Two Men Are Accused of Scamming Indiana Investors in More than $3.5M Ponzi Scam Prosecutors are charging two Indiana men with securities fraud involving a Ponzi scam. They claim that Richard E. Gearhart and his business partner George R. McKown sold securities to investors who moved their annuities, pensions, cash,…
The U.S. Securities and Exchange Commission is barring a number of market participants from the penny stock industry for their involvement in a number of purportedly fake initial public offerings of microcap stocks. The regulator says that investors were bilked because of these schemes. Among those barred is Newport Beach,…
The Commodity Futures Trading Commission says that Convergent Wealth Advisors must pay a civil penalty of $800K related to a commodity pool run by its former CEO David Zier. Zier committed suicide in 2014. That was also the year that a regulatory probe was begun around the private fund ZAM LLC…
The US Securities and Exchange Commission has filed securities fraud charges against Naris Chamroonrat of Thailand and American Adam L Plumer. The regulator contends that the two men ran a fake day-trading that collectively defrauded hundreds of investors in over 30 nations of over $1.4M. At least 180 of the…
Ex-Financial Adviser Who Worked for Texas-Based Firm is Barred by SEC After Defrauding Pro Athletes Ash Narayan, an ex-California financial adviser, has been barred by the US Securities and Exchange Commission. Narayan, who is accused of secretly receiving almost $2M from companies that he invested in on behalf of his…
The Financial Industry Regulatory Authority has barred ex-JP Turner & Co. broker Anthony Mastroianni Jr. for allegedly churning an account belonging to an older customer. Mastroianni has not denied or admitted to the regulator’s findings and he did not appear in front of FINRA to provide testimony in this case.…
Financial Advisor Admits to Stealing $1.6M From Family’s Trusts Brian Keenan, an ex-financial advisor, has pleaded guilty to criminal charges accusing him to stealing over $1.6M from three trusts belonging to members of the same family. Keenan had been employed with Train Babcock Advisors from about 5/2007 to 8/2012. It…
The U.S. Securities and Exchange Commission has filed promissory note fraud charges against Onix Capital and it owner Albert Chang-Rajii. The Miami-based asset management company and Chang are accused of bilking investors who put their money into promissory notes and start-ups, as well as of falsely portraying the Chilean national…
Minnesota-Based Investment Adviser Gets Six-Year Jail Term According to the Minnesota Department of Commerce, Levi David Lindemann was ordered to serve a 74-month prison sentence—that’s six years—for bilking clients in a Ponzi scam. Lindemann owned Gershwin Financial, which did business using the name Alternative Wealth Solutions. He pleaded guilty to…
Broker-Dealer Owner and His Firm Settle SEC Case Alleging Overconcentration of Investor Money In Illiquid Investments Jason Vanclef and his brokerage firm VFG Securities Inc. have settled the Financial Industry Regulatory Authority’s case accusing them of not adequately supervising their brokers so that clients’ portfolios did not end up concentrated…