How Can A Skilled SEC Attorney Help You Pursue Damages From Your Broker-Dealer? Shepherd Smith Edwards and Kantas Has Been Fighting For Investors For Over 30 Years If you believe that you could be the victim of securities fraud, you may want to explore your legal options with a knowledgeable…
Articles Posted in SEC
SEC Fines Aegis Capital $2.3M Over Allegedly Unsuitable Variable Interest Rate Structured Product Sales
Aegis Brokers in Melville, NY and Boca Raton, FL Allegedly Unsuitably Recommended VRSPs to 48 Customers, Including Elderly Investors In July 2022, the US Securities and Exchange Commission (SEC) filed civil charges against Aegis Capital Corp., former Managing Director Alan Zelig Appelbaum, and ex-broker Paul Francis Gallivan. They are charged…
J.P. Morgan Fined $200M by SEC & CFTC Over Messaging and Communications Violations
J.P. Morgan Securities Will Pay $125M to the Commission J.P. Morgan has arrived at two settlements over recordkeeping and communication violations. These violations included using unapproved channels, such as WhatsApp and personal texts messages. One settlement is with the US Securities and Exchange Commission (SEC) and the other with the…
SEC Files Fraud Charges Against Barred Broker Michael Shillin Who Is Named In 37 Disputes
Former Wisconsin Financial Advisor is Accused of Defrauding at Least 100 Advisory Clients Michael Francis Shillin, who was barred by the Financial Industry Regulatory Authority (FINRA) and Wisconsin’s Officer of the Commissioner of Insurance (OCI) in January 2021, is now facing Securities and Exchange Commission (SEC) charges. The regulator is…
Investment Recommendations Don’t Always Equate To a Customer’s Best Interests
SEC’s Regulation BI May Not Be Protecting Investors The Way They Think It has been nearly seven months since the SEC’s Regulation Best Interest (BI), a rule mandating that brokers NOT market themselves as financial advisors unless they actually are dually registered to be one, went into effect. The aim…
SEC Accuses Financial Advisor And Strategic Wealth Advisor Group of Stealing $2.2M From Senior Investors
Investment Advisor Allegedly Defrauded Senior Investors to Fund Lavish Lifestyle The US Securities and Exchange Commission (SEC) has filed charges against Mark Joseph Boucher, a California-based investment adviser, and his firm, Strategic Wealth Advisor Group Services. Boucher and Strategic Wealth Advisor Group are accused of stealing $2.2M from older customers,…
SEC Announces $4.5M Whistleblower Award
In a Securities and Exchange Commission (SEC) whistleblower case that resulted in a company probe and two successful enforcement actions, the regulator has awarded $4.5M to the individual who stepped forward to provide the key information. This person is the 62nd one to receive an SEC whistleblower award since the…
Unregistered Investment Adviser Accused in $29M Ponzi Scam
Carol Ann Pederson, an unregistered investment advisor and an ex-CPA, is facing charges accusing her of defrauding more than two dozen investors. The US Securities and Exchange Commission claims that Pederson: Raised at least $29M from investors. Made false promises that their money would go into “federally guaranteed securities.” Touted…
$22M HEDGE FUND FRAUD LEADS TO SEC BAN FOR MONEY MANAGER
Michael Scronic Pleads Guilty in Ponzi Scheme Michael Scronic, who touted himself as the hedge fund manager of the unregistered Scronic Macro Fund, has agreed to a US Securities and Exchange Commission ban permanently blocking him from buying or selling securities. In a parallel criminal case, Scronic pleaded guilty to…
Sanctions Against Wedbush Securities in SEC and FINRA Rulings Are Upheld by the 9th Circuit
The United States Court of Appeals for the 9th Circuit has refused to overturn the US Securities and Exchange Commission ruling that Wedbush Securities Inc. engaged in inadequate supervision of its own regulatory compliance. The appeals court also affirmed the suspension of the brokerage firm’s president and principal Edward W. Wedbush. The…