior to the news of the Archegos collapse. By doing so, the firms both avoided losses they would have suffered had they waited. Most of the shares sold by the firms were from two companies: Baidu Inc., a large Chinese tech company specializing in artificial intelligence (AI), Farfetch Ltd, an e-commerce company based in London that sells high-end luxury goods from boutiques around the world. Goldman Sachs and Morgan Stanley sold off these stocks between March 22, 2021, and March 29, 2021. Both firms knew that once the news became public that Archegos was unable to meet the margin call, they would be required to sell their stock in both Baidu Inc. and Farfetch Ltd. at a substantial loss. By selling large blocks of the two company’s stocks ahead of time, both firms avoided these losses, at the expense of other investors.

Vipshop Holdings, a Chinese e-commerce company has sued Goldman Sachs and Morgan Stanley in New York accusing both companies of utilizing inside information to dump blocks of shares of two companies under Archegos Capital Management earlier this year after the firm defaulted on margin calls in March of 2021. Continue reading ›

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The Securities and Exchange Commission (SEC) is investigating GWG Holdings $2 billion L Bond, according to GWG’s annual filing in November, 2021 for the previous year. GWG Holdings (GWGH) is a Texas-based financial services firm that offers alternative investments, life insurance, and other services. The company has missed important SEC filing deadlines, and has not yet filed financial statements for the first 3 quarters of 2021, causing Nasdaq to threaten to delist the company. The company had previously declined to comment when asked about an SEC investigation. Now they confirm that the commission is conducting an investigation and has subpoenaed information related to the company’s products, L Bonds, and accounting. GWG stated that it is currently not able to raise money, is losing money, and that the SEC’s investigation is delaying its business plans and could damage its reputation and result in fines and legal costs. A report from an external auditor said that GWG’s internal controls over its financial reporting showed insufficient accounting policies and led to restating financial statements. GWG says it is cooperating with the investigation and that the SEC also asked about their financial reporting consolidation with Beneficient Company Group LP.The Securities and Exchange Commission (SEC) is investigating GWG Holdings $2 billion L Bond, according to GWG’s annual filing in November, 2021 for the previous year.

GWG Holdings (GWGH) is a Texas-based financial services firm that offers alternative investments, life insurance, and other services. Continue reading ›

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