Investor Fraud

UBS YES Strategy Customers of Broker Eric Wittenberg Are Seeking at Least $1.8M in Damages

Published on: November 5, 2020 | by Shepherd Smith Edwards & Kantas, LLP

New York Stockbroker and Investment Advisor is Accused of Misrepresentations and Unsuitability

Eric Andrew Wittenberg, a managing director and private wealth advisor at UBS Group AG (UBS) in the New York metropolitan area, is being blamed by a number of the firm’s customers for investment losses they suffered after he recommended the UBS Yield Enhancement Strategy (YES) to them.

Wittenberg is one of many UBS registered representatives named in Financial Industry Regulatory Authority (FINRA) arbitration claims over this program.

Former Benjamin & Jerrold Broker Rand Heckler Faces Elder Financial Fraud and Ponzi Scam Allegations

Published on: October 9, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Rand Heckler of Rand Heckler, Inc. is Now The Subject of SEC and Criminal Fraud Charges

Former stockbroker Rand Allan Heckler of Long Island, New York, is facing US Securities and Exchange Commission (SEC) charges accusing him of investor fraud. Heckler, who was barred by the Financial Industry Regulatory Authority (FINRA) last year, is also now facing criminal charges alleging that he ran an over $1M Ponzi scam.

Over his 22 years in the securities industry, Rand Heckler worked at 11 broker-dealers. Four of these firms were expelled by FINRA.

Ex-Kalos Capital Broker Curtis Whipple Accused of Unsuitability & Misrepresentation Involving UDF IV

Published on: September 28, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Latest FINRA Arbitration Claim Allege REIT Losses

A number of investors recently filed a customer complaint against former Kalos Capital broker, Curtis Leroy Whipple, who was with the firm out of Plymouth, Michigan until this year. He faces allegations of unsuitability, misrepresentations, and lack of due diligence related to the claimants’ United Development Funding IV (UDF IV) losses.

UDF IV is a real estate investment trust (REIT) that mostly invests in secured loans for acquiring and developing land into single-family home lots, as well as to construct homes and model homes. UDF IV and the other UDF non-traded REITs have been accused in recent years of being part of a $1B Ponzi scam. United Development Funding is based out of Dallas, Texas.

Ex- Morgan Stanley Broker Pleads Guilty to $6M Investment Fraud

Published on: July 31, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Ex-Morgan Stanley Broker Admits To Criminal Investment Fraud, Faces SEC Charges

Michael Barry Carter, a former Morgan Stanley (MS) broker, has pleaded guilty to federal investment fraud and wire fraud charges involving a scam in which he defrauded five customers. This included at least one elderly client, of more than $6M. The scheme took place over 12 years. After his acts of broker fraud were uncovered, Carter took money from other investors to pay back his other victims.

Morgan Stanley fired Carter last year. He also is now facing parallel Securities and Exchange Commission (SEC) civil charges.

Ex-Raymond James Broker Frederick Stow Is Accused of Stealing $1M from Senior Investors

Published on: June 24, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Barred Stockbroker Faces Criminal and SEC Charges for Senior Investor Fraud

Frederick Stow (CRD#: 864436), a former Raymond James broker based out of Tennessee, is now the subject of criminal charges accusing him of securities fraud, identity theft, and wire fraud for allegedly stealing $943,500 from the IRAs and other accounts of two senior investors between 2015 and 2019.

The broker-dealer fired him last year and the Financial Industry Regulatory Authority (FINRA) barred him in January. The US Securities and Exchange Commission (SEC) recently filed a parallel civil lawsuit against Stow.

Barred Wells Fargo Broker Named in Unsuitable Investment Fraud Case Recently Settled for $995K

Published on: June 3, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Fired Wells Fargo Representative is Barred by FINRA

The Financial Industry Regulatory Authority (FINRA) announced this month that it is barring former Wells Fargo Advisors Financial Network broker, Leonard Charles Kinsman, from the industry.

The ban comes after Kinsman refused to testify in the self-regulatory organization’s (SRO’s) probe into his firing by Wells Fargo (WFC) for allegedly “unprofessional conduct.” Kinsman was named last year in an investor fraud claim accusing him of making unsuitable investment recommendations and forging and falsifying business records. That customer dispute has now been settled for $995K.

Massachusetts Sues GPB Capital Holdings for Defrauding Investors of Over $14M

Published on: June 2, 2020 | by Shepherd Smith Edwards & Kantas, LLP

State Securities Regulator Claims GPB Capital Defrauded 180 Local Investors

Massachusetts Secretary of the Commonwealth, William Galvin, has filed a civil fraud lawsuit against GPB Capital Holdings accusing it of defrauding 180 local investors who purchased more than $14M of private placements in five of the GPB funds.

The alternative asset firm, which acquires waste management operations and auto dealerships, has been accused of operating a more than $1.5B Ponzi scam.

Did You Suffer Investment Losses? How a San Francisco Broker Fraud Lawyer Can Help

Published on: May 27, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Throughout the San Francisco Bay Area, investors are finding themselves hit with huge investment losses, especially over the last few months as COVID-19 has shut down the economy, rattled the markets, and caused an oil price war.

While the Coronavirus has negatively impacted many investments, you should know that some of these losses also may be due to broker fraud or negligence. Shepherd Smith Edwards and Kantas (SSEK Law Firm) can help you determine whether this is the case and if it means that you have grounds for an investor claim to recover your losses. Contact us today to request your free, no-obligation consultation.

Investment Losses Reasons That May Be Grounds for a San Francisco Broker Fraud Claim

Top Warning Signs of Senior Investor Fraud that You Need to Be Aware of

Published on: May 20, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Many Older Investors Remain Vulnerable to Securities Fraud

As a retiree or a senior investor living in the San Francisco Bay Area, there are red flags to look out for that may indicate that you’ve become the victim of senior investor fraud.

Unfortunately, older investors remain a favorite target of fraudsters eager to take advantage of an elderly customer’s inexperience or health issues while availing themselves of the latter’s retirement funds and other savings.

Tata Arbitrage Fund and ICICI Prudential Among the Arbitrage Funds That Temporarily Shuttered Because of Coronavirus

Published on: April 16, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Market Volatility Forces Arbitrage Funds to Temporarily Close

Reports of arbitrage funds temporarily shuttering in the wake of the impact of the novel coronavirus (COVID-19) on the markets has caused concern for investors.

At Shepherd Smith Edwards and Kantas (SSEK Law Firm), our investment fraud lawyers are offering free case assessments to help you determine whether you have grounds for an investor claim. We understand the difficulties that US citizens are facing in the wake of COVID-19 and want to assure that we are here to help during this time.