Securities Arbitration Lawyers Blog
37,000 Victims Still Paying 6.3 Million Monthly For Limited Health Insurance With Simple Health Plans
Almost 37,000 consumers are left paying $6.3 million in monthly premiums for insurance plans with Simple Health Plans LLC. The Federal Trade Commission is working on permanently closing the company. However, until a federal judge keeps the company permanently closed, the consumers still need to pay.
Simple Health has been shut down since October 31 when it was served a temporary restraining order. The FTC is accusing the health insurance company of running a huge scam that convinced thousands of consumers into thinking they were buying high quality health insurance policies. They were led to believe that the health insurance they were buying would cover things like hospital stays, visits to primary care physicians and specialists, and prescription drugs. In actuality, Simple Health LLC sold their consumers a package of discount plans and limited-benefit hospital coverage that only paid a maximum of $3,200 a year. Simple Health’s co-founder Steven J Dorfman and his affiliated companies made more than $150 million since 2013. Continue reading ›
Suitability
Silver Law Group is investigating Wellington, Florida based company Winfield Capital Partners, LP and its principals, Richard W. Hartnett and Taryn E. Hartnett.
Silver Law Group is investigating Boca Raton, Florida-based Newbridge Securities Corporation broker 
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.
The Massachusetts Securities Division has charged former investment adviser, Bruce Colin Worthington, with allegedly withdrawing $100,000 from a client’s bank account.
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.
This is the latest case related to the conduct of barred advisor Aaron Parthemer, who had a practice in Florida that catered to NFL and NBA players.
FINRA has alleged that in 2011 and 2012, Ami Forte engaged in unsuitable trading with the account of a client who was very near death. With this account, Forte generated more than $9 million in commissions in less than a year. In 2016, Forte was fired by Morgan Stanley after the estate of Roy M. Speer, co-founder of the Home Shopping Network, sued Morgan Stanley for $40 million.