Paul Mata, the founder of Logos Wealth Advisors, has been barred by the U.S. Securities and Exchange Commission. Mata and fund manage David Kayatta, whom the SEC has also barred, are accused of fraudulently raising over $14M in investor funds. Mata drew in investors through investment seminars and online videos…
Caldwell International Securities Gets $2M Fine to Settle Churning Allegations The Financial Industry Regulatory Authority has imposed a $2M fine on Caldwell International Securities Corp. It is fining Greg Caldwell, who is the principal of the financial firm, $50K. He is now barred from serving as a principal in the…
Richard Weed, a financial services lawyer, has been sentenced to four years in prison over his involvement in a stock scam involving a number of publicly trading companies. His sentence was issued in the U.S. District Court in Boston. Weed was convicted of securities fraud and wire fraud in May.…
Former Fannie Mae CEO Settles SEC Charges for $100K Daniel Mudd has agreed to pay $100K to settle Securities and Exchange Commission charges accusing the ex-Fannie Mae CEO of misleading investors about the degree to which the mortgage company was exposed to subprime loans leading up to the 2008 economic…
The Financial Industry Regulatory Authority has filed a securities case against Christopher Ariola, a former broker. According to the regulator, while he was at Bay Mutual Financial, Ariola recommended that three retirees invest a chunk of their retirement funds in energy and gold stocks. He is accused of helping a…
The U.S. Securities and Exchange Commission has imposed penalties against more than a dozen investment advisory firms because they purportedly spread false claims made by F-Squared Investments about its Alpha Sector strategy. The SEC said that the firms violated securities laws. According to the regulator, which conducted an enforcement sweep,…
A U.S. District Court judge has ordered Medical Capital Holdings, related companies, and a number of executives to pay $831M of disgorgement. The disgorgement comes seven years after the U.S. Securities and Exchange Commission brought its securities fraud case against Medical Capital over its billion-dollar Ponzi scam. The allegations eventually…
Apollo Global Management (APO) has agreed to settle for $52.7M allegations that the firm misled fund investors regarding fees and a loan agreement, as well as failed to supervise a senior partner. The settlement was reached with the U.S. Securities and Exchange Commission, which found during its probe that Apollo…
An ex-participant in Morgan Stanley’s (MS) 401(k) plan is suing the financial firm. The plaintiff is alleging self-dealing and excessive retirement plan fees. Robert Patterson contends that the firm enriched itself at cost to employees. The case is Patterson v. Morgan Stanley et al. He is alleging breaching of fiduciary…
Two investors, seeking to recover the investment losses they sustained in Puerto Rico municipal bonds, are pursuing a FINRA arbitration claim against Santander Securities LLC. According to the case, the Puerto Rican investors are claiming breach of fiduciary duty, violation of common law fraud, negligent supervision, and the unsuitable investment…