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Articles Tagged with Texas

Retirement planning firm owner allegedly paid for lavish living expenses and more with elderly investors’ money

It has happened again. The Securities Exchange Commission (SEC) has uncovered yet another alleged Ponzi scheme targeting the most vulnerable of investors: the elderly. Clifton Stanley of Galveston, Texas is accused of cheating his elderly investors – those in their eighties and nineties – out of $3.8 million dollars in two related scams.

The first alleged scheme: PONZI

Broker Michael Siegel Suspended and then Permanently Barred by FINRA – Investigation Update on silverlaw.comSilver Law Group is investigating former Fresno, California- and San Antonio, Texas-based broker Willard L. Golightly (CRD# 4395250) after FINRA permanently barred him from engaging in certain activities in the securities industry.

According to Golightly’s FINRA BrokerCheck report, FINRA suspended Golightly in December 2016 after Golightly failed to comply with an arbitration award or settlement agreement or to respond to a FINRA inquiry.  Including the suspension, Golightly has a litany of other disclosures on his FINRA BrokerCheck report.

In September 2015, FINRA barred Golightly for inappropriately concentrating his customers in low-priced securities and failed to respond to red flags.  Golightly additionally failed to maintain and enforce his member firm’s written supervisory procedures.

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