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Investor Lawyers Blog

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Center Street Securities Broker and Lion’s Share Financial Are Accused of Defrauding Senior Retirees and Investors with Disabilities

Broker Fraud, Senior Investors, , , ,

Center Street Securities broker Sean Kelly is accused of defrauding 12 investors, including older retirees and individuals with disabilities of at least $1M through his companies Lion’s Share and Associates, Inc., Lion’s Share Financial of East Cobb, and Lionsshare Tax Services, LLC. The Georgia-based broker is now facing criminal investor fraud charges, as well as…

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US Government Sues UBS for Residential Mortgage-Backed Securities Fraud

Mortgage-Backed Securities,

The US government has filed a civil lawsuit against UBS AG and a number of its UBS-based affiliates accusing them of defrauding investors who purchased residential mortgage-backed securities (RMBS) from the firm in the two years prior to the 2008 economic crisis. UBS purportedly securitized over $41B of mortgage loans in deals that ended up…

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FINRA Bars Ex-Texas Based Brokers from Merrill Lynch and RBC Capital Markets

FINRA, Industry Bars, Texas Securities Fraud, , , , ,

The Financial Industry Regulatory Authority has barred three more former brokers in the wake of fraud allegations against them. Two of them were based in Texas. They are: · Former Merrill Lynch broker Terrance Hood · Ex-RBC Capital Markets broker Jonathan Freehill · Former Signator Investors broker Dennis Ferwerda Ex-Merrill Lynch Broker Accused of Falsifying…

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Former Next Financial Investment Adviser and Broker Pleads Guilty to Multimillion-Dollar Investor Fraud Charges

Broker Fraud, Investment Advisers, Investor Fraud,

Douglas P. Simanski, a former Next Financial investment adviser and broker, has pleaded guilty to a $4.5M investor fraud for the criminal charges of wire fraud, securities fraud, and submitting false income tax returns. He is accused of bilking over 30 clients over a 14-year period. According to the US Attorney’s Office for the Western…

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Puerto Rico UBS Closed-End Mutual Fund Fraud Lawsuit Goes to Arbitration

Puerto Rico UBS Bond, ,

UBS Financial Services, Inc. (UBS) and two investors will now arbitrate a Puerto Rico closed-end bond fraud lawsuit accusing the investment arm of the Swiss bank of improperly structuring investments. The plaintiffs, Augusto Schreiner and Nora Fernandez, contend that UBS, its Puerto Rican subsidiaries, firm executives, and Banco Popular de Puerto Rico failed to suitably…

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UBS Ordered to Pay Investor $693K in Puerto Rico Bond Fraud Case

Financial Firms, Puerto Rico Debt Crisis, Puerto Rico UBS Bond, Uncategorized

A Financial Industry Regulatory Authority (FINRA) arbitration panel is ordering UBS Financial Services (UBS) and UBS Financial Services of Puerto Rico (UBS-PR) to pay investor Jose F. Pastrana $693K, including at least $564,559 in damages, legal fees, and other costs in its Puerto Rico bond fraud case. UBS also must buy back from Pastrana some…

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FINRA Bars Another Ex-Morgan Stanley Broker

Current Investigations, Financial Firms, FINRA, Industry Bars, Morgan Stanley,

For the third time this month, The Financial Industry Regulatory Authority  has announced that it has barred yet another Morgan Stanley (MS) broker. The brokerage firm had fired financial adviser Bruce Plyer in late 2016 in the wake of allegations that he executed trades in a client’s account without authorization. Now, the self-regulatory organization is…

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Texas Couple Indicted for Allegedly Embezzling $14.5M from Retirement Funds

Retirement Funds, Texas Securities Fraud

In Texas, a federal grand jury has indicted a couple accused of embezzling $14.5M dollars from the retirement plans that they oversaw. Wendy Richie and Jeffrey Richie co-own Vantage Benefits Administrator, which acted as a third party administrator for many retirement funds, including 401(K) plans. According to the US Attorney’s Office for the Northern District…

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Investor Fraud: Boston Hedge Fund Manager Pleads Guilty in Ponzi Scam Case, Ex-State Street Executive is Sentenced to 18 Months, and Willow Creek Fund Manger Must Forfeit $13M

Hedge Funds, Investor Fraud, Securities Fraud, ,

Man Who Ran RMA Strategic Opportunity Fund Ponzi Scam Pleads Guilty Raymond K. Montoya, a Boston hedge fund manager, has pleaded guilty to operating a multi-billion dollar Ponzi scam involving the RMA Strategic Opportunity Fund, LLC. Montoya pleaded guilty to multiple counts of mail fraud, wire fraud, and conducting an unlawful monetary transaction. Montoya was…

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