Seeking Greater Yield and Safety, Muni Bond Customers Encounter Defaults Despite the fact that the coronavirus has taken a toll on city and state finances, this isn’t stopping investors from buying municipal debt in a bid for greater yield and more safety than the markets can provide at this time.…
Florida-Based Financial Management Company Employee Allegedly Stole Money Albertín Aroldis Chapman de la Cruz, the star relief pitcher for the New York Yankees, has filed an investment fraud lawsuit against Pro Management Resources and several individuals. The financial management and tax planning company reportedly has also been serving as Chapman’s…
Investors Who Were Sold Telecommunication Company’s Bonds Grapple with Losses In its second sale in two months, Frontier Communications Corp. wants to sell $2.8B in junk bonds to help pay for its exit from bankruptcy. According to sources that spoke with Bloomberg, this includes new $1.8B first-lien bonds at an…
Retail Investors Were Allegedly Told To Hold Exchange-Traded Products for Too Long In separate settlements reached with the US Securities and Exchange Commission (SEC), Royal Alliance Associates, Securities America Advisors, Summit Financial Group, Benjamin F. Edwards & Co., and American Portfolio Financial Services / American Portfolio Advisers will pay over…
Banned Woodbury Financial Broker Allegedly Sold Fake Investments, Converted Client Monies Ronald Walter Hannes, a Spokane, Washington-based investment advisor and former Woodbury Financial Services broker, is accused by the Washington State Department of Financial Institutions of defrauding 19 clients of over $2.9M. Hannes had operated out of Hannes Financial Services…
Scottsdale, Arizona Investment Advisor Was Fired By Broker-Dealer Coastal Securities Luke Michael Johnson, currently Managing Director for Prime Capital Investment Advisors in Paradise Valley in the Scottsdale area, is named in over a dozen pending disputes by investors seeking damages for losses they allegedly suffered while working with him. Johnson…
Investor Contends Insigneo Securities Broker Unsuitably Handled Account A former customer of Felipe Henao Vargas, an Insigneo Securities stockbroker, is pursuing a Financial Industry Regulatory Authority (FINRA) arbitration claim against the brokerage firm for $1.3M in damages related to the iPath Series B S & P 500 Short Term Futures…
High Net Worth Individual Investor Alleges That UBS Group AG Persuaded Him To Buy On Margin Guo Wengui, a rich Chinese businessman exiled in New York, has filed a lawsuit against UBS Financial Group after losing $500M. Wengui contends that the bank pressured him into borrowing funds to invest in…
Florida Financial Advisor is Named in at Least 10 FINRA Cases, Including One $25 Million Claim If you suffered losses while working with UBS Financial Services (UBS) stockbroker, Jose Manuel Cornide, Jr., you may be able to file a Financial Industry Regulatory Authority (FINRA) arbitration claim for your losses. Cornide,…
Metairie, LA Broker Allegedly Made Unsuitable Recommendations to Retirees If you suffered serious investment losses from working with FSC Securities Corp. stockbroker and Nettworth Financial investment advisor, Frank Briseno III, you may have grounds for a Financial Industry Regulatory Authority (FINRA) arbitration claim to recover your losses. Briseno, who is…