Brokerage Firms Sold Infinity Q Diversified Alpha Fund and Volatility Alpha Fund to Investors The US Securities and Exchange Commission (SEC) has filed civil charges against James Velissaris, the founder and ex-chief investment officer of Infinity Q Capital Management. According to the regulator, Velissaris allegedly overvalued assets by over $1B…
SEC Says Older Seniors Were Defrauded of $1.2M by Garden State Securities Broker The U.S. Securities and Exchange Commission (SEC) filed civil charges against former Garden State Securities financial advisor Joseph Orazio DeGregorio. The previously registered broker, who worked at 14 firms in 14 years, is accused of defrauding four…
Several East West Bank Customers Worked With Cetera Broker Linda Fang Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is continuing to investigate claims of losses involving East West Bank customers who invested in Northstar Financial Services (Bermuda) products. East West Bank had signed a partnership agreement with…
In Focus Reports submitted to the US Securities and Exchange Commission (SEC) in February 2022, four brokerage firms from the Advisor Group network disclosed that they were respondents in 58 Financial Industry Regulatory Authority (FINRA) arbitration cases. These arbitration cases, from July 2019 through the end of 2021, were over…
Ohio Financial Advisor Andrew Elsoffer Named in Multiple Customer Disputes Andrew Bruce Elsoffer, who Stifel, Nicolaus & Co. fired in 2018, is suspended by the Financial Industry Regulatory Authority (FINRA) for two years, beginning March 7, 2022. The suspension comes in the wake of customer allegations that he exercised discretion…
Texas-Based GWG Holdings and its Directors Are Defendants in Class-Action Lawsuit Two investors seeking class-action status have filed a lawsuit against GWG Holdings, Inc. (NASDAQ: GWGH). They are accusing the Texas-based alternative asset manager and investor of life settlements, as well as its directors, of making misrepresentations and omissions in…
FINRA Arbitration Ruling Grants Largest UBS YES Award to Date A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded a deceased investor’s family trusts $1.857M in their securities case against UBS Financial. The broker-dealer had involved the late Irving Siegel’s QTIP Trust and generation-skipping transfer trust in its UBS…
Joint Provisional Liquidators & Deloitte Updates Credit Holders and Policyholders On February 23, 2022, Rachelle Frisby, the Deloitte Financial Advisory head in Bermuda and the British Virgin Islands, sent a letter to creditors and policyholders updating them about the liquidation proceedings involving Northstar Financial Services (Bermuda) and Omnia, Ltd. (formerly…
Ex-NY Worden Capital Broker Barred After Allegedly Charging $1.6M in Commissions The Financial Industry Regulatory Authority (FINRA) has barred ex-Worden Capital Management and former SW Financial registered representative, William Nicholas Athas. This bar comes in the wake of allegations that he engaged in excessive trading in customer accounts. According to…
Brokers Allegedly Involved Were Also Harvest Group Wealth Management Investment Advisers Massachusetts Secretary of the Commonwealth William Galvin has filed a complaint against Purshe Kaplan Sterling Investments (PKS Investments), accusing the broker-dealer of failing to supervise its financial advisors. These advisors who were dually registered through another financial firm allegedly…