Investor Lawyers Blog

Former Fannie Mae and Freddie Mac Executives Face SEC Securities Fraud Charges

Published on: December 16, 2011 | by Shepherd Smith Edwards & Kantas, LLP

The Securities and Exchange Commission has charged six ex-executives of the Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) with securities fraud. The Commission claims that they not only knew that misleading statements were being made claiming that both companies had minimal holdings of higher-risk mortgage loans but also they approved these messages.

The six people charged are former Freddie Mac CEO and Chairman of the Board Richard F. Syron, ex-Chief Business Officer and Executive Vice President Patricia L. Cook, and former ex-Single Family Guarantee Executive Vice President Donald J. Bisenius. The three ex-Fannie Mae executives that the SEC has charged are former CEO Daniel H Mudd, ex-Fannie Mae’s Single Family Mortgage Executive Vice President Thomas A. Lund, and ex- Chief Risk Officer Enrico Dallavecchia.

In separate securities fraud lawsuits, the SEC accuses the ex-executives of causing Freddie Mac and Fannie Mae to issue materially misleading statements about their subprime mortgage loans in public statements, SEC filings, and media interviews and investor calls. SEC enforcement director Robert Khuzami says that the former executives “substantially” downplayed what their actual subprime exposure “really was.”

The SEC contends that in 2009, Fannie told investors that its books had about $4.8 billion of subprime loans, which was about .2% of its portfolio, when, in fact, the mortgage company had about $43.5 billion of these products, which is about 11% of its holdings. Meantime, in 2006 Freddie allegedly told investors that its subprime loans was somewhere between $2 to 6 billion when, according to the SEC, its holdings were nearer to $141 billion (10% of its portfolio). By 2008, Freddie had $244 billion in subprime loans, which was 14% of its portfolio.

Yet despite these facts, the ex-executives allegedly continued to maintain otherwise. For example, the SEC says that in 2007, Freddie CEO Syron said the mortgage firm had virtually “no subprime exposure.”

It was in 2008 that the government had to bail out both Fannie and Freddie. It continues to control both companies. The rescue has already cost taxpayers approximately $150 billion, and the Federal Housing Finance Administration, which acts as its governmental regulator, says that this figure could rise up to $259 billion.

Today, Freddie Mac and Fannie Mae both entered into agreements with the government that admitted their responsibility for their behavior without denying or admitting to the charges. They also consented to work with the SEC in their cases against the ex-executives.

The Commission is seeking disgorgement of ill-gotten gains plus interest, financial penalties, officer and director bars, and permanent and injunctive relief.

SEC Charges Former Fannie Mae and Freddie Mac Executives with Securities Fraud, SEC, December 16, 2011

More Blog Posts:
Former US Treasury Secretary Henry Paulson Told Hedge Funds About Fannie Mae and Freddie Mac Bailouts in Advance, Institutional Investor Securities Blog, November 30, 2011

Morgan Keegan Settles Subprime Mortgage-Backed Securities Charges for $200M, Stockbroker Fraud Blog, June 29, 2011

Freddie Mac and Fannie May Drop After They Delist Their Shares from New York Stock Exchange, Stockbroker Fraud Blog, June 25, 2010

SEC Charges Father and Son with Utah Securities Fraud In Alleged $220M Ponzi Scam Over Purported Real Estate Investments

Published on: December 15, 2011 | by Shepherd Smith Edwards & Kantas, LLP

The SEC has charged Wendell A. Jacobson and his son Allen R. Jacobson with securities fraud. The two men allegedly ran a $220M Ponzi scam under the guise of selling investments in their real estate business. The Commission claims that father and son violated sections of the Securities Act of 1933, the Securities Exchange Act of 1934, and Rule 10b-5 thereunder.

The Jacobsons are accused of presenting investors with a chance to place their money in LLC in return for partial ownership in apartment communities that were located in a number of states. The two men, who belonged to Church of Jesus Christ of Latter-Day Saints, solicited other members to invest.

The father and son claimed to have bought apartment complexes at discount prices. They said they would renovate the units, enhance management, and resell properties in 5 years. Investors were told they would be paid their shares in monthly rentals and the future resales.

Per the securities complaint, the father and son team got over $220M from about 225 investors. Securities were sold as investment contracts. No registration statement was submitted to the SEC, which is required under federal securities law.

The Utah securities scam was operated under the umbrella company Management Solutions, Inc. The SEC says the two men behaved as unregistered brokers who made false claims when they told investors that their investment’s principal was safe. They also allegedly misrepresented how the money would be used. Meantime, investors were told that they would get 5-8% annual returns and resale profits.

In fact, says the SEC, not only were the LLCs sustaining major losses, but also the Jacobsons were using investor money to pay for their personal and business expenses. They were also using new investors’ money to and pay earlier investors. The Jacobsons used the Ponzi scam to cause investors, who were getting “returns,” to think that the LLCs were making a profit.

Beginning last year, investors were told that properties were sold and they had made a profit when no sales actually occurred. Instead, the “sales” were used to move investors from and into specific properties.

The SEC is seeking disgorgement of ill-gotten gains, financial penalties, and prejudgment interest.

SEC Halts Father-Son Ponzi Scheme in Utah Involving Purported Real Estate Investments, SEC, December 15, 2011
Mormons fleeced in $220M investment scam: SEC, Investment News, December 16, 2011

More Blog Posts:
Colorado Securities Fraud: Universal Consulting Resources LLC and Owner Richard Dalton to Pay $15.8M to Settle SEC Lawsuit Over Ponzi Scam, Stockbroker Fraud Blog, December 9, 2011
Former Bernard L. Madoff Investment Securities LLC Employee Faces SEC Charges for Creating Fake Trades to Enable Ponzi Scam, Stockbroker Fraud Blog, November 23, 2011
SEC Issues Emergency Order to Stop $26M “Green” Ponzi Scam, Institutional Investor Securities Fraud, October 13, 2011 Continue Reading ›

Texas Securities Fraud Over Sale of Allegedly Bogus Annuities to Elderly Seniors

Published on: December 14, 2011 | by Shepherd Smith Edwards & Kantas, LLP

Two men are accused of Texas securities fraud involving the sale of bogus annuities to the elderly. The authorities arrested Leon Randy Sinclair III, a 53-year-old Houston man, on charges of theft by deception, misapplication of fiduciary property, and money laundering. Sinclair and his San Antonio-based business partner, Luther Pierce Hendon, allegedly transferred money from the investment policies into their own bank accounts.

Dozens of elderly persons were reportedly bilked out of their life savings while the two men allegedly stole millions of dollars. The elderly clients were sold charitable gift annuities that they thought would go toward their savings for the future. Unfortunately, per the criminal complaints filed against Hendon and Sinclair, the money they were investing actually went to the two men.

Annuities

Bankruptcy Judge Grants MF Global Permission to Use $21M from JPMorgan Chase

Published on: December 14, 2011 | by Shepherd Smith Edwards & Kantas, LLP

U.S. Bankruptcy Judge Martin Glenn says that MF Global Holdings Inc. can use approximately $21 million in cash collateral from JPMorgan Chase & Co, which is its mortgage lender. In issuing this decision, Glenn overruled customer objections that this money could be part of the $1.2B that has gone missing from their accounts. MF Global and JP Morgan have arrived at an agreement over how the cash will be used.

At the start of MF Global’s bankruptcy, JPMorgan had already consented to let the brokerage firm use $26M. This was per an agreement that would give the investment bank a lien on all MF Global assets.

It was just earlier this month that Glenn ruled that MF Global Inc. clients could recover 72% of what they lost when the broker-dealer filed for bankruptcy. Ruling against objections made by the brokerage firm’s creditors, he approved trustee James Giddens’ request. Per Glenn’s decision, MF Global’s clients can receive another $2.2 billion distribution, which lets them get back .72 on the dollar.

While the majority of the transfers were to go out within a few days, some were expected to take up to four weeks. In a separate decision, the Glenn approved transferring approximately 330 MF Global client securities accounts to Perrin, Holden & Davenport Capital Corp. MF Global has already moved approximately 38,000 commodities accounts to other financial firms.

Glen plans to tackle the issue of physical goods distribution, such as silver and gold bars, next month. Clients have complained about not being able to get their share of ownership of such items, which cannot be physically divided. HSBC Holdings Plc (HSBA) has even filed a lawsuit against Giddens. The financial firm is trying to determine whois the owner of the 15 silver bars and five gold bars underlying several Comex contracts between a client and MF Global.

Previous payouts to commodity clients are already at about $2 billion. However, some customers have said they didn’t receive any money from these initial payments.

In other MF Global-related news, CME Group has stopped issuing grants through its primary foundation in the wake of the brokerage firm’s bankruptcy filing. The Chicago-based commodities exchange had issued $22 million to Chicago-area schools and charities in the last five years. CME has said that it will continue to support charitable organizations through other corporate foundations and programs.

In November, CME said it would give ex- MF Global customers the $50 million that was held by CME Trust. Originally meant to assist traders, the trust had turned into a primary source of charitable giving for the exchange operator.

Exclusive: CME Trust’s charity grants halt on MF failure, Reuters, December 18, 2011

MF Global Wins Permission to Use JPMorgan’s Cash as Judge Suggests Probe, Bloomberg, December 14, 2011

MF Global clients get back 72 cents on the dollar, Bloomberg/Investment News, December 9, 2011

More Blog Posts:
$1.2 Billion of MF Global Inc.’s Clients Money Still Missing, Stockbroker Fraud Blog, December 10, 2011

MF Global Shortfall May Be More than $1.2B, Says Trustee, Stockbroker Fraud Blog, November 26, 2011

MF Global Holdings Ltd. Files for Bankruptcy While Its Broker Faces Liquidation and Securities Lawsuit by SIPC, Institutional Investor Securities Blog, October 31, 2011

$1.2 Billion of MF Global Inc.’s Clients Money Still Missing

Published on: December 10, 2011 | by Shepherd Smith Edwards & Kantas, LLP

According to the Commodity Futures Trading Commission, the whereabouts of $1.2M in MF Global Inc. customer funds are still unknown. Lawmakers at a Senate Banking Committee meeting grilled the CFTC officials earlier this week.

Speaking before the panel on Tuesday, CFTC Commissioner Jill Sommers said that the agency still has yet to find all the money. The CFTC began its investigation into MF Global’s collapse after holding company MF Global Holding filed its Chapter 11 bankruptcy petition on October 31. Sommers reported that there are dozens of CFTC staffers working on finding the missing funds.

Meantime, former MF Global head Jon Corzine has said that he, too, doesn’t know where the money went. He issued an apology to employees, customers, and investors who have had to deal with the fallout from brokerage firm’s collapse. Since MF Global announced it was seeking bankruptcy protections, thousands of clients have seen their assets frozen.

Colorado Securities Fraud: Universal Consulting Resources LLC and Owner Richard Dalton to Pay $15.8M to Settle SEC Lawsuit Over Ponzi Scam

Published on: December 9, 2011 | by Shepherd Smith Edwards & Kantas, LLP

The Securities and Exchange Commission says that it has resolved its Colorado securities fraud lawsuit against Universal Consulting Resources LLC (UCR) and the financial firm’s owner, Richard Dalton. Per the agreement, both will pay $15,842,948, including a $7,549,458 penalty, over allegations that investors were given materially misleading and false information about the Diamond Program and the Trading Program, which are investment contracts.

According to the United States District Court for the District of Colorado, which is where the judgments were entered, Dalton told investors they would get yearly profits of 48-120%. In actuality, he was running a Ponzi scam.

The SEC contends that Dalton raised about $17 million from 130 investors located in 13 US states. He told Trading Program investors that their money would be held in an escrow account with an American bank and that a European trader would use the account’s value to get leveraged funds to buy and sell bank notes. Under the Diamond Program, profits were supposed to come from the trading of diamonds.

In actuality, Dalton used $2.5 million of investor funds for personal expenses. New investors’ money was also used to pay existing investors their investment “profits.”

UCR and Dalton are permanently enjoined from further violations of:

• Securities Act of 1933, sections 17(a) and 5 • Securities Exchange Act of 1934, section 10b • Rule 10b-5 thereunder
Dalton also is enjoined from violating Exchange Act Section 15(a).

Named as a relief defendant is Marie Dalton, who is Richard’s wife. The SEC claims that she used more than $900,000 in investor money to buy a home in Colorado. The court has ordered her to disgorge $115,000 in investor money.

A few months ago, the couple was charged in criminal court with conspiracy, interstate transportation of stolen funds, and wire fraud.

Ponzi Scams
With hardly (if any at all) actual earnings made, Ponzi scams can collapse suddenly when the money from new investors starts to dry up or too many current investors decide to pull out. Most Ponzi schemes work for as long as they do because investors believe that they are making a real profit rather than just being given other people’s investment money.

According to the SEC, the Daltons stopped issuing payments to investors when they found out they were under investigation. They then continued to tell investors that their payments were coming but had been delayed. For example, investors were led to believe that a plane transporting diamonds was forced to land Holland. Another excuse that investors were given is that 18,000 diamonds turned out to be fake.

SEC RESOLVES FRAUD-BASED LAWSUIT AGAINST DENVER-AREA COMPANY AND ITS OWNER, SEC, December 2, 2011
Golden couple accused of Ponzi scheme, arrested, Business Journal, September 30, 2011

More Blog Posts:
Former Bernard L. Madoff Investment Securities LLC Employee Faces SEC Charges for Creating Fake Trades to Enable Ponzi Scam, Stockbroker Fraud Blog, November 23, 2011
SEC Files Charges in $27M Washington DC Ponzi Scam, Stockbroker Fraud Blog, November 21, 2011
SEC Issues Emergency Order to Stop $26M “Green” Ponzi Scam, Institutional Investor Securities Blog, October 13, 2011 Continue Reading ›

SEC’s Office of the Whistleblower Received 334 Tips During FY 2011

Published on: December 8, 2011 | by Shepherd Smith Edwards & Kantas, LLP

The Securities and Exchange Commission’s Office of the Whistleblower says it has already received 334 tips since becoming operational in August 12. The office issued its fiscal year 2011 report last month.

Per the report, between August 12 and September 30, which was when FYI 2011 ended, most of the complaints received by the office involved the areas of:
• Market manipulation
• Offering fraud
• Corporate disclosures and financial statements
The SEC’s whistleblower office received complaints from 37 states-the most, at 34, came from California-and a number of foreign countries, with the majority from China and the United Kingdom. Officials say that the quality of the tips they’ve been receiving has gotten better.

The SEC’s Office of the Whistleblower has not given out any awards yet. One reason for this is that the 90-day reward application period for applicable cases is not yet over. Eligible tipsters are those that provided information that led to securities cases resulting in monetary sanctions of over $1 million.

According to a survey conducted by one employment and labor law firm, S & P 500 senior executives and top officers at other organizations are worried about this bounty program and its monetary incentive that could convince the more reluctant whistleblowers to come forward. 73% of respondents said that they considered retaliation and whistleblowing to be emerging risk areas. Many said that even as the number of whistleblower tips will likely go up, their companies are only moderately prepared to deal with these claims.

Under Dodd-Frank Wall Street Reform and Consumer Protection Act’s Section 922, if the following circumstances apply, the SEC must pay 10-30% of any money the government to the whistleblower:

• The whistleblower voluntarily gave the insider information • The information is original, comes from the tipster’s independent analysis or knowledge, and didn’t come to the Commission from any other source • The information allows the SEC to bring a successful enforcement action
• Monetary sanctions are more than $1 million. Penalties, interest, disgorgement and any other monies are part of this consideration.

Meantime, the Government Accountability Office says in its new report that it found that the financial statements belonging to the SEC’s Investor Protection Fund for FY 2010 and 2011 were materially fair. Whistleblower bounties are paid from that fund.

The GAO also said that in FY 2011 the SEC made significant steps forward in terms of remediating material weaknesses in its internal control for financial reporting, information systems, and account processing. Although these issues are not material anymore, the GAO felt that they should still be addressed in its report. The four areas where the significant deficiencies existed were:

• Budgetary resources • Information security • Accounting processes and financial reporting • Filing fees and registrant deposits
The Securities and Exchange Commission’s Office of the Whistleblower FYI 2011 Report

Companies Anticipate Rise in Whistleblower Claims According to Littler Survey, 96 Percent of Senior Executives Reveal Growing Concern, Littler, November 14, 2011
Securities and Exchange Commission’s Financial Statements for Fiscal Years 2011 and 2010, GAO (PDF)

More Blog Posts:
Whistleblower Lawsuit Claims Taxpayers Were Defrauded When Federal Government Bailed Out Houston-Based American International Group in 2008, Stockbroker Fraud Blog, May 5, 2011
SEC Looking at Other Ways to Communicate with Whistleblowers, Institutional Investor Securities Blog, September 14, 2011
SEC is Finalizing Its Whistleblower Rules, Says Chairman Schapiro, Stockbroker Fraud Blog, April 28, 2011 Continue Reading ›

Wells Fargo Settles for $148M Municipal Bond Bid-Rigging Charges Against Wachovia Bank

Published on: December 8, 2011 | by Shepherd Smith Edwards & Kantas, LLP

Wells Fargo & Co. has agreed to settle for $148 million the civil claims and criminal charges accusing Wachovia Bank of taking part in a bid-rigging scam with other financial firms and overcharging local and state governments on their investments. The settlement resolves allegations that for eight years, Wachovia rigged at least 58 transactions involving proceeds from over $9 billion of municipal bonds. By agreeing to settle, Wells Fargo, which acquired Wachovia three years ago, is not denying or admitting to these allegations.

In its allegations against Wachovia, the SEC said the financial firm earned ill-gotten gains in the millions of dollars by using tips provided about rival bids, turning in bogus bids to give competitors an advantage, and working with some of them to rig auctions so it would benefit. The Justice Department said Wachovia’s illegal behavior corrupted the bidding system for investment contracts while preventing municipalities from getting to avail of a competitive process. However, because the financial firm admitted to the illegal conduct, cooperated with the investigation, took action to deal with anti-competitive behavior, the federal government decided not to prosecute.

Involved in investigating Wachovia were the SEC, attorneys general in more than two dozen states, and the US Justice Department. The federal agencies have been looking at how a number of Wall Street firms and local-government advisers worked together to rig competitive auctions in order to charge excessive fees to public agencies that bought the investments.

More than dozen banks have been named as alleged co-conspirators. Other financial firms that have settled similar claims over muni bond bid-rigging are Bank of America, Corp., UBS AG, and JPMorgan Chase & Co. With this latest settlement, the banks will have paid $673 million to settle the municipal bond-related allegations.

The charges against the financial firms involve investment contracts purchased by cities and state with proceeds from the municipal-bond market. At competitive auctions organized by financial advisers, these contracts should have gone to banks offering the highest return.

According to investigators, what instead ended up happening is that some of these advisers would direct business to a certain bidder in exchange for kickbacks. Meantime, other banks would purposely make bids they knew wouldn’t win to cover up the alleged conspiracy. Because governments usually have to invest bond proceeds in the short term until it is time to spend the cash on public projects, the bogus bidding practices adversely impacted what municipalities ended up paying for reinvestment products. The bid-rigging cost the US Treasury and other governments money.

Wells Fargo Pays $148 Million to Settle Wachovia Muni Bid-Rigging Charges, Bloomberg, December 8, 2011

Wells Settles Wachovia Bid-Rig Case, Wall Street Journal, December 9, 2011

More Blog Posts:
Bank of America’s Merrill Lynch Settles for $315 million Class Action Lawsuit Over Mortgage-Backed Securities, Institutional Investor Securities Blog, December 6, 2011

Former US Treasury Secretary Henry Paulson Told Hedge Funds About Fannie Mae and Freddie Mac Bailouts in Advance, Institutional Investor Securities Blog, November 30, 2011

$75K FINRA Arbitration Award Against Wells Fargo Advisors LLC For Defaming an Ex-Employee in Form U-5 is Confirmed by District Court, Stockbroker Fraud Blog, November 30, 2011

Bank of America’s Merrill Lynch Settles for $315 million Class Action Lawsuit Over Mortgage-Backed Securities

Published on: December 6, 2011 | by Shepherd Smith Edwards & Kantas, LLP

Bank of America, Corp. has agreed to pay investors $315 million to settle their class action claim accusing Merrill Lynch of misleading them about the risks involved in investing in mortgage-backed securities. If approved, the proposed settlement would be one of the largest reached over MBS that caused investors major losses when the housing market collapsed. The lead plaintiff in this securities case is the Public Employees’ Retirement System of Mississippi pension fund.

The class action lawsuit accused Merrill of misleading investors about $16.5 billion of MBS in 18 offerings that were made between 2006 and 2007. They are claiming possible losses in the billions of dollars. (The offerings occurred before Bank of America bought Merrill.)

The plaintiffs contend that Merrill’s offering documents were misleading. They also believe that the original investment-grade ratings for the securities, which had been backed by loans from Countrywide, IndyMac Bancorp Inc., First Franklin Financial unit, and New Century Financial Corp. were unmerited. Most of these investments were later downgraded to “junk” status.

By agreeing to settle, Bank of America is not admitting to or denying wrongdoing.

This settlement must be approved by US District Judge Jed Rakoff, who just last week rejected the proposed $285M securities settlement between Citigroup Global Markets Inc. and the Securities and Exchange Commission. He ordered that the case be resolved through trial. Rakoff was also the one who refused to approve another proposed Bank of America securities settlement—the one in 2009 with the SEC—for $33 million over misstatements that were allegedly made regarding the purchase of Merrill. Rakoff would later go on to approve the revised settlement of $150 million.

Rakoff has criticized a system that allows financial firms to settle securities fraud allegations against them without having to admit or deny wrongdoing. He also has expressed frustration at the “low” settlements some investment banks have been ordered to pay considering the amount of financial losses suffered by investors.

Our securities fraud lawyers represent individual and institutional clients that sustained losses related to non-traded REITs, private placements, principal protected notes, auction-rate securities, collateralized debt obligations, mortgage-backed securities, reverse convertible bonds, high yield-notes and other financial instruments that were mishandled by broker-dealers, investment advisers, or their representatives. We also work with victims of Ponzi scams, affinity scams, elder financial fraud and other financial schemes.

BofA Merrill unit in $315 mln mortgage settlement, Reuters, December 6, 2011

Public Employees’ Retirement System of Mississippi

More Blog Posts:
Citigroup’s $285M Settlement With the SEC Is Turned Down by Judge Rakoff, Stockbroker Fraud Blog, November 28, 2011

Citigroup’s $285M Mortgage-Related CDO Settlement with Raises Concerns About SEC’s Enforcement Practices for Judge Rakoff, Institutional Investor Securities Blog, November 9, 2011

Ex-Lehman Brothers Holdings Chief Executive Defends Request that Insurance Fund Pay Legal Bills, Stockbroker Fraud Blog, October 19, 2011

Texas Securities Fraud: Unregistered Adviser Confesses to Selling Almost $400K in Promissory Notes and Investments Despite Cease and Desist Order

Published on: December 5, 2011 | by Shepherd Smith Edwards & Kantas, LLP

William Erik Byrne, who is unregistered securities advisor, admits that he sold $389,000 in investment and promissory notes to investors even after he received a cease and desist order from the Texas State Securities Board in 2005. He also is accused of giving out investment advice to clients even though he was not authorized.

State regulators also filed a Texas securities complaint against Byrne for selling unregistered variable annuities from Hampton Insurance Co. Ltd. Not only were none of the VAs were filed with the Texas Department of Insurance, but also, Hampton Insurance was not under that department’s supervision.

Byrn says that between 2006 and 2009 he sold investments to clients without telling them that Texas regulators had ordered him to stop or why. State officials also say that Byrne failed to tell investors that previous clients hadn’t been paid according to the terms of their contracts.

Working with a Registered Adviser
State and federal laws require that investment advisers and broker-dealers and their representatives be registered. Registration is usually with a state securities agency or the Securities and Exchange Commission. Unfortunately, there are those that don’t follow this requirement and try to get away with this.

As an investor, you want to make sure that the representative and/or financial firm you want to work with is registered. Otherwise, if there is a problem later on, such as a broker-dealer or investment adviser going out of business, there may not be a way for you to recoup your losses even if a court or arbitrator rules in your favor.

You should also do your own research. You can find out whether an investment adviser is correctly registered by reading its Form ADV registration form. This form also should let you know whether the investment adviser has had any previous run-ins with regulators or past problems with other clients.

Unregistered and Registered Securities
Although it is typically illegal to sell unregistered securities, there are exemptions. You can get Form ADV from the investment adviser, the regulatory body the adviser is registered with, or by going to the Investment Adviser Public Disclosure Web site.

Read the Enforcement Actions Against Byrne

Rule 144: Selling Restricted and Control Securities, SEC
Texas State Securities Board

Investment Adviser Public Disclosure Web

More Blog Posts:
Texas Securities Fraud: Raymond James Financial Services Pays Elderly Senior Investor About $1.8M Following Loss of Appeal, Stockbroker Fraud Blog, December 2, 2011
Former Texan and First Capital Savings and Loan To Pay $4.5M for Alleged Foreign Currency Ponzi Scheme, Stockbroker Fraud Blog, November 11, 2011
Texas Securities Fraud: SEC Moves to Freeze Assets of Stewardship Fund LP, Stockbroker Fraud Blog, November 5, 2011 Continue Reading ›