Regulatory & Compliance

Regulatory & Compliance (307)

Fugitive FA Ordered to Pay $12M

The FBI still has not found fugitive financial advisor and radio host Chris Burns, who has been missing for two years, but a federal court has ordered him and his companies to pay more than $12 million. So reports the Atlanta Journal-Constitution.

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SEC: TradeZero Deceived Customers about Meme Stock Trading Halts

The Securities and Exchange Commission charged broker-dealer TradeZero America Inc., and its co-founder, Daniel Pipitone, with falsely stating to the firm’s customers that they didn’t restrict the customers’ purchases of meme stocks when in fact they did.

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SEC: TradeZero Deceived Customers about Meme Stock Trading Halts

The Securities and Exchange Commission charged broker-dealer TradeZero America Inc., and its co-founder, Daniel Pipitone, with falsely stating to the firm’s customers that they didn’t restrict the customers’ purchases of meme stocks when in fact they did.

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FA Steals 330k from Client to Pay Rent, Payroll and More: FBI

FA Adam Belardino of the Maddox Group is accused of embezzling more than $313,000 from Damian Williams, a 64-year old client. So reports Patch.

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Illinois Advisor Gets 4+ Years in Jail for Fraud

Illinois Advisor Naseem Salamah has been sentenced to four years and four months in federal prison for financial fraud.

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Ex-Wells Fargo FA Suspended for Executing Trades for Dead Client Without Permission

A financial advisor that has already been booted by Wells Fargo has been suspended by FINRA for trading in a dead client’s account without permission. So reports Financial Advisor.

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Advisor Says SEC 'Bullying' Her, Vows to Fight Lawsuit  

The SEC has filed a civil suit against financial advisor Cassandra Toroian and her firm, Bell Rock Capital, claiming she defrauded clients. So reports Delaware’s Cape Gazette.

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Banned FA Headed to Jail Over Disability Benefits Scam

Charles E. Severt Jr., 52, of Ohio, was sentenced to two years in jail for crimes related to stealing more than $370,000 and lying to investigators. So reports Dayton Daily News.

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Wells Advisor Stole $2.7M+ from Elderly Eye Doc, Lawsuit Alleges

Dr. Kenette Sohmer, a 77-year-old eye doctor in New Jersey, says Kenneth Welsh, her Wells Fargo financial advisor, ripped her off to the tune of more than $2.7 million. So reports The New York Post.

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FA Gets 16+ Years in Jail for Defrauding Dad, Other Clients

North Carolina FA Russell Joseph Mutter has been sentenced to at least 16 years and three months in jail for defrauding clients, including his dad, out of more than $3 million. So reports the Associated Press.

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