CategorySCAMS

Two U.S. Agencies Examining Investments Sold by Crowdfunding Site YieldStreet

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13 Aug Two U.S. Agencies Examining Investments Sold by Crowdfunding Site YieldStreet Posted at 09:00h in Blog by prwlegal201 YieldStreet | WallStreet Journal | Dawn Lim and Dave Michaels | August 12, 2020 “SEC is investigating firm; FBI is collecting information on some of its practices Two U.S. agencies are examining investments sold by YieldStreet Inc., an online platform that pitches...

GPB Capital | Ex-SEC Examiner Wants Bench Trial Over Feds’ Protest

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12 Aug GPB Capital | Ex-SEC Examiner Wants Bench Trial Over Feds’ Protest Posted at 14:15h in Blog by prwlegal201 GPB Capital | Law360 | August 10, 2020 “Law360 (August 10, 2020, 2:43 PM EDT) — A former compliance examiner accused of stealing information from the U.S. Securities and Exchange Commission sought a rare criminal bench trial over prosecutors’ objections on...

FINRA Disciplinary Action Report: July 2020

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FINRA Broker Disciplinary Action Report: July 2020 Each month, the agency that regulates the financial industry, FINRA (Financial Industry Regulatory Authority), produces a detailed report that runs down all disciplinary actions recently taken against brokerage firms and brokers. We strongly encourage any investor who suspects their broker and/or broker-dealer of having lost them money on dubious...

PONZI SCHEME RAKING IN UP TO $7 MILLION IN PAYCHECK PROTECTION PROGRAM LOANS SHOULD BE COMPELLED TO RETURN FUNDS TO TAXPAYERS

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08 Jul PONZI SCHEME RAKING IN UP TO $7 MILLION IN PAYCHECK PROTECTION PROGRAM LOANS SHOULD BE COMPELLED TO RETURN FUNDS TO TAXPAYERS Posted at 13:53h in Blog by prwlegal201 “Outrageous Abuse of System” for $1.8 Billion Scheme Under Investigation by SEC & Subject of MA Legal Action to Benefit From COVID-19 Relief NEW YORK CITY//July 8, 2020//The discovery that the controversial GPB...

TAKING DOWN SUPPLY CHAIN OF GREED – UNRAVELING GPB CAPITAL PONZI SCHEME FACES INTENSIFIED CLASS ACTION LAWSUIT NEARLY THREE DOZEN FINRA ARBITRATION CASES

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30 Jun TAKING DOWN SUPPLY CHAIN OF GREED – UNRAVELING GPB CAPITAL PONZI SCHEME FACES INTENSIFIED CLASS ACTION LAWSUIT NEARLY THREE DOZEN FINRA ARBITRATION CASES Posted at 12:53h in Blog by prwlegal201 “Week of Reckoning” Arrives For Swindle With 2,000 Victims & Nearly $1.8 Billion in Losses; Strong Texas Connection and Lure of String of Auto Dealerships Key to Scheme...

FINRA Disciplinary Action Report: June 2020

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Each month, the agency that regulates the financial industry, FINRA (Financial Industry Regulatory Authority), produces a detailed report that runs down all disciplinary actions recently taken against brokerage firms and brokers. We strongly encourage any investor who suspects their broker and/or broker-dealer of having lost them money on dubious terms to at least skim this report to see if you...

Philadelphia Woman Indicted in $68 Million Ponzi Scheme

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The US Attorney’s office out of New Jersey recently announced the indictment of an investment fund manager who had allegedly orchestrated a $68 million securities fraud scheme. Fifty-nine year old Brenda Smith of Philadelphia, Pennsylvania was indicted on six counts of wire fraud and one count of securities fraud. According to court documents, Smith managed Broad Reach Capital LP...

A new rule could make it harder to figure out if your financial advisor is on your side

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This summer, it may become more difficult for investors to determine whether a financial advisor indeed has their best interests at heart. Starting June 30, financial advisors who are affiliated with broker-dealers legally will be required to place clients’ interests first when they give financial advice. This rule, which was handed down by the Securities and Exchange Commission and is...

As SEC’s Reg BI Deadline Looms, Firms Face A ‘Very Big Lift’

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Law360 (June 5, 2020, 7:17 PM EDT) — With the compliance deadline for the U.S. Securities and Exchange Commission’s Regulation Best Interest fast approaching on June 30, broker-dealers and those who advise them are gearing up for a slew of new requirements that attorneys acknowledge will be a “very big lift.” The new SEC rule aims to tighten the rules of conduct for broker...

‘Bankrupt in Just Two Weeks’—Individual Investors Get Burned by Collapse of Complex Securities

03 Jun ‘Bankrupt in Just Two Weeks’—Individual Investors Get Burned by Collapse of Complex Securities Posted at 13:15h in Blog by prwlegal201 Investors | The Wall Street Journal | Akane Otani and Sebastian Pellejero | June 1, 2020 “When William Mark decided to get back into investing after the 2008 financial crisis, he looked past stocks and bonds. Needing to play...

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