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Articles Posted in Investor Fraud

Ex-Morgan Stanley Broker Admits To Criminal Investment Fraud, Faces SEC Charges

Michael Barry Carter, a former Morgan Stanley (MS) broker, has pleaded guilty to federal investment fraud and wire fraud charges involving a scam in which he defrauded five customers. This included at least one elderly client, of more than $6M. The scheme took place over 12 years. After his acts of broker fraud were uncovered, Carter took money from other investors to pay back his other victims.

Morgan Stanley fired Carter last year. He also is now facing parallel Securities and Exchange Commission (SEC) civil charges.

Barred Stockbroker Faces Criminal and SEC Charges for Senior Investor Fraud 

Frederick Stow (CRD#: 864436), a former Raymond James broker based out of Tennessee, is now the subject of criminal charges accusing him of securities fraud, identity theft, and wire fraud for allegedly stealing $943,500 from the IRAs and other accounts of two senior investors between 2015 and 2019. 

The broker-dealer fired him last year and the Financial Industry Regulatory Authority (FINRA) barred him in January. The US Securities and Exchange Commission (SEC) recently filed a parallel civil lawsuit against Stow.

Fired Wells Fargo Representative is Barred by FINRA

The Financial Industry Regulatory Authority (FINRA) announced this month that it is barring former Wells Fargo Advisors Financial Network broker, Leonard Charles Kinsman, from the industry. 

The ban comes after Kinsman refused to testify in the self-regulatory organization’s (SRO’s) probe into his firing by Wells Fargo (WFC) for allegedly “unprofessional conduct.” Kinsman was named last year in an investor fraud claim accusing him of making unsuitable investment recommendations and forging and falsifying business records. That customer dispute has now been settled for $995K.  

State Securities Regulator Claims GPB Capital Defrauded 180 Local Investors

Massachusetts Secretary of the Commonwealth, William Galvin, has filed a civil fraud lawsuit against GPB Capital Holdings accusing it of defrauding 180 local investors who purchased more than $14M of private placements in five of the GPB funds. 

The alternative asset firm, which acquires waste management operations and auto dealerships, has been accused of operating a more than $1.5B Ponzi scam.

Throughout the San Francisco Bay Area, investors are finding themselves hit with huge investment losses, especially over the last few months as COVID-19 has shut down the economy, rattled the markets, and caused an oil price war. 

While the Coronavirus has negatively impacted many investments, you should know that some of these losses also may be due to broker fraud or negligence. Shepherd Smith Edwards and Kantas (SSEK Law Firm) can help you determine whether this is the case and if it means that you have grounds for an investor claim to recover your losses. Contact us today to request your free, no-obligation consultation. 

Investment Losses Reasons That May Be Grounds for a San Francisco Broker Fraud Claim

Many Older San Francisco Investors Remain Vulnerable to Securities Fraud 

As a retiree or a senior investor living in the San Francisco Bay Area, there are red flags to look out for that may indicate that you’ve become the victim of senior investor fraud. 

Unfortunately, older investors remain a favorite target of fraudsters eager to take advantage of an elderly customer’s inexperience or health issues while availing themselves of the latter’s retirement funds and other savings. 

Market Volatility Forces Arbitrage Funds to Temporarily Close

Reports of arbitrage funds temporarily shuttering in the wake of the impact of the novel coronavirus (COVID-19) on the markets has caused concern for investors. 

At Shepherd Smith Edwards and Kantas (SSEK Law Firm), our investment fraud lawyers are offering free case assessments to help you determine whether you have grounds for an investor claim. We understand the difficulties that US citizens are facing in the wake of COVID-19 and want to assure that we are here to help during this time. 

Broker Fraud Along With The Coronavirus May Be Causing Investment Losses 

Becoming the victim of securities fraud is a serious matter. With stocks plummeting and the markets fluctuating all over the place in the wake of COVID-19, investors may not realize that it’s not just the economic reverberations of the coronavirus that’s plaguing their portfolio. 

They also may be losing money because their stockbrokers or investment advisor were fraudulent or negligent when handling their investments and placed them in an even more precarious financial situation with more losses than they would now be sustaining otherwise. 

Former LPL Financial Broker Borrowed $1.3M From Customer Without Notifying Firm

Mark Lamkin, an ex-LPL Financial representative, has been suspended by the FINRA for three months. Lamkin, who is now a Calton & Associates broker, is accused of borrowing $1.3M in total from an LPL Financial Services customer between 2011 and 2017 without getting written approval from or notifying the broker-dealer. This is not the first time he is accused of broker misconduct. 

Shepherd Smith Edwards and Kantas (SSEK Law Firm) is investigating claims involving Mark Lamkin, who has been a registered representative for 28 years. Contact our stockbroker fraud attorneys today. 

Robinhood Financial Apologizes To Investors For Outages

If you are an investor who recently sustained losses through Robinhood Financial’s investing platform, contact our investment fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm) today. 

Robinhood Financial, which provides an online platform that facilitates stock, exchange-traded funds (ETFs), and other investment trades without charging commissions, recently experienced technical snafus that caused major outages and prevented trading on March 2nd and March 3rd.

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