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Investor Fraud: Barred Michigan Investment Adviser is Accused of Defrauding Retirees of $2.7M and SEC Halts Alleged $345M Ponzi Scam That Bilked Seniors, Retail Investors, and Small Business Owners

Investment Advisers, Investor Fraud, Ponzi Scams, SEC Enforcement,

Former Michigan Financial Adviser Faces SEC Charges in $2.7M Investment Scam that Defrauded Seniors The US Securities and Exchange Commission has filed fraud charges against Ernest J. Romer III, a former Michigan-based financial adviser with 47 disclosures on his Broker-Check record and who was barred by FINRA last year. Romer also pleaded no contest to…

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Investors Suing UBS Puerto Rico Over Closed-End Fund Losses Are Denied Class Action Certification

Class Action Securities Lawsuits, Current Investigations, Puerto Rico Debt Crisis, Puerto Rico UBS Bond, UBS

U.S. District Judge Sidney H. Stein is refusing to grant class action certification to a group of investors suing UBS Puerto Rico over its sale of proprietary closed-end mutual funds. In particular, the class action complaint dealt with a series of 23 closed-end bond funds that UBS Puerto Rico developed and marketed exclusively to Puerto…

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Investor Fraud: Steele Financial is Accused of Selling Over $13M in Risky Securities, NJ Broker Allegedly Cherry Picked Trades, and the SEC Files Charges in $27M Microcap Fraud

Broker Fraud, Investment Advisers, Investor Fraud, Microcap Market Fraud, Pump and Dump Scams, SEC Enforcement, Senior Investors,

Steele Financial is Accused of Investor Fraud The US Securities and Exchange Commission has filed civil charges against investment advisory firm Steele Financial Inc. and its owner Tamara Steele. According to the regulator, they allegedly sold $13M of risky securities to over 120 advisory clients. A lot of these clients are teachers, ex-teachers, or other…

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Hedge Fund Fraud Cases: Adviser is Accused of Short-and-Distort Scam and Digital Asset Manager Faces Misrepresentation Allegations

Cryptocurrencies, Hedge Funds, SEC Enforcement, ,

The SEC has filed fraud charges against hedge fund adviser Gregory Lemelson and his Massachusetts based investment advisory firm Lemelson Capital Management LLC. The regulator is accusing them of illegally profiting over $1.3M from an alleged short-and-distort scheme that involved Ligand Pharmaceuticals. According to the hedge fund fraud allegations, Lemelson and his investment advisory firm…

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Another Texas-Based Wells Fargo Broker is Barred by FINRA

Financial Firms, FINRA, Industry Bars, Texas Securities Fraud, Wells Fargo,

The Financial Industry Regulatory Authority (FINRA) has barred Wells Fargo (WFC) broker Edward O. Daniel, after he failed to participate in a probe into allegations that he made unsuitable investments for one client. Daniel, a Texas-based broker, was with Wells Fargo Advisers for seven years before he stepped down in September 2016. He was a…

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Financial Firm News: Includes Lincoln Investment Planning, Grenda Group, and Massachusetts Financial Services Company

Broker Fraud, Broker Misconduct, Broker-Dealers, Investment Advisers, Investor Fraud, Mutual Funds, ,

Lincoln Investment Planning to Pay Clients For Not Giving Discounts on Mutual Fund Shares FINRA is ordering broker-dealer Lincoln Investment Planning to pay $1.37M to clients to whom it did not give the discounts they were entitled to when they purchased mutual fund A shares between 1/2011 and 6/2018. The self-regulatory organization contends that the…

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New Report Suggests Banco Popular de Puerto Rico Could Be Held Liable Over Island’s Final Junk Bond Issuance

Banco Popular, Municipal Securities Offerings, Puerto Rico Debt Crisis,

Four years after Puerto Rico brought to market what became its biggest and final issuance of junk bonds, a 600-page report by disputes and investigative international law firm Kobre & Kim suggests that Banco Popular de Puerto Rico (BPPR) could potentially be held liable for losses related to the issuance. The findings are part of…

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Investigations Involving William A. Hightower of UBS Financial Services and Legacy Asset Securities Inc.

Broker Fraud, Current Investigations, ,

SHEPHERD SMITH EDWARDS & KANTAS LLP INVESTIGATING CLAIMS INVOLVING William A. HIGHTOWER, UBS FINANCIAL SERVICES INC. and Legacy Asset Securities, INC. Baytown, Texas – September 6, 2018 Lawyers with the Securities Law Firm of SHEPHERD SMITH EDWARDS & KANTAS LLP, www.sseklaw.com, are investigating claims involving William A. Hightower, UBS Financial Services Inc. and Legacy Asset…

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