Fraud

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  1. Articles

    Madoff scam recovery hits $10 billion, almost 60% of lost money, at a cost of $1 billion

    Victims of the most infamous Ponzi scheme lost $17.5 billion but this week, recoveries reached $10 billion. The cost of liquidating the con man's defunct investment advisory firm has topped $1 billion but his former clients aren't footing the bill.

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    Commodity Futures Trading Commission teams up with SEC and Finra to combat investor fraud

    Federal financial regulators collaborate on consumer website linking resources on advisers and investment products.

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    Despite Steven A. Cohen's investment, RCAP shares face short-term hurdles

    Hedge fund giant Steven A. Cohen boosting his ownership of shares in RCS Capital Corp. is a positive sign for the company, known by its ticker RCAP, but the stock still faces hurdles in the near term, one investor said.“I think there is a ton of potential” for RCS Capital, said David Millican,

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    RCAP confirms regulatory inquiries

    SEC, Finra and state securities agencies have been in contact with the Schorsch firm after a $23M accounting error was revealed at a sister company. RCAP also confirms Massachusetts investigation.

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    Financial scams hit a new low via adviser's Ponzi scheme on his mom

    Start the week off with Breakfast with Benjamin, featuring an adviser pulling a Ponzi scheme on his own mother. Plus: JPMorgan settles with mineral-rights owners, becoming a 'financial catch,' and using dividend stocks to be like Warren Buffett.

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    State regulators name top offerings likely to hurt investors in 2015

    NASAA calls binary options, stream-of-income and marijuana schemes emerging investor threats.

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    Unraveling Minds

    Game Changers: Dealing with Dementia Cognitive decline doesn't just rob the elderly of their mental capacity. Advisers and their firms often are left adrift, forced to make crucial decisions affecting the financial affairs of elderly clients.

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    Protecting vulnerable aging clients

    Securities industry faces incalculable risks that require rigorous internal controls to manage relationships with aging investors

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    Wunderlich and fired LPL broker part ways

    Former star LPL broker and Houston branch manager James "Jeb" Bashaw is no longer joining Wunderlich Securities, and is also fighting back against LPL's allegations.

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    Former Stratton Oakmont broker charged with fraud

    SEC says Anthony Coronati used phony tech investments to fund a Caribbean vacation and plastic surgery.

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    SEC hits record enforcement actions in fiscal 2014

    Mary Jo White credits aggressive enforcement and technology, but some question her regulatory zeal.

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    Ex-Ameriprise adviser pleads guilty to stealing nearly $1 million

    Susan Walker admitted to accusations she used $980,000 of client assets to pay for personal expenses, including vacations and private school tuition.

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    Altered docs land former Wells compliance officer in hot water

    Judy Wolf, formerly with Wells Fargo, allegedly attempted to make it appear she adequately reviewed a broker later charged with insider trading. Plus, see 5 compliance lessons from recent SEC cases

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    Ex-Ameriprise adviser gets jail time for using client money to pay gambling debts

    Oscar Donald Overbey, Jr., was sentenced to 3-1/2 years in federal prison and must repay more than $3 million in restitution from Ponzi.

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    Wall Street moles go to New York's top cop, spurning SEC cash

    Whistle-blowers might rake in more by dealing with the feds, but they're frustrated by slow process.