Our stockbroker fraud law firm is hoping that Senate Bill 1551, introduced last July by Senator Arlen Specter, will resurface in the upcoming regulatory reform bill. If passed into law, the “Liability for Aiding and Abetting Securities Violations Act of 2009” would allow secondary actors that aided and abetted the…
Lehman Brothers filed for bankruptcy protection in 2008. Now, a report by a court-appointed examiner provides 2,200 pages of details on the investment firms demise, as well as more leads into further inquiries that may need to be made. (The US Justice Department assigns examiners to bankruptcy cases to probe…
If you are a LC Wegard & Co, Inc. customer who bought any of the securities listed below from the firm between October 1, 1991 and September 30, 1994, you may be entitled to distribution from the Litigation Estate. Relevant Securities (includes Common Stock, Zero Coupon Subordinated Debentures, Warrants, Subordinated…
The Financial Industry Regulatory Authority’s National Adjudicatory Council has dismissed the charges against former Knight Securities, L.P. CEO Ken Pasternak and John Leighton, the investment firm’s ex- Institutional Sales Desk head. The two men were accused of supervisory failures over allegedly fraudulent sales. Specifically, they allegedly inadequately supervised Leighton’s brother…
If you are going to buy annuities in Texas, it is important that you make sure that your agent is licensed with the state and also has a Financial Industry Regulatory Authority license. You should also make sure that the annuity you purchased is legitimate and in compliance with Texas…
Stifel, Nicolaus and Co. Inc. has reached an agreement with Missouri Secretary of State Robin Carnahan over the broker fraud committed by former Stifel securities broker Girard Munsch. As part of the deal, the three Missouri investors will get back $78,000 in commissions that they paid and the broker-dealer will…
According to the US Securities and Exchange Commission, Sean David Morton has bilked more than 100 investors of over six million dollars as the mastermind of an alleged offering fraud scheme. The man who calls himself “America’s Prophet” never professed to have a financial background. However, he is accused of…
Affinity fraud involves investment schemes that target specific groups, such as the elderly, those belonging to identifiable ethnic or religious communities or members of professional groups. Fraudsters seek to gain the trust of members of the group by either belonging to the group or pretending they belong. One tactic is…
Oppenheimer Holdings Inc. has settled a securities fraud-related administrative complaint filed against it by the state of Massachusetts for auction-rate securities sales to local residents. The broker-dealer will redeem 60 of the accounts with ARS. The other 10 accounts will be offered “enhanced liquidity.” According to Massachusetts Secretary of State…
A district court judge has denied Citigroup‘s motion that the securities fraud lawsuit filed against it by Terra Securities of Norway and seven Norwegian municipalities be dismissed. The plaintiffs claim that Citi misrepresented the risk involved in the $115 million in securities they bought in May and June 2007. They…