NJ Investment Adviser Accused of Stealing Over $1M from Clients The US Securities and Exchange Commission has brought investment adviser fraud charges against Scott Newsholme, a New Jersey-based financial adviser and tax preparer, accusing him of stealing over $1M from clients so he could support his lifestyle and support his…
Michael Siva, a former Morgan Stanley broker (MS), has pleaded not guilty to criminal charges accusing him of insider trading. Siva is one of several people charged over their alleged participation in a group of “tipping chains” and trading on tips about upcoming acquisitions and mergers. The information was provided…
FINRA Fines Ex-Morgan Stanley Broker, Issues 15-Day Suspension The Financial Industry Regulatory Authority has fined an ex-Morgan Stanley (MS) broker $10K and ordered him to serve a 15-day suspension after he allegedly tried to resolve a client’s complaint without the firm’s consent. The regulator is charging Lewis H. Robinson, who…
The US Securities and Exchange Commission has filed charges against ex-financial adviser Dawn Bennett accusing her of bilking investors, making Ponzi-like payments, and spending clients’ funds on herself. According to the regulator, Bennett and her DJB Holdings LLC raised over $200M through the sale of notes issued to at least…
Federal Judge Orders Tim Durham to Pay $1. 3M in Securities Fraud Case Five years after he was convicted of securities fraud, businessman Tim Durham has been ordered by a federal judge to pay $1.3M in the US Securities and Exchange Commission’s civil case against him. Durham bilked over 5,000…
The US Securities and Exchange Commission has brought investment adviser against Jeremy Joseph Drake. He is accused of bilking a known professional athlete and his wife, making about $900K in compensation in the process. At the time of the purported financial fraud, Drake worked with HCR Wealth Advisers. According to…
The US Securities and Exchange Commission has filed charges against four former brokers for allegedly persuading federal employees to roll over holdings from federal retirement accounts into variable annuity products that charged higher fees. Their targets were Thrift Savings Plan (TSP) participants. The plan is administered by the Federal Retirement…
Businessman Accused of Taking Investors’ Money That Was Supposed to Go Toward Fighting Cancer In a complaint brought by the SEC, the regulator has filed securities fraud charges against Patrick Muraca, a Massachusetts businessmen, accusing him of misappropriating investments that were supposed to go toward helping to develop cancer diagnostic…
Four Firms Are Ordered to Pay $4.75M for Market Access Rule Violations The Financial Industry Regulatory Authority, CBOE Holdings company Bats, the New York Stock Exchange, NASDAQ, and their affiliated Exchanges have fined four financial firms $4.75M collectively for violating the Securities Exchange Act of 1934’s Rule 15c3-5, which is…
The US Securities and Exchange Commission has brought fraud charges against two men and their company, United Business Alliance, LLC, for allegedly running a prime bank investment scam. The regulator is seeking permanent injunctions, disgorgement of ill-gotten gains, prejudgment interest, and civil penalties. According to the regulator’s complaint, between 10/2013…