Elder Financial Fraud

Ex-Garden State Securities Broker Joseph DeGregorio Allegedly Defrauded Elderly Investors

Published on: March 11, 2022 | by Samuel B. Edwards

SEC Says Older Seniors Were Defrauded of $1.2M by Garden State Securities Broker

The U.S. Securities and Exchange Commission (SEC) filed civil charges against former Garden State Securities financial advisor Joseph Orazio DeGregorio. The previously registered broker, who worked at 14 firms in 14 years, is accused of defrauding four elderly investors of $1.2M.

He has now settled the Commission’s charges with disgorgement, interest, and a penalty to be determined later. The U.S. Attorney’s Office for the Eastern District of New York has filed parallel criminal charges.

Fired Edward Jones Broker Ronald Molo Accused of Defrauding Senior Customers

Published on: November 30, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Joliet, Illinois Financial Advisor Faces Criminal Charges For Wire Fraud

Ronald Terrence Molo, a former Edward Jones broker, is accused of misappropriating customers’ funds and costing at least three older clients $778,000 in investment losses. He was suspended by the Financial Industry Regulatory Authority (FINRA) beginning October 25, 2021, after he failed to respond to the self-regulatory organization’s request for more information.

On November 23, 2021, the Securities and Exchange Commission (SEC) filed civil charges against Molo, and the United States Attorney’s Office for the Northern District of Illinois filed criminal charges against him for wire fraud.

Ex-LPL Financial Broker Matthew Clason Pleads Guilty To Defrauding Elderly Investor of $600K

Published on: May 14, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Barred Connecticut Financial Advisor Faces Pleads Guilty to Wire Fraud

Matthew O. Clason, a former LPL Financial broker, has pleaded guilty to wire transfer fraud related to his misappropriation of $600K from a 73-year-old Connecticut retiree. Now he could be sentenced to up to 20 years behind bars. The theft is from when Clason worked with the senior investor as a registered representative with LPL Financial and before that with Lincoln Financial Advisors.

The Financial Industry Regulatory Authority (FINRA) barred Clason in September 2020 right after the Securities and Exchange Commission (SEC) filed parallel charges against him. The brokerage firm had fired Clason the month before, as did Integrated Wealth Concepts where he was a registered investment adviser.

Retiree Files $500K Northstar Financial Services (Bermuda) Fraud Claim Against Truist Investment Services

Published on: March 4, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Latin American Investor Alleges Elder Financial Fraud And Abuse

In a Financial Industry Regulatory Authority (FINRA) arbitration claim against Truist Investment Services, Inc. (aka SunTrust Investment Services, Inc.), a retiree in Latin America is seeking up to $500K in damages. The claimant contends that her broker unsuitably recommended that she invest that amount in Northstar Financial Services (Bermuda) Ltd. The company filed for bankruptcy protection last year.

Truist is SunTrust Bank’s broker-dealer unit. The firm is registered with FINRA. Both entities’ agents heavily promoted Northstar Financial Services (Bermuda)’s fixed- and variable-rate annuity and investment products, which paid commissions, bonuses and other incentives that were greater than what the more typical SunTrust bank products offered.

Ex- NPB Financial Broker Cynthia Cowden Allegedly Recommended Investments That Were Too Risky For Senior Investors

Published on: December 21, 2020 | by Shepherd Smith Edwards & Kantas, LLP

FINRA Bars Californian Financial Advisor After Older Customers Suffer Huge Losses

Cynthia Diane Cowden, a former NPB Financial Group stockbroker, has been barred by the Financial Industry Regulatory Authority (FINRA). Cowden, who also was a registered investment advisor, is based out of Lake Isabella, California where she operated under the name Cynthia Cowden Investments.

At Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com), our California senior investment fraud attorneys are investigating claims involving former customers of Cynthia Cowden. Call us at (619) 550-4847.

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.

SEC Says Fired LPL Financial Broker Stole $300K From 73-Year Old Retiree

Published on: October 6, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Former LPL Financial Investment Advisor Was Also Was Let Go By Integrated Wealth Concepts

The Securities and Exchange Commission (SEC) has filed civil charges accusing former LPL Financial (LPLA) registered representative, Matthew O. Clason, of defrauding an older investor of over $300K.

In August, Clason, who worked out of Glastonbury, Connecticut, was let go by LPL Financial. He also was fired by Integrated Wealth Concepts, where he was an investment advisor. In September, the Financial Industry Regulatory Authority (FINRA) barred Clason.

SEC Accuses Financial Advisor And Strategic Wealth Advisor Group of Stealing $2.2M From Senior Investors

Published on: September 4, 2020 | by Shepherd Smith Edwards & Kantas, LLP

Investment Advisor Allegedly Defrauded Senior Investors to Fund Lavish Lifestyle

The US Securities and Exchange Commission (SEC) has filed charges against Mark Joseph Boucher, a California-based investment adviser, and his firm, Strategic Wealth Advisor Group Services.

Boucher and Strategic Wealth Advisor Group are accused of stealing $2.2M from older customers, including one who had died. Now, the regulator wants permanent injunctions, civil penalties, and disgorgement with prejudgment interest.

Securities Fraud: RIA and Broker Will Go to Prison Over $15M Scam, Ohio Financial Adviser Pleads Guilty in Senior Financial Abuse Case, and SEC Wants Ex-Financial Investment Broker Barred

Published on: March 25, 2017 | by Shepherd Smith Edwards & Kantas, LLP

Registered Investment Adviser and Broker Convicted in $15M Pump-and-Dump Scam
A federal jury has found Sheik F. Kahn, a Nevada RIA, and Christopher Cervino, a New Jersey broker, guilty of securities fraud, conspiracy to commit securities fraud, wire fraud, and conspiracy to commit wire fraud in an over $15M stock scam that targeted 100 investors. Kahn also was convicted of aggravated identity theft crimes and investment adviser fraud. Both she and Cervino were previously affiliated with New York-based firm Primary Capital.

According to the U.S. Attorney for the Southern District of New York, the pump-and-dump scam involved VGTEL (VGTL), a publicly traded over-the-counter company. The securities scam was led by Edward Durante, who pleaded guilty last year to a number of crimes, including securities fraud, conspiracy, perjury, and money laundering involving VGTL.

Cervino and Kahn are accused of artificially inflating the stock price of VGTel from 25 cents/share to up to $1.90/share in 2012 and they also inflated trading volume, raising their ability to bring in private investments in the stock.

Ex-Edward Jones Financial Adviser is Criminally Charged with Bilking Disabled Woman of Over $160K

Published on: December 22, 2014 | by Shepherd Smith Edwards & Kantas, LLP

Jason Cox, a former Edward Jones financial adviser, is criminally charged with allegedly defrauding a disabled woman. Robert C. Yeamans, who is the woman’s now deceased father, had tasked Cox with managing her account. The woman, who is in her fifties, is developmentally disabled.

According to a federal complaint, Cox took at least $160,000 from the investment account set up for her. He allegedly structured transactions by taking out small amounts during a short time period so he wouldn’t have to fulfill bank reporting requirements for bigger sums.

When worried banking officials asked the woman about the money, she told them she put it in a business that Cox owned but did not know what kind of enterprise it was. The bank closed her account.