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Regulators zero in on protecting elderly investors
Finra files cease-and-desist order against brokerage firm for sales to older customers.
Widow of Home Shopping founder sues Morgan Stanley for $400M
Lynnda Speer, widow of a Home Shopping Network co-founder, alleges excessive trading and negligent supervision by Morgan Stanley in an arbitration claim.
SEC says phony adviser is ripping off members of the military
The latest pretend adviser to emerge, Leroy Brown Jr., may win a grand prize for lying.
ARCP insiders generated $900M in fees during buying binge: lawsuit
In an updated lawsuit, plaintiffs allege American Realty Capital Properties insiders artificially inflated a key metric to help it grow into a powerhouse with 4,400 properties and $21 billion in assets.
Identity theft hits home
I was going through my mail the other day after weeks of neglect. (I'm also a CPA and have been completely focused on April 15!) I was surprised to see account opening documents for my 27-year-old son at Merrill Lynch and TIAA-CREF. (He allowed me to open the envelopes — I'm not a snoop!) As my kid
Ex-JPMorgan Chase broker charged with stealing $20M from clients
Allegedly was investing in municipal securities, but pocketed money instead
Ex-NFL cornerback Will Allen accused of running Ponzi scheme
SEC alleges the NFL vet and his partner used cash from clients to fill a $7M shortfall in investor payments
New Hampshire wants LPL to pay $3.6M over nontraded REIT sales
Case, involving 48 sales, stems from an 81-year-old investor who lost a substantial amount on the product.
NFL star Dwight Freeney sues BofA, adviser for $20 million
Dwight Freeney accuses the firm and adviser Michael Bock of leading him into a massive scam. (Plus: 7 athletes who say they were duped by advisers)
SEC charges private-equity queen Lynn Tilton with fraud
Regulator says self-proclaimed billionaire misled investors about the value of risky pools of corporate loans.
SEC shuts down ex-broker's attempt to start RIA from jail
David Cacchione almost got a second chance at a career in the securities industry through a registered investment adviser.
Client losses total $44 million in 'Madoff of Main Street' case
Jacob Cooper, founder of San Diego-based RIA Total Wealth Management, built his business to over $100 million in assets and more than 600 clients. Last week, a court-appointed receiver in a case brought by the SEC determined that more than $44 million of those assets are likely lost.
Bigger & Better
Advisers with assets over $1 billion are outperforming their peers. Does your firm have what it takes to be a billion dollar baby?
Fraud does serious damage to investors – beyond monetary losses
A Finra survey points to health, marital and trust problems resulting from financial scams.
Cash-heavy mutual funds take downside protection to the extreme
Breakfast with Benjamin: Some funds using cash for protection. Lots of it. Plus: Adviser charged with stealing $1.3M from widows and church friends, up from the ashes arises a new subprime giant, and Wall Street courts millennials.