One of the largest concerns of every American, at some point in their lives, is how they will be able to make ends meet when they retire. Why is it, then, that almost 30 percent of Americans aren’t contributing enough to their 401(k) to get their full employer match? FINRA’s new Investor Alert, “Why Leave…
Continue reading ›Justin Solomon of Florida has consented to the Security and Exchange Commission’s decision to fine him $275,000 for his part in a federal securities fraud lawsuit. The lawsuit involved a scheme in which overseas investors put money into Texas oil and gas projects that was then misused. Solomon did not confirm that he oversaw the…
Continue reading ›On October 18th, the Financial Industry Regulatory Authority (FINRA) announced that, together with Interactive Data Corporation, it has created market activity and pricing-related securitized product tables. These tables will provide market participants, including investors, valuable insight in investing in asset and mortgage-backed securities. The data from the table are the figures that have been reported…
Continue reading ›The biggest concern for many retired people, as well as those nearing retirement, is establishing and protecting their nest egg so that they are able to feel secure financially and enjoy their retirement. Market Watch recently featured an article that offered four tips for retirees and pre-retirees to protect their nest egg. Taking a lump…
Continue reading ›“Insider trading” is one of the most widely-recognizable terms in the complex financial industry — but it is one that is often misunderstood, as well. Though some insider trading is a form of broker misconduct, it is also frequently committed by firms’ top management. An article published on August 18, 2011, “Insider Trading: CNBC Explains,”…
Continue reading ›Galleon Group LLC ex-hedge fund trader Craig Drimal pleaded guilty to six counts of conspiracy and securities fraud in April. He has now been sentenced to five-and-a-half years in prison. Drimal admitted to insider trading based on information from lawyers at Ropes & Gray LLP, a firm based in Boston. The transactions involved Axcan Pharma…
Continue reading ›Ryan Kimura, a former Morgan Stanley Dean Witter stockbroker in Honolulu, Hawaii, was sentenced to 57 months in prison. In addition, he will pay $1.5 million to Morgan Stanley and over $500,000 plus interest to the Internal Revenue Service. Payment to the IRS will cover tax losses from 2000-2007. Kimura was charged with money laundering,…
Continue reading ›Former Nebraska City brokers Rebecca Engle and Brian Schuster were sent to prison for bilking investors out of more than $20 million — an amount which is, according to the Nebraska Department of Banking and Finance investigation supervisor Thomas Sindelar, the biggest securities fraud case in history of the state. The broker misconduct of Engle…
Continue reading ›Carlo Chiaese, an investment adviser, has been sentenced to 58 months in prison and must pay restitution totaling $2.5 million for broker misconduct including failure to invest and falsified documentation. Rather than investing his client’s money, Chiaese used the money to pay for his extravagant lifestyle. Purchases included leases on a Land Rover, an Audi…
Continue reading ›Though investors who have already been “burned” by stock broker fraud or broker misconduct may have a perfectly understandable fear of getting back into the securities game, there are ways investors can help protect themselves in the future. One of the most significant protective measures an investor can take is to look into the background…
Continue reading ›
