Douglas P. Simanski, a former Next Financial investment adviser and broker, has pleaded guilty to a $4.5M investor fraud for the criminal charges of wire fraud, securities fraud, and submitting false income tax returns. He is accused of bilking over 30 clients over a 14-year period. According to the US Attorney’s Office for the Western…
Sonya Camarco, an ex-LPL Financial (LPLA) broker, has been sentenced to 20 years in prison after she admitted to stealing $1.8M from clients. Camarco, who worked for the brokerage firm in Colorado, was indicted by a grand jury last year on multiple counts of securities fraud. She pleaded guilty to one count of each. According…
The Financial Industry Regulatory Authority has barred another former Morgan Stanley (MS) broker. John Halsey Buck III consented to the industry bar after he did not provide the information and documents that the self-regulatory organization asked for related to its probe into his alleged involvement in unapproved private securities sales. Buck, who has over 50…
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…
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…
The US Securities and Exchange Commission is accusing brokers Jovannie Aquino and Emil Botvinnik of fraud that allegedly cost investors about $3.6M. According to the regulator, Botvinnik, who is a Florida resident and is no longer a registered representative, and Aquino who is a New York resident, recommended frequent, short-term trades, earning them about $4.6M…
Steele Financial is Accused of Investor Fraud The US Securities and Exchange Commission has filed civil charges against investment advisory firm Steele Financial Inc. and its owner Tamara Steele. According to the regulator, they allegedly sold $13M of risky securities to over 120 advisory clients. A lot of these clients are teachers, ex-teachers, or other…
The Financial Industry Regulatory Authority (FINRA) has barred three former brokers who failed to take part in the self-regulatory authority’s probe into allegations of wrongdoing. Stephen T. Hurtak, formerly of Stifel Nicolaus & Co., was a broker for 39 years. According to FINRA, Hurtak refused to take part in the investigation into possibly unsuitable recommendations…
Lincoln Investment Planning to Pay Clients For Not Giving Discounts on Mutual Fund Shares FINRA is ordering broker-dealer Lincoln Investment Planning to pay $1.37M to clients to whom it did not give the discounts they were entitled to when they purchased mutual fund A shares between 1/2011 and 6/2018. The self-regulatory organization contends that the…
SHEPHERD SMITH EDWARDS & KANTAS LLP INVESTIGATING CLAIMS INVOLVING William A. HIGHTOWER, UBS FINANCIAL SERVICES INC. and Legacy Asset Securities, INC. Baytown, Texas – September 6, 2018 Lawyers with the Securities Law Firm of SHEPHERD SMITH EDWARDS & KANTAS LLP, www.sseklaw.com, are investigating claims involving William A. Hightower, UBS Financial Services Inc. and Legacy Asset…
