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Investor Fraud: Man Who Solicited Women He Dated is Convicted, Real Estate Developer is Accused in $16M Financial Scam Turns Himself In, and Couple Allegedly Promised Over 2200% in Investment Returns

Investor Fraud, Real Estate Investment Fraud, Securities Fraud, ,

Man is Convicted in $2.2M Investment Fraud A federal jury has convicted a Pennsylvania man on 16 counts of securities fraud, 12 counts of wire fraud, four counts of money laundering, one count of mail fraud, and one count of tax evasion in a $2.2M investment scam. Thomas H. Connerton is accused of defrauding 50…

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Financial Fraud: Massachusetts Mayor is Accused of Bilking Investors, Former Wells Fargo Broker Allegedly Stole $1M From Older Clients, and the LendingClub Asset Management Settles $4.27M Securities Case

Broker Fraud, Broker Misconduct, Failure to Supervise, Financial Firms, SEC Settlements, Securities and Exchange Commission, Securities Fraud, Stifel, Nicolaus & Company, Wells Fargo,

26-Year Old Mayor is Arrested and Accused of Investor Fraud Jasiel Correira, who is the mayor of Fall River, Massachusetts, has pleaded not guilty to multiple criminal counts of wire fraud and tax fraud. The 26-year-old was arrested this week following allegations that he defrauded investors of over $230K. Correira maintains that the investor fraud…

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FINRA Bars Former Morgan Stanley and Wells Fargo Brokers

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

The Financial Industry Regulatory Authority announced this week that it is barring three former brokers. They are ex-Morgan Stanley broker (MS) Kevin Smith and former Wells Fargo (WFC) brokers Wilfred Rodriquez Jr. and Thomas A. Davis. According to the self-regulatory authority’s order, the bar against Smith comes after he wouldn’t appear before FINRA to testify…

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Wayde McKelvy, Accused of Defrauding Retirees and Widows in $54M Ponzi Scam, is Now on Trial

Ponzi Scams, Senior Investors,

Wayde McKelvy, who is accused of playing a key role in a $54M Ponzi scam that targeted unsophisticated investors, is on trial before a federal jury. According to the US government, McKelvy, who is a former co-owner of Mantria Corp., and two others allegedly sold fake investments in green energy and land to investors, including…

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Investor Fraud: Goldstone Financial Sued For Selling 1 Global Capitals Securities, Criminal Charges Filed in Alleged $164M International Microcap Scam, and Cornerstone Investment Adviser is Sentenced to Six Years

1 Global Capital, Broker Fraud, Broker-Dealers, Investment Advisers, Investor Fraud, ,

Investors Sue Goldstone Financial Group Over 1 Global Capital Sales Investors have filed a proposed class action securities fraud case against Goldstone Financial Group LLC, their principals Anthony Pellegrino and Michael Pellegrino, and their defunct Pell Corp. Brothers Inc. The plaintiffs contend that the financial services firm sold illegal securities in payday lender 1 Global…

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Real Estate Investment Trust Cases: SII to Repay Clients Who Bought Non-traded REITs, Trustmont Financial Group is Ordered to Pay Client $1M, and Vereit Settles with More Investors Over Accounting Fraud Claims Against ARCP

Non-Traded REITs, REITs, ,

SII Investments to Pay Back Clients Over Nontraded REITs Massachusetts Secretary of the Commonwealth William Galvin is ordering SII Investments Inc. to repay clients who purchased non-traded real estate investment trusts through the independent brokerage firm. According to Galvin’s office, SII did not properly supervise these transactions. It was last year that the Massachusetts regulator…

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SEC and CFTC File Multiple Binary Options Fraud Complaints Accusing Marketers of Defrauding Investors of Millions of Dollars

CFTC, Investor Fraud, SEC Enforcement

In multiple federal civil complaints alleging binary options fraud, the US Securities and Exchange Commission is accusing a number of marketers of defrauding at least 75,000 investors—including retired investors and other retail investors, through the use videos that made false promises that they could make money fast. Investors were allegedly bilked of tens of millions…

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Securities News: Citigroup to Pay $12M Over Alleged Dark Pool Misrepresentations, SEC Issues Nearly $4M Whistleblower Award, Ex-Bankrate CEO Who Pleaded Guilty to Fraud Gets 10 Years in Prison

Citigroup, Financial Firms, SEC Enforcement, Whistleblowers, ,

Citigroup Must Pay Over $12M Over Dark Pool Allegations To settle Securities and Exchange Commission that it misled users of a dark pool run by an affiliate , Citigroup Global Markets Inc. (CGMI) and the affiliate, Citi Order Routing and Execution (CORE), will pay $12M. The regulator contends that Citigroup (C) misled users when it…

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Texas Investor Fraud: Investment Adviser is Barred in $6.8M Offering Fraud and Investment Promoter Gets 25 Years in Prison for Stealing from Clients

Investment Advisers, Investor Fraud, Texas Securities Fraud,

Thomas J. Caufield, an investment advisor and the owner of and a Dallas-based investment education franchise, is now barred by the Securities and Exchange Commission. The regulator recently charged Caufield with investor fraud, accusing him of lying to over 30 investors in a $6.8M offering fraud. According to the SEC, from at least early 2013…

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TD Ameritrade Fined $500K For Not Reporting Investment Advisers’ Suspect Activities

Broker Misconduct, Financial Firms, Investment Advisers, TD Ameritrade Inc.

The US Securities and Exchange Commission is ordering TD Ameritrade Inc. (AMTD) to pay a $500K fine for not submitting mandatory suspicious activity reports (SARs) even after the broker-dealer stopped doing business with 111 independent investment advisers. The regulator contends that between 2013 and September 2015, the firm ended its business relationships with these advisers,…

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