Ex-LPL advisor gets 20 years for fraud ahead of SEC, arbitration cases LPL Financial and a former advisor who pleaded guilty to theft and securities fraud must pay at least $3.7 million in disgorgement and arbitration settlements — but the total could climb above $11 million. Terminated ex-advisor Sonya D. Camarco received a 20-year prison [...]
Former Merrill Lynch Financial Advisor Sentenced For Embezzlement TALLAHASSEE, FL B James Ryan Lanier, 33, was sentenced to 106 months in federal prison for embezzling more than $800,000 from Merrill Lynch clients. The sentence was announced by Pamela C. Marsh, United States Attorney for the Northern District of Florida. Between 2008 and 2010, Lanier used [...]
Ex-Wells Fargo FA Faces Embezzlement Charges A former Wells Fargo financial advisor in Michigan is facing a felony charge over alleged embezzlement, mlive.com writes. David Homan was arraigned in Bay County District Court on one count of embezzlement between $50,000 and $100,000, which could lead to a 15-year prison sentence, according to the news website. [...]
Barred Ameriprise advisor arrested in alleged $2M fraud scheme A former Ameriprise financial advisor was arrested by FBI agents last week for allegedly embezzling at least $2 million from her clients, according to federal prosecutors in California. Read More
SEC Charges Investment Adviser With Running $3.9 Million Fraud Washington D.C., Nov. 2, 2018 — The Securities and Exchange Commission today charged a former registered representative and investment adviser in Altoona, Pennsylvania, with operating a long-running offering fraud. The SEC’s complaint alleges that Douglas P. Simanski raised over $3.9 million from approximately 27 of his [...]
Remember Bernie Madoff? Big time financial fraud is back Ten years ago this December, Bernard Madoff, known as a "broker's broker" to many on Wall Street, told his sons that his business was one big, $65 billion lie. It turned out that Mr. Madoff wasn't the only financial adviser stealing from clients. In the following [...]
Englewood financial advisor arrested on charges of $730,000 securities fraud DENVER — Englewood resident William Gardner, 57, was taken into custody Wednesday, December 23 on charges that include four counts of securities fraud, five counts of theft of $20,000 or more, one count of theft of $5,000-$20,000, and two counts of theft of $500 or [...]
Financial advisor charged with embezzling ROCHESTER HILLS — Federal officials have charged a financial advisor with UBS Financial Services with embezzling more than $3.7 million from his clients. John MacColl, 65, from Rochester Hills, was arraigned Aug. 9 at the U.S. Attorney’s Office Eastern District of Michigan in Detroit, charged with wire fraud in connection [...]
SEC charges local investment adviser, a former math teacher, with fraud The Securities and Exchange Commission has charged the owner of an Indianapolis-area investment advisory firm with violating federal law by selling $13 million in high-risk securities to more than 120 clients without disclosing that the firm stood to receive exorbitant commissions of up to [...]
Advisor's alleged fraud costs Morgan Stanley $3.6M in SEC penalty The wirehouse is due to pay $3.6 million to SEC charges that it failed to detect or prevent fraud among its brokerage ranks. Morgan Stanley, which has roughly 15,000 brokers, was cited by the regulator for lax oversight after one of its advisors allegedly misappropriated [...]