SEC Obtains Default Judgment Against Former Cincinnati, Ohio Registered Representative The Securities and Exchange Commission (SEC) has obtained a default judgment against Scott Allen Fries. He was a Transamerica Financial Advisors registered representative from 2014 to 2019. The regulator’s amended complaint accuses the former broker and investment advisor of raising…
Brokers May Have Downplayed The Risks of Junk High-Yield Bond Funds Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is offering free initial case consultations to investors of the following high-yield bond funds, also known as junk bond funds. High-yield bond funds tend to have lower-quality bonds. Their…
Investors Involved in Biggest SPAC Merger File Class Action Securities Lawsuit Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) is looking into claims of losses by investors of Grab Holdings, Ltd. (NASDAQ: GRAB). This firm became a public entity on December 1, 2021, via the largest Special Purpose…
Cetera and Other Broker-Dealers May Have Unsuitably Sold St. George’s Ltd Products to Customers Our broker misconduct lawyers are looking into claims of losses by investors who were marketed and sold products from St. George’s, Ltd. The Bermuda-based life insurance company has been in liquidation proceedings since 2019. Its owner,…
YES Claimants’ FINRA Arbitration Case Alleged Misrepresentations and Negligence A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded two investors $1.2M (plus 6% interest from June 28, 2019, through March 7, 2022) over losses they sustained in the UBS Yield Enhancement Strategy (UBS YES). This options overlay strategy, also…
Broker Peter Po Unsuitably Recommended High-Risk Product A California investor has sustained losses in GWG Holdings’ (NASDAQ: GWGH) L Bonds. NI Advisors and broker Peter T. Po unsuitably recommended this precarious high-yield bond. This retail customer has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim requesting damages for his…
Dallas-Based Alternative Asset Firm Expected To Seek Bankruptcy Protection Very Soon According to sources, GWG Holdings, Inc. (NASDAQ: GWGH) is preparing for Chapter 11 bankruptcy. The reports come after the Texas-based alternative asset firm notified the Securities and Exchange Commission (SEC) in an April 1, 2022 filing that it could…
Global VIP and Global Advantage Select Were Unsuitable For Claimants Two older investors from Venezuela have filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against Ocean Financial Services over losses they sustained in Northstar Financial Services (Bermuda). They are requesting about $385K, plus interests and costs, after the broker-dealer…
FINRA Accuses Broker-Dealers of Negligence and Unsuitability The Financial Industry Regulatory Authority (FINRA) recently fined three brokerage firms for negligently selling GPB Capital Holdings private placements to retail customers. The broker-dealers are Dempsey Lord Smith, BD4RIA, and Geneos Wealth Management. They have agreed to pay a $70K fine plus more…
Investors’ Worked With Ex-McNally Financial Broker Michael O’Meara An older couple from Washington State has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against McNally Financial Services and its former broker Michael Charles O’Meara. The claimants seek up to six figures in damages and contend that they were unsuitably…