by Ashley Spencer | Nov 26, 2019 | Uncategorized
A New York investment adviser is facing fraud charges after the U.S. Securities and Exchange Commission says the man operated a Ponzi scheme fronted as a multi-million-dollar investment club targeting members of the Haitian community, his family and his friends....
by Ashley Spencer | Nov 20, 2019 | FINRA, Ponzi
A former broker accused of running a Ponzi scheme targeting elderly investors is banned from the securities industry by the U.S. Securities and Exchange Commission. James Booth of Norwalk, Connecticut was arrested on September 30, 2019 after the U.S. Department of...
by Ashley Spencer | Nov 19, 2019 | Uncategorized
Reddit users found what they call a “cheat code” to the trading app Robinhood. According to a thread on r/wallstreetbets, users figured out how to trade stocks with money they didn’t have but the app thought they did. Bloomberg describes the cheat code as “allowing...
by Ashley Spencer | Nov 18, 2019 | FINRA
Professionals in the securities industry may get more freedom when it comes to advertising. In early November 2019, the U.S. Securities and Exchange Commission proposed updating the Investment Advisers Act of 1940 to allow investment advisers using endorsements and...
by Ashley Spencer | Nov 13, 2019 | Uncategorized
Under Armor is under investigation by federal authorities over the sportswear company’s accounting practices, reports the Wall Street Journal. The newspaper says source familiar with the investigation claims the U.S. Department of Justice and the Securities and...
by Ashley Spencer | Nov 13, 2019 | FINRA
The U.S. Securities and Exchange Commission’s Division of Enforcement announced on November 6, 2019 that it ordered more than $4.3 billion in disgorgement and penalties for the 2019 fiscal year. The SEC also reports returning approximately $1.2 billion to harmed...
by Ashley Spencer | Nov 1, 2019 | Investors
Click here to read our post about the history and mission of the SEC. The SEC breaks down its responsibilities into five major categories on its website: “Interpret and enforce federal securities laws;” “Issue new rules and amend existing rules;” “Oversee the...
by Ashley Spencer | Nov 1, 2019 | General Legal Information
Say “Wall Street” to anyone and you’ll probably hear the words “money,” “stocks,” “brokers,” and even “greed” as a response. To those who don’t interact with the stock market, investing and purchasing stock can seem like a lawless wild west. Thankfully, the U.S....
by Ashley Spencer | Oct 31, 2019 | FINRA, Ponzi
Greenberg Traurig LLP has agreed to pay $65 million to settle accusations of its involvement in a $7 billion Ponzi scheme, according to a report. Law360.com reports Greenberg Traurig is linked to a Ponzi scheme ran by R. Allen Stanford, who was sentenced in June 2012...
by Ashley Spencer | Oct 31, 2019 | Uncategorized
If you’re not skeptical of Facebook and what they do with your data, you should be. On July 24, 2019 Facebook agreed to pay $100 million to the U.S. Securities and Exchange Commission for misleading users on the risk of misuse of Facebook user data. The charges stem...
