Category Archives: broker
UBS files arbitration claim against one of its former advisors, Robert E. Turner, seeking to recover $17mm in customer losses from “sham” investment, Fairfax Financial Corporation.
According to published reports, UBS has filed a FINRA arbitration seeking to recover losses it expects to pay to customers of the firm who were duped into purchasing a “sham outside investment” Fairfax Financial Corporation. According to the article, Turner allegedly persuaded 23 clients to purchase Fairfax Financial Corporation between 1997 and 2021 and generated… Read More »
Report: Troubled Private Placement GPB Capital Holdings Paid Steep Commissions to Brokers and Broker-Dealers
According to reporting from InvestmentNews, GPB Capital Holdings — the troubled alternative investment company that is currently the subject of Ponzi scheme accusations — paid large commissions to the securities representatives as a substantial inducement to sell the private placement to investors. Specifically, commissions were paid at a rate of 9.3 percent. In total,… Read More »
FINRA Bars Invest Financial Corporation Broker Roger Kroeger
Roger Kroeger (CRD: 1526864) is a prior stockbroker of Invest Financial Corporation located in Fort Lauderdale, Florida who Financial Industry Regulatory Authority (“FINRA”) has barred in all capacities pursuant to Letter of Acceptance, Waiver and Consent No. 2017056614402 dated September 5, 2018. According to FINRA Department of Enforcement, Kroeger failed to appear for testimony… Read More »
Wells Fargo Broker Suspended For Defaulting On Promissory Note
Darren Thomas Walton (CRD: 2936629) is a former registered representative of Wells Fargo Advisors, LLC located in Los Angeles, California. According to Walton’s Financial Industry Regulatory Authority (“FINRA”) BrokerCheck profile, he has been suspended in all registration capacities by FINRA on December 1, 2017 for failing to repay a loan to Wells Fargo Advisors,… Read More »
Investor Bulletin: 10 Investment Tips for 2016
Whether you are a first-time investor or have been investing for years, here are ten tips from the SEC’s Office of Investor Education and Advocacy to help you make more informed investing decisions and avoid common scams in 2016. Always check the background of an investment professional − it is easy and free. Details… Read More »
SEC Charges Rhode Island Broker With Running $11 Million Ponzi Scheme
On May 7, the U.S. Securities and Exchange Commission charged a Rhode Island investment adviser with running what amounted to a Ponzi scheme. The SEC alleges Patrick Churchville used his one-man company, ClearPath Wealth Management, LLC, to defraud investors out of millions of dollars. The SEC has asked a federal judge in Providence to… Read More »
Texas Securities Regulators Order Unregistered Broker to Pay Back His Victims
Securities fraud and stockbroker fraud are not just federal matters. Florida and other states utilize their own securities regulators who are charged with protecting the public from unregistered and unlicensed brokers who defraud investors. For example, on April 7, the Texas State Securities Board (TSSB) announced a plea agreement with Robert P. McGann, an… Read More »
Missing Boater Returns: Former Boca Financial Adviser was Listed as Missing Two Weeks Ago
By Matt Morgan, Palm Beach Post Staff Writer mmorgan@pbpost.com A boater who went missing about two weeks ago has returned to his home and admitted that he orchestrated his disappearance to escape his legal problems, according to the Palm Beach County Sheriff ’s Office. Richard Ohrn, 44, went missing off the coast of Boca Raton… Read More »
SEC Fines Broker $10 Million for Laundering Penny Stocks
On January 27th, the U.S. Securities and Exchange Commission said New York-based broker Oppenheimer & Co., Inc., admitted to multiple violations of federal securities laws and agreed to pay a $10 million civil penalty. The SEC’s order cited two series of illegal activities by Oppenheimer. Both involved Oppenheimer acting as an intermediary for unregistered… Read More »
Precious Metals Just as Risky as Other Investments
Gold, silver and other precious metals are often considered “safe” investments relative to stocks and securities. But there is no such thing as a no-risk investment. Precious metals are subject to price fluctuations like any other investment. More importantly, not all precious metal investments are the same. Often, people purchase gold and silver through… Read More »
