Hatch, who pleaded guilty to fraud, targeted Christian investors, causing many of them to lose their life savings.
Many of his victims were family members and friends. Hatch persuaded investors to back various real estate properties by promising double digit returns on land deals. The Financial Industry Regulatory has barred Lawrence M. Thomas, an ex-Woodbury Financial Services Inc. Thomas was previously registered with Essex Securities.
FINRA had been looking into whether Thomas recommended to Woodbury clients that they purchase an unauthorized product. In an unrelated FINRA case, the SRO has filed charges against Kim Dee Isaacson, an ex- Morgan Stanley MS broker, for allegedly misleading a client about the size of his account, engaging in unauthorized trading, and attempting to resolve these issues directly with the client instead of along with the firm.
In interviews with Reuters , the Financial Industry Regulatory Authority admitted that even though investors are harmed when broker-dealers hire brokers with checkered histories , there is not much that the regulator can do to stop this practice because it is not illegal.
This is undoubtedly causing even more investors to suffer losses as some of these high-risk brokers continue to engage in more misconduct or other violations at their new places of work. McMahon is currently contending with another four broker fraud cases that were brought by other ex-clients. One of the reasons the complaints keep coming is because he has been able to move from one firm to another even with the cases that have already been brought against him.
Unfortunately, McMahon is not the only one. The securities fraud lawsuit was brought by Charles Kokesh, who was convicted for misappropriating funds from four investment companies that he controlled and using the money to support his expensive lifestyle. This is how much he was calculated to have illegally made starting from when he began engaging in his illegal conduct, from to According to Bloomberg , trading in Puerto Rico securities has gone up even after the U.
Unethical Stockbrokers - Recovering from Stockbroker Fraud
After talks with creditors went nowhere, Puerto Rico sought bankruptcy protection. Now, creditors will have to go to court to try to get back their losses. However, those legal cases are being led by institutional investors, such as hedge funds and mutual funds.
Nevertheless, retail investors and others continue to try to get back their investment losses starting from when Puerto Rico bonds and closed-end bond funds began plummeting almost four years ago.
What seemed like a good investment—tax-exempt and allegedly low-risk—ended up proving catastrophic for many who were told, falsely, that investments were safe and appropriate for their portfolios. Hundreds were encouraged by brokers to borrow so they could invest even more money in these securities.
Former Stifel, Nicolaus Broker is Accused of Variable Annuity Violations The Financial Industry Regulatory Authority has suspended an ex-Stifel, Nicolaus SF broker for four months over variable annuity transactions that he purportedly inappropriately recommended to certain investors. Stifel Financial later acquired that firm.
According to the regulator, Cox recommended a number of VA transactions even though there was no reasonable grounds for thinking they were appropriate for the investors. Jim Seol sold the EB-5 investments through his business Western Regional Center Incorporated.
According to prosecutors, the CEO of National Event Co. Although Nissen did buy tickets with some of the money, most of the funds purportedly did not go toward ticket purchases.
Penny Stock Scam - the Pump and Dump
According to court filings, what Nissen allegedly was actually doing with the funds was paying back earlier investors. This same firm owns part of National Event Co. In Manhattan federal court, U. Judge Swain said that future payments also have been suspended until a number of disagreements over who should receive the funds are settled. This marks the first time a payment on COFINA bonds will not be made. Although general obligation bondholders and COFINA holders have been in disagreement over bond payments for some time, fighting also has now erupted among senior COFINA holders and junior COFINA holders regarding how interest should be distributed, with the senior contingency claiming that they should receive full payment before the junior COFINA holders receive anything.
They also want their claim on COFINA funds preserved.
According to the SEC, Jones solicited investors in a number of US states, as well as in Washington DC. He did this by issuing promissory notes, as well as providing personal guarantees to clients that were willing to invest in The Bridge Fund, which supposedly lent money to Jamaican businesses that were waiting to get commercial bank loans.
Over the weekend, Yasuna Murakami, a Cambridge-Massachusetts based hedge fund manager, was arrested and charged with wire fraud. Prosecutors are accusing the hedge fund manager of seeking to bilk investors.
Stock Broker Fraud - What You Must Know
The MC2 Capital Canadian Opportunities Fund was supposed to grant American investors exposure to a Donville Kent Asset Management-supervised fund. Under the charging statute, If convicted, Murakami could face up to 20 years in prison, supervised release, a fine, and be ordered to pay up to two times the gross loss or gain.
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