Investor Lawyers Blog

FINRA, SEC, and NASAA Announce New Initiative for Protecting Senior Investors

Published on: February 21, 2008 | by Shepherd Smith Edwards & Kantas, LLP

The Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC), and the North American Securities Administrators Association (NASAA) have announced a new group initiative to protect senior investors from becoming the victims of investment scams. SEC, NASAA, and FINRA will work with investment advisers and broker-dealer companies to identify effective compliance and supervisory […]

SEC Enforcement Director Highlights Agency’s Efforts To Eliminate Fraud Targeting Senior Investors

Published on: November 20, 2007 | by Shepherd Smith Edwards & Kantas, LLP

The Securities and Exchange Commission says that it has brought about over 45 enforcement actions involving scams targeting senior investors in the past two years. At the ALI-ABA Life Insurance Company Products Conference earlier this month, SEC Enforcement Director Linda Thomsen talked about the agency’s efforts to fight fraud against the elderly. She expressed concern […]

SEC Files Charges in $428 Million Securities Fraud Case Over Exploitation of Senior Investors

Published on: September 10, 2007 | by Shepherd Smith Edwards & Kantas, LLP

The Securities and Exchange Commission filed charges against 26 defendants for their alleged involvement in a $428 million securities fraud scheme targeting thousands of senior citizens and other investors in the United States. According to the SEC action, filed in Chicago’s federal district court, the defendants participated in selling “Universal Lease” securities that were structured […]

New Regulations, Filed By The Massachusetts Securities Division, Define Credentials Standards For Advisors To Senior Investors

Published on: March 22, 2007 | by Shepherd Smith Edwards & Kantas, LLP

William Francis Galvin, the Massachusetts Secretary of the Commonwealth, says that his office has set up new standards for advisers using credentials implying that they are experts when it comes to senior investors. According to Galvin, the state of Massachusetts is charging two Massachusetts annuity salesmen with using unethical and dishonest practices when marketing annuities […]

Investor Fraud: Barred Michigan Investment Adviser is Accused of Defrauding Retirees of $2.7M and SEC Halts Alleged $345M Ponzi Scam That Bilked Seniors, Retail Investors, and Small Business Owners

Published on: September 20, 2018 | by Shepherd Smith Edwards & Kantas, LLP

Former Michigan Financial Adviser Faces SEC Charges in $2.7M Investment Scam that Defrauded Seniors The US Securities and Exchange Commission has filed fraud charges against Ernest J. Romer III, a former Michigan-based financial adviser with 47 disclosures on his Broker-Check record and who was barred by FINRA last year. Romer also pleaded no contest to […]

Massachusetts Securities Regulator Charges Investment Advisor with Defrauding Investors, including Seniors, in 26-Year-Long $1M Real Estate Scam

Published on: February 15, 2018 | by Shepherd Smith Edwards & Kantas, LLP

Massachusetts Secretary of the Commonwealth William Galvin has filed charges against investment adviser Thomas Riquier for allegedly defrauding investors of at least $1M in a real estate scam that has gone on for more than a quarter of a century. According to the administrative complaint, Riquier solicited funds from people, mostly older investors (some of […]

FINRA Says Former MML Investors Services Broker Bilked Older Couple in Senior Fraud

Published on: November 9, 2016 | by Shepherd Smith Edwards & Kantas, LLP

FINRA has issued a complaint against Stanley Clayton Niekras accusing the broker of elder financial abuse. According to the regulator, Niekras allegedly cheated a couple, who are in their nineties and in failing mental and physical health, out of over $70K in financial panning services fees. Even though Niekras didn’t have an investment advisory or […]

Elder Financial Fraud News: Indiana, Vermont, and Alabama Add New Laws to Protect Older Investors, US House Votes Approval of Senior Safe Act, & Garden State Securities to Pay Damages to Older Clients

Published on: July 9, 2016 | by Shepherd Smith Edwards & Kantas, LLP

The U.S. House of Representatives has voted to approve a bill that will hopefully encourage financial advisers to help stop senior financial fraud. The Senior Safe Act protects financial advisers and their firms from liability for violating privacy laws when they report suspicions or evidence of elder financial abuse. The bi-partisan legislation, unanimously approved by […]

Ex-Coastal Investment Advisors President Admits to Bilking Investors, Including Seniors

Published on: October 23, 2015 | by Shepherd Smith Edwards & Kantas, LLP

Ex- Coastal Investment Advisors Inc. President Michael Donnelly and the firm’s affiliated broker-dealer will settle Securities and Exchange Commission charges accusing him of bilking brokerage customers and advisory clients of close to $2M. According to the SEC complaint, Donnelly’s 13 victims included unsophisticated investors and older investors belonging to the 64 to 85 age group. […]

Morgan Stanley to Pay New Jersey Regulators $100K for Selling Exotic ETFs to Investors, Including Seniors

Published on: July 30, 2013 | by Shepherd Smith Edwards & Kantas, LLP

Morgan Stanley will pay $100,000 to the New Jersey Bureau of Securities for allegedly selling exotic exchange-traded funds to investors. The state’s regulators say that the firm’s financial advisers were not properly trained and sold inverse and leveraged ETFs to senior investors that wanted to earn additional income. These clients instead would go on to […]