Former Michigan Financial Adviser Faces SEC Charges in $2.7M Investment Scam that Defrauded Seniors The US Securities and Exchange Commission has filed fraud charges against Ernest J. Romer III, a former Michigan-based financial adviser with 47 disclosures on his Broker-Check record and who was barred by FINRA last year. Romer…
The US Securities and Exchange Commission announced this month that it is granting $55.5M in whistleblower awards to three people—two of them over the same enforcement action. These latest awards means that 58 whistleblower have been collectively awarded $322M since the regulator began issuing these in 2012. In the same…
Steele Financial is Accused of Investor Fraud The US Securities and Exchange Commission has filed civil charges against investment advisory firm Steele Financial Inc. and its owner Tamara Steele. According to the regulator, they allegedly sold $13M of risky securities to over 120 advisory clients. A lot of these clients…
The SEC has filed fraud charges against hedge fund adviser Gregory Lemelson and his Massachusetts based investment advisory firm Lemelson Capital Management LLC. The regulator is accusing them of illegally profiting over $1.3M from an alleged short-and-distort scheme that involved Ligand Pharmaceuticals. According to the hedge fund fraud allegations, Lemelson…
The US Securities and Exchange Commission has filed fraud charges against 1 Global Capital LLC, a Florida-based cash advance company, and its ex-CEO Carl Ruderman. According to the regulator, they allegedly defrauded at least 3,400 investors and since 2014 have fraudulently raised over $287M through unregistered securities sales. According to…
Over 1000 Investors May Be Victims of Alleged Future Income Payments Fraud Dozens of stockbrokers, financial planners, financial advisers, and insurance agents are now the defendants of investor fraud lawsuits over an alleged $100M scam that may have bilked over 1000 investors. Many of these investors were retirees, which…
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…
Daniel Glick, a Chicago-Based investment adviser who bilked clients, including older investors, of $5.2M, has been sentenced to 151 months in prison. He also has to pay $5.2M in restitution. Glick’s Ponzi-like fraud took place between 2011 and 2016. Glick, who is the owner of Glick Accounting Services Inc., Financial Management…
The US Securities and Exchange Commission is proposing a rule that would keep registered representatives and brokers from also referring to themselves as investment advisors. In almost 1,000 pages of new proposals, the regulator articulated that it wants brokerage firms to make sure that the investing public knows that while…
The US Securities and Exchange Commission is accusing John S. Jumper, a Tennessee businessman and ex-broker, of stealing about $5.7M from the pension plan of Snow Shoe Refractories, LLC, a Pennsylvania company. Now, the commission wants disgorgement of ill-gotten gains with interest, injunctive relief, and penalties. According to the regulator’s…