Theft

South Florida Money Manager Fraud, Mismanagement and Breach of Fiduciary Duty FINRA Arbitration and Litigation Attorney

Published on: September 17, 2013 | By Russell L. Forkey, P.A.

Securities and Exchange Commission Charges Purported Money Manager in New York Who Schemed Investors and Lied to Commission Examiners

The Securities and Exchange Commission (Commission) recently charged the owner of a New York-based investment advisory firm with defrauding investors while grossly exaggerating the amount of assets under his management.

The SEC alleges that Fredrick D. Scott of Brooklyn, N.Y., registered his firm ACI Capital Group as an investment adviser and then embarked on a series of fraudulent schemes targeting individual investors and small businesses. Scott repeatedly touted ACI’s registration under the securities laws and falsely claimed the firm’s assets under management to be as high as $3.7 billion to bolster his credibility when offering too-good-to-be-true investment opportunities. As Scott solicited funds from investors after promising them very high rates of return, he simply stole their money almost as soon as they deposited it with ACI. Scott paid no returns to investors and illegally used their money to fund such personal expenses as his children’s private school tuition, air travel and hotels, department store purchases, and several thousand dollars in dental bills.

Paul Marshall, Bridge Securities, LLC., Bridge Equity, Inc. and FOGFuels, Inc. – South Florida Investment Advisor and Broker/Dealer Theft, Breach of Fiduciary Duty and Negligence FINRA Arbitration and Litigation Attorney

Published on: September 12, 2013 | By Russell L. Forkey, P.A.

Securities and Exchange Commission v. Paul Marshall, Bridge Securities, LLC a/k/a Bridge Financial, Bridge Equity, Inc. and FOGFuels, Inc., Civil Action No. 1:13-CV-3032 (N.D. Ga.)

SEC Charges Atlanta-Based Investment Adviser Representative and Related Companies with Securities Fraud

Recently, the Securities and Exchange Commission filed an emergency action seeking a temporary restraining order and other emergency relief in federal court in the Northern District of Georgia, charging Paul Marshall (Marshall), a state-registered investment adviser representative, and three Atlanta-based companies that he owned and controlled – Bridge Securities, LLC, Bridge Equity, Inc. (collectively, the Bridge Entities) and FOGFuels, Inc. (FOGFuels) – with violations of the federal securities laws for misappropriating client funds.

Retirement Fraud, Mismanagement and Breach of Fiduciary Duty Litigation and FINRA Arbitration Attorney

Published on: August 28, 2013 | By Russell L. Forkey, P.A.

Senior and Retirement Fraud, Misrepresentation and Breach of Fiduciary Duty Litigation and FINRA Arbitration Attorney:

Commission Charges Indiana Resident with Conducting Ponzi Scheme Targeting Retirement Savings of Investors

The Securities and Exchange Commission (“Commission”) recently charged a Noblesville, Ind., resident and his company with defrauding investors in a Ponzi scheme that targeted retirement savings.

Blake Richards – South Florida Retirement Funds Misappropriation and Theft FINRA Arbitration and Litigation Attorney

Published on: August 21, 2013 | By Russell L. Forkey, P.A.

South Florida Retirement and Elder Care Misappropriation and Theft FINRA Arbitration and Litigation Attorney:

Securities and Exchange Commission v. Blake Richards, Civil Action No. 1:13-CV-1729 (N.D. Ga.)

Federal Court Permanently Enjoins Atlanta-Area Registered Representative Blake Richards from Securities Fraud Violations

MayfieldGentry Realty Advisors, LLC. and Chauncey C. Mayfield – Florida Securities and Business Theft Litigation and Arbitration Lawyer

Published on: June 11, 2013 | By Russell L. Forkey, P.A.

Securities and Exchange Commission v. MayfieldGentry Realty Advisors, LLC, et al., Civil Action No. 13-cv-12520 (E.D. Mich.)

SEC Charges Top Officials At Investment Adviser in Scheme to Hide Theft from Pension Fund of Detroit Police and Firefighters

The Securities and Exchange Commission (“SEC”) recently charged the leader of a Detroit-based investment adviser for stealing nearly $3.1 million from the pension fund that the firm manages for the city’s police officers and firefighters so he could buy two strip malls in California. The SEC charged four other top officials at the firm for helping him try to cover up the theft.

South Florida Investment Advisor Misappropriation State and Federal Litigation Attorney

Published on: March 24, 2013 | By Russell L. Forkey, P.A.

Securities and Exchange Commission v. Timothy J. Roth, et al., Civil Action No. 11-cv-02079 (C.D. Ill.)

The Securities and Exchange Commission recently announced that on March 21, 2013, the Honorable Michael M. Mihm of the United States District Court for the Central District of Illinois entered a judgment against Timothy J. Roth (“Roth”), a former investment adviser who misappropriated millions of dollars from the accounts of his advisory clients. The judgment permanently enjoins Roth from violating the antifraud provisions of the federal securities laws. Roth consented to the judgment. In addition, the Court entered an order granting the Commission’s motion to dismiss its monetary claims against Roth based on Roth’s conviction in a parallel criminal proceeding that included an order requiring him to pay restitution of over $16 million to his victims.

The SEC filed an emergency against Roth on March 21, 2011. On that same day, the Court issued an order freezing Roth’s assets and those of several companies he controlled. On March 31, 2013, the Court appointed a Receiver over Roth’s assets and those of the companies he controlled. The SEC’s complaint alleged that Roth worked for Comprehensive Capital Management, Inc. (“Comprehensive”), a New Jersey-based registered investment adviser. The SEC’s complaint alleged that from October 2010 through February 2011, Roth stole more than $6 million worth of mutual fund shares from several deferred compensation plans (“Plans”) for whom he provided investment advice. Roth’s theft of client assets was later determined to have been over $16 million. The SEC alleged that Roth, who worked out of Comprehensive’s office near Urbana, Illinois, secretly caused his victims’ mutual fund shares to be transferred to an account under his control, even though no such transfer had been requested or authorized by the clients. The SEC alleges that after selling the clients’ shares, Roth funneled the cash proceeds to various accounts and companies under his control or for his benefit. According to the SEC’s complaint, at the time he was engaging in his scheme, Roth did not tell the clients about the transfers. As a result of his conduct, the SEC’s complaint charged Roth with violations of Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder, and with aiding and abetting violations of Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940, and Rule 206(4)-2 thereunder.

Gregg D. Caplitz and Onsite Strategic Management – Boca Raton, Florida Investment Advisor Fraud and Mismanagement Litigation and FINRA Arbitration Attorney

Published on: March 19, 2013 | By Russell L. Forkey, P.A.

Securities and Exchange Commission v. Gregg D. Caplitz, et al., Civil Action No. 1:13-cv-10612-MLW (D.Mass.)

SEC OBTAINS ASSET FREEZE AGAINST MASSACHUSETTS-BASED INVESTMENT ADVISER STEALING MONEY FROM CLIENTS

The Securities and Exchange Commission recently announced an asset freeze against a Massachusetts-based investment adviser charged with stealing money from clients who were given the false impression they were investing in a hedge fund.

Scott Douglas Stephenson – Florida Misappropriation of Funds FINRA Arbitration and Litigation Attorney

Published on: February 27, 2013 | By Russell L. Forkey, P.A.

Scott Douglas Stephenson – Registered Representative, Grants Pass, Oregon:

The Financial Industry Regulatory Authority, Inc. (FINRA) is a self-regulatory authority assigned the responsibility, by the Securities and Exchange Commission, to license, regulate and discipline securities broker/dealers and their employees, including account executives. In the event that FINRA elects to institute and enforcement action, firms and licensed individuals have the responsibility to reflect such action of their U-4 and/or U-5 filings, which can be viewed on the FINRA website under the broker-check section of the site or by viewing the monthly disciplinary information also provided on the FINRA site.

The monthly disciplinary information is referenced on the site generally in alphabetical order. This post relates to the following company or individuals. If the reader would like to review the entire FINRA release or the broker-check information concerning this matter, you can follow these highlighted links:

Thomas Brown Hammond – Florida Theft and Securities Fraud and Misrepresentation FINRA Arbitration and State and Federal Litigation Attorney

Published on: January 27, 2013 | By Russell L. Forkey, P.A.

Thomas Brown Hammond – Registered Representative, Fair Oaks, California:

The Financial Industry Regulatory Authority, Inc. (FINRA) is a self-regulatory authority assigned the responsibility, by the Securities and Exchange Commission, to license, regulate and discipline securities broker/dealers and their employees, including account executives. In the event that FINRA elects to institute and enforcement action, firms and licensed individuals have the responsibility to reflect such action of their U-4 and/or U-5 filings, which can be viewed on the FINRA website under the broker-check section of the site or by viewing the monthly disciplinary information also provided on the FINRA site.

The monthly disciplinary information is referenced on the site generally in alphabetical order. This post relates to the following company or individuals. If the reader would like to review the entire FINRA release or the broker-check information concerning this matter, you can follow these highlighted links:

Joel William Carlson – South Florida Securities Theft and Conversion FINRA Arbitration and State and Federal Litigation Attorney

Published on: January 21, 2013 | By Russell L. Forkey, P.A.

Joel William Carlson – Registered Representative, Vadnais Heights, Minnesota:

The Financial Industry Regulatory Authority, Inc. (FINRA) is a self-regulatory authority assigned the responsibility, by the Securities and Exchange Commission, to license, regulate and discipline securities broker/dealers and their employees, including account executives. In the event that FINRA elects to institute and enforcement action, firms and licensed individuals have the responsibility to reflect such action of their U-4 and/or U-5 filings, which can be viewed on the FINRA website under the broker-check section of the site or by viewing the monthly disciplinary information also provided on the FINRA site.

The monthly disciplinary information is referenced on the site generally in alphabetical order. This post relates to the following company or individuals. If the reader would like to review the entire FINRA release or the broker-check information concerning this matter, you can follow these highlighted links: