Derek Weaver was recently barred by the Financial Industry Regulatory Authority (FINRA) after he failed to provide documents and information requested by FINRA to investigate his dealings. FINRA first requested documents from Weaver in December 2014. FINRA authority was looking into allegations that Weaver may have participated in a Ponzi scheme, the nature of which…
Continue reading ›The Financial Industry Regulatory Authority (FINRA) recently sanctioned brokerage firm Sigma Financial, for alleged supervisory failures. FINRA alleges that from April 2011 through June 2012, there existed supervisory deficiencies at Sigma, namely: the supervision of registered representatives, suitability processes and procedures, customer information procedures and branch office registration for trade execution. Sigma’s supervisory and compliance…
Continue reading ›Securities lawyers are investigating brokerage firms who made inappropriate recommendations and sold investments in Icon Leasing Fund 11 and Icon Leasing Fund 12, as well as LEAF Equipment Leasing Income Funds I-IV, to investors who would not be able to withstand the high risks associated with the funds. Equipment-leasing funds of this type are both…
Continue reading ›State securities regulators around the country warn that high oil prices that prevailed until recently created a heightened interest in investments in energy-related business ventures- ventures that may lead to losses now that oil prices have plummeted to the $45 a barrel range (from around $100 a barrel in recent months) Oil and gas investments…
Continue reading ›A recent Reuters article analyzed the success of funds structured and offered by Reef Oil & Gas Partners, Black Diamond, and Discovery Resources & Development LLC . These firms have marketed their funds to investors as a way to profit from the U.S. shale oil and fracking boom. These companies issue limited partnerships and other…
Continue reading ›With crude oil trading in the range of $45 a barrel, down from over $100 a barrel in the past year, investments linked to the value of crude oil extraction such as royalty trusts have also seen their share prices plummet. The ten largest royalty trusts traded on the U.S. exchanges are: BP Prudhoe Bay…
Continue reading ›The Financial Industry Regulatory Authority has charged broker Thomas Sharp with making misleading communications to customers concerning non-traded REITs. FINRA alleges that Sharp violated NASD Rule 2210(d) by sending customers e-mails recommending the REITs that were not fair and balanced and failed to provide a sound basis for evaluating the facts. Sharp was associated with…
Continue reading ›During October 2014, LPL Financial agreed to reimburse nearly $550,000 to investors to resolve a Massachusetts claim that LPL had allowed its brokers to engage in “annuity switching” in the accounts of senior investors. “Annuity switching” means that a broker advises an investor to sell one annuity in order to purchase another for no legitimate…
Continue reading ›FINRA suspended Herbert Leonard Kaye, formerly a First Allied Broker, for four months beginning September 2015 and fined him $25,000, including a $11,000 in disgorgement of commissions charged to a customer. According to FINRA, Kaye carried out 2,000 discretionary trades in the account of a sole customer between June 2010 and April 2013. Kaye’s customer…
Continue reading ›FINRA has filed a complaint against registered reprensentative Darrell W. Mikulencak alleging forgery and failing to appear to testify in Kansas City. FINRA alleges that Mikulencak forged a bank employee’s signature as well as that of a notary public in order to transfer the registration of stock certificates. Mikulencak allegedly did not have authority or…
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