Former Wells Fargo and LPL Financial Broker Receives 41-Month Prison Term for Elder Financial Fraud Robert N. Tricarico, an ex-broker for both Wells Fargo Advisors (WFC) and LPL Financial (LPLA), will serve 41 months behind bars and pay restitution of over $1.2M after he pleaded guilty to elder financial fraud.…
The US Securities and Exchange Commission is accusing investment adviser Daniel H. Glick and his unregistered firm, Financial Management Strategies, of bilking older investors of millions of dollars. The regulator issued a temporary restraining order against the Chicago-based investment adviser, as well as an emergency asset freeze. According to the…
The US Securities and Exchange Commission, the Financial Industry Regulatory Authority, and the US Treasury Department’s Financial Crimes Enforcement Network are investigating brokerage firm Aegis Capital Corp. The reason for the probe has not been disclosed. In Aegis Capital’s latest audited financial statement, the firm said that it has responded…
RIA Misappropriated Over $865K and Withdrew $640K in Excess Fees, Say Prosecutors Broidy Wealth Advisors CEO Mark Broidy has pleaded guilty to taking $640K in excess management fees from clients and misappropriating over $864K in stock that were in trusts of which he was the trustee. Now, the registered investment…
Arizona Man to Pay $500K To Settle SEC Fraud Charges James P. Toner will pay over $500K to settle charges accusing him of taking investors’ money. The Arizona man claimed to be a real estate manager and allegedly told investors that he would be personally managing three real estate ventures…
The Securities and Exchange Commission has filed fraud charges against Sentinel Growth Fund Management and its owner Mark J. Varacchi. The regulator is accusing the Connecticut-based investment advisory firm of stealing at least $3.95M from investors. Over $1M was allegedly used to resolve private litigation in which Varacchi was the…
Chicago Hedge Fund Manager Gets Over Four Years in $1.8M Fraud Clayton Cohn is sentenced to more than four years behind bars and he will pay $1.55M in restitution for targeting military veterans in a $1.8M hedge fund fraud. Cohn is an ex-US Marine. He pleaded guilty to the criminal…
Citigroup is Accused of Overcharging At Least 60 Investment Advisory Clients Citigroup Global Markets (C) will pay $18.3M to resolve Securities and Exchange Commission charges accusing the firm of overbilling clients and misplacing client contracts. According to the regulator’s order, at least 60,000 investment advisory clients were overcharged about $18M…
The US Securities and Exchange Commission has filed an administrative case against Windsor Street Capital and John D. Telfer, its ex-anti-money laundering officer. The regulator’s enforcement division claims that the New York-based broker dealer did not file Suspicious Activity Reports for $24.8M of suspect transactions, including those connected to an…
Morgan Stanley Accused of Overbilling Investment Advisory Clients The US Securities and Exchange Commission announced that Morgan Stanley Smith Barney (MS) will pay a $13M penalty to resolve charges accusing the firm of overbilling clients through billing system and coding mistakes and violating the custody rule regarding yearly surprise exams.…