A Montana regulator has filed a stop and desist order against broker-dealer Securities America related to its sales of private placements. The office of the state auditor for the Commissioner of Securities and Insurance in Montana alleged in an Aug. 5 order that Securities America and some of its executives, including Chief Executive James Nagengast, “withheld material information regarding the heightened risks” of promissory notes it sold that were issued by Medical Capital Holdings Inc.
Posts Tagged ‘Broker Dealer’
Montana Files Against Securities America for Medical Capital Blow Up
August 26th, 2010 
Before You Invest 
Posted in Finance Fraud 
Tags: Administrative Hearing, Ameriprise, Ameriprise Financial, Ameriprise Financial Inc, Broker Dealer, Broker Dealers, Cease And Desist Order, Commonwealth Of Massachusetts, Medical Capital, Omaha Neb, Placement Securities, Private Placements, Promissory Notes, Public Markets, Secretary Of The Commonwealth, Secretary Of The Commonwealth Of Massachusetts, Securities America, State Auditor, Stocks Bonds, William Galvin 
Comments OffPennsylvania Files Complaint Against TD Ameritrade For Reserve Yield Plus Fund
August 4th, 2010 Before You Invest Pennsylvania regulators filed a civil complaint against broker-dealer TD Ameritrade, alleging it committed fraud in the sale of Reserve Yield Plus Fund. The Pennsylvania Securities Commission’s enforcement division alleges that TD Ameritrade and Amerivest Investment Management LLC repeatedly told investors, in calls that were recorded, that the fund was a money-market fund.
Posted in Finance Fraud Tags: Ameritrade Holding Corp, Amerivest, Asset Value, Assets, Broker Dealer, Civil Complaint, Financial Crisis, Investment Management, Money Fund, Money Market Fund, Money Market Funds, Mutual Fund, Pennsylvania Securities Commission, Regulators, Senior Management, Share Level, Shock Waves, Spokeswoman, Subsidiaries, Td Ameritrade Comments OffWedbush Morgan broker Bambi Holzer’s Sale of Private Placements Including Provident Royalties Comes Under Fire
May 27th, 2010 Before You Invest A broker whose employment record is littered with customer complaints over variable annuities is now the focus of investor lawsuits over highly illiquid and risky private-placement investments. The broker, Bambi Holzer, has 42 settled customer disputes, according to information posted by the Financial Industry Regulatory Authority Inc.
Posted in Finance Fraud Tags: Bambi Holzer, Broker Dealer, Broker Dealers, Customer Complaints, Customer Disputes, Employment Record, Financial Industry Regulatory Authority, Management Llc, Ponzi Scheme, Private Placement Investments, Private Placements, Private Securities, Provident, Registered Rep, Royalties, Securities And Exchange Commission, Sequoia Equities, Variable Annuities, Wedbush Morgan Securities, Wedbush Morgan Securities Inc Comments OffSEC Moves to Halt Florida Ponzi Scheme
May 26th, 2010 Before You Invest Two Florida residents and their company were charged in Ohio with raising nearly $15 million in a Ponzi scheme.Lakeland, Fla., residents Edward A. Allen and David L. Olson, and their company, A&O Investments LLC, were accused by the Securities and Exchange Commission of raising about $14.8 million from at least 100 investors between September 2005 and December 2008.
Posted in Finance Fraud Tags: 1 Million, Boardman Ohio, Broker Dealer, Confidence, David L Olson, Fla Residents, Florida Residents, Investments, Investors, Lakeland Fla, Legitimacy, Northern District Of Ohio, Personal Expenses, Ponzi Scheme, Promissory Note, Real Estate, Securities And Exchange, Securities And Exchange Commission, Wgs, World Group Securities Inc Comments OffFormer SEC Investigator (and former Ethics Follies speaker!) May Have Known of R. Allen Stanford’s Ponzi Scheme
May 5th, 2010 Before You Invest Is Spencer Barasch the man who single-handedly let alleged Ponzi schemer R. Allen Stanford (pictured left) off the hook three times, costing investors more than $7 billion? Yikes!Mr. Barasch gave a humous talk at Ethics Follies 2008 about business ethics right here in the River City.
Posted in Finance Fraud Tags: Barasch, Broker Dealer, Business Ethics, Complaint Letter, Culpability, Dallas Defense, Debacle, Defense Attorney, Empire Theatre, Enforcement Efforts, Ethics Office, Follies, Guest Speaker, Mui, Oig Investigation, Ponzi Scheme, Poster Child, R Allen, Sec Investigations, Securities And Exchange Commission, Tssb Comments OffSEC moves toward tracking high-frequency firms’ trades
April 7th, 2010 Before You Invest The Securities and Exchange Commission is conducting a cost-benefit analysis of tracking transactions of high-frequency trading firms. The agency is expected to go forward with the effort, sources said. The thought is to give each firm a unique identifier that would allow the SEC to monitor traders not registered as a broker-dealer or a market maker.
Posted in Finance Fraud Tags: Authorities, Broker Dealer, Computer Code, Cost Benefit Analysis, Dark Pools, Electronic Platforms, High Frequency, High Speed, Lawyer, Naked, Sec, Securities And Exchange, Securities And Exchange Commission, Stock, Stocks, Trades, Transparency, Wsj Comments OffProvident Asset Management Expelled for Offering Fraudulent Private Placement Deal
March 18th, 2010 Before You Invest The Financial Industry Regulatory Authority (FINRA) announced today that it has expelled Provident Asset Management, LLC, a Dallas based broker-dealer. The expulsion stems from a series of fraudulent private placement offerings marketed through an affiliate, Provident Royalties, LLC. Some have called the offering a Ponzi scheme, a massive one at that, involving thousands of investors.
Posted in Finance Fraud Tags: Actuality, Arbitration, Asset Management, Assurances, Broker Dealer, Broker Dealers, Expulsion, Financial Industry Regulatory Authority, Gas Leases, Investment Loss, Investor Funds, Management Llc, Mineral Rights, Oil And Gas, Older Investors, Ponzi Scheme, Private Placement, Provident, Retail Broker, Royalties Comments OffFiduciary Duty Reform Proposal May Backtrack on Previous Rhetoric
March 2nd, 2010 Before You Invest There is speculation this week that Senator Christopher Dodd (D-CT), will introduce new financial reform legislation that fails to make single fiduciary duty for Registered Independent Advisors (RIAs) and Broker-Dealers. This represents an expected 180?on the subject of fiduciary duty reform in light of intense lobbying efforts by the financial industry.
Posted in Finance Fraud Tags: Backtrack, Banking Committee, Broker Dealer, Broker Dealers, Christopher Dodd, Committee Member, Fiduciary Duty, Fiduciary Issues, Independent Advisors, Investor Protections, Reform Legislation, Reform Proposal, Regulatory Standards, Rias, Securities And Exchange Commission, Senator Christopher Dodd, Senator Tim Johnson, Straw Man, Subprime Mortgage Meltdown, Tim Johnson Comments OffMadoff Executive is Charged in Ponzi Scheme
February 25th, 2010 Before You Invest The long-time director of operations for convicted Ponzi schemer Bernard Madoff’s defunct firm was arrested and charged criminally Thursday with allegedly directing that fake accounting entries be made in the firm’s books to hide Mr. Madoff’s fraud. Prosecutors from the U.S. Attorney’s Office in Manhattan charged Daniel Bonventre, former operations director at Bernard L.
Posted in Finance Fraud Tags: Accounting Fraud, Bernard Madoff, Broker Dealer, Conspiracy, Director Of Operations, False Appearance, Federal Tax, Financial Losses, Fraud Charges, Investment Securities, Investor Money, Magistrate Judge, Operations Director, Prosecutors, S Books, Securities And Exchange, Securities And Exchange Commission, Securities Fraud, Sixth Person, Time Director Comments OffKnight Boosts Options Staff With Six Traders From Newedge
February 23rd, 2010 Before You Invest (Bloomberg) — Knight Capital Group Inc., which executes the most U.S. equity orders by volume, hired six options traders from Newedge Group and Pali Capital to expand its equity derivatives business.The team will be led by Adam Templeton and Ryan Sylvester from Newedge, where they were co-heads of the strategic options group, according to Reginald Browne, Knightâs co-head of listed derivatives.
Posted in Finance Fraud Tags: Bloomberg, Broker Dealer, Calyon, Capital Group Inc, Changing Hands, Credit Agricole, Equity Orders, Exchange Traded Funds, Fittipaldi, Lichtenstein, Merger Talks, Options Clearing Corp, Options Exchange, Options Exchanges, Options Group, Options Traders, Regulatory Approval, S Trading, Societe Generale, Stock Trading Comments Off
