Securities and Exchange Commission v. Robert Glenn Bard, et al., Civil Action No. 1:09-cv-1473 (M.D. Pa.)
Pennsylvania-Based Investment Adviser Charged in SEC and Criminal Actions Receives Prison Sentence
Chaper 517.12 Fla.Stat. labeled Registration of dealers, associated persons, and investment advisers provides in relevant part that:
(1) No dealer, associated person, or issuer of securities shall sell or offer for sale any securities in or from offices in this state, or sell securities to persons in this state from offices outside this state, by mail or otherwise, unless the person has been registered with the Department of Financial Regulation (“office”) pursuant to the provisions of this section. The office shall not register any person as an associated person of a dealer unless the dealer with which the applicant seeks registration is lawfully registered with the office pursuant to this chapter.
Any person who for compensation refers, solicits, offers, or negotiates for the purchase or sale of investment advisory services is required to be registered in Florida, regardless of their professional designation as a Investment Adviser and/or Associated Person of a broker/dealer.
Please keep in mind that this information is being provided for informational purposes only. It is not designed to be complete in all material respects. Thus, it should not be relied upon as legal or investment advise. If the reader has any questions relating to this post, you should contact a qualified professional.
Fort Lauderdale, Boca Raton and West Palm Beach, Florida Investment Advisor Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney:
Securities and Exchange Commission v. Barry R. Bekkedam, Civil Action No. 14-cv-2488 (E.D. Pa.)
SEC Charges Barry R. Bekkedam with Defrauding Investment Advisory Clients in Connection with Multimillion Dollar Rothstein Ponzi Scheme
Special Orders and Trading Instructions – South Florida Broker/Dealer, Investment Advisor and Account Executive Breach of Fiduciary Duty, Breach of Contract, Mismanagement, Negligence and Negligent Supervision FINRA Arbitration and Litigation Attorney:
Special Orders and Trading Instructions:
In addition to market and limit orders, brokerage firms may allow investors to use special orders and trading instructions to buy and sell stocks. One of the most common special orders and trading instructions is the “stop order.”
South Florida, including Hollywood, Fort Lauderdale, Pompano Beach, Deerfield Beach, Boca Raton and Delray Beach, Florida Investment Advisor Fraud and Breach of Fiduciary Duty FINRA Arbitration and Litigation Attorney:
The Securities and Exchange Commission recently announced charges against a San Diego-based investment advisory firm, its chief executive officer, chief compliance officer, and another employee for misleading investors and breaching their fiduciary duties to clients.
The SEC’s Enforcement Division alleges that Total Wealth Management and its owner and CEO Jacob Cooper entered into undisclosed revenue sharing agreements through which they paid themselves kickbacks or so-called “revenue sharing fees.” They failed to disclose to clients the conflicts of interest created by these agreements as they recommended the underlying investments to clients and investors in the Altus family of funds. Total Wealth and Cooper also materially misrepresented the extent of the due diligence conducted on the investments they recommended. Total Wealth’s CCO Nathan McNamee and investment adviser representative Douglas Shoemaker also breached their fiduciary duties and defrauded clients by failing to disclose conflicts of interest and concealing the kickbacks they received from the investments they recommended.
Corporate and Corporate High Yield Bond Breach of Fiduciary, Unsuitability, Churining and Unauthorized Purchase and Sale FINRA Arbitration, Litigation and Probate Attorney:
If you are considering or if your account executive or investment advisor is soliciting you to purchase, hold or sell a corporate bond, you may wish to read this post to refresh your understanding of corporate bonds or, if you are an unsophisticated invesotr, arm youself with questions to ask your investment professional.
What Are Corporate Bonds?
Securities and Exchange Commission v. James Y. Lee, et al., Civil Action No. 3:14-cv-00347-LAB-BGS (S.D. Cal.)
SEC Charges James Y. Lee for Defrauding His Advisory Clients
On February 13, 2014, the Securities and Exchange Commission filed charges against James Y. Lee, a resident of La Jolla, California, alleging he defrauded his advisory clients.
Western Asset Management Company – South Florida Breach of Fiduciary Duty Cross Trading FINRA Arbitration and Litigation Attorney:
The Securities and Exchange Commission recently announced sanctions against a California-based investment adviser for concealing investor losses that resulted from a coding error and engaging in cross trading that favored some clients over others.
Western Asset Management Company, which is a subsidiary of Legg Mason, agreed to pay more than $21 million to settle the SEC’s charges as well as a related matter announced by the U.S. Department of Labor.
Hybrid financial exploitation.
It has been determined that a relatively unrecognized situation, referred to as hybrid financial exploitation, arises when financial exploitation co-occurs with physical abuse and/or neglect. These cases typically involve financially dependent family members, particularly adult offspring, who have been cared for by the elderly person for years , if not decades. The abuse suffered by these elderly victims is frequently longstanding. Over time, however, as the elderly person’s health declines and the elderly person becomes more socially isolated, often as the result of the death of a spouse, the elderly person increasingly becomes more dependent on another family member for care, resulting in a mutual dependency, albeit with each member of the dyad experiencing a different type of dependency. Although sharing some features in common with physical abuse and neglect, hybrid financial exploitation cases are unique in many ways and tend to result in worse outcomes for elderly victims than result from other forms of elder maltreatment. These outcomes may be attributable to the additional stress associated with the financial loss that is experienced.
South Florida Arbitration & Litigation Lawyer Blog