LPL Financial has announced in a memo that it is instituting a new policy which will affect advisers who want to use outside RIAs instead of LPL’s corporate RIA.
The SEC has filed a lawsuit against adviser Scott Newsholme of Farmingdale, New Jersey for allegedly defrauding elderly clients in a $1 million Ponzi-like scheme.
The United States District Court for the District of Colorado has issued an emergency court order to freeze all assets of former LPL adviser, Sonya Camarco along with her investment companies, Camarco Investments Inc. and Camarco Living Trust.
In June, a federal judge in the Texas Western District Court in San Antonio, Texas sentenced Charles Augustus Banks IV to 4 years in prison and ordered him to pay $7.5 million in restitution to his former client, former NBA player Tim Duncan.
New York Attorney General Eric Schneiderman has filed a complaint against adviser Dean Mustaphalli, accusing him of defrauding his clients out of millions.
Recently, Stephany McLaughlin shared her thoughts on former Southwest Securities adviser Kimberly Rose and her journey through arbitration.
FINRA has charged a former Wells Fargo adviser named Jack Donnarumma from White Plains, New York, with allegedly misrepresenting himself as a Wells Fargo personal banker and bank officer when in fact he was only an adviser.
The CFP Board found that adviser Charles Zsarnay of Toledo, Ohio,allegedly copied certain individual drivers’ licenses in violation of Ohio law and failed to promptly disclose to his firm that he had been charged with a felony.
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The Financial Industry Regulatory Authority has censured and issued a $250,000 fine to a Los Angeles-based advisory firm, WestPark Capital Inc., for making material misrepresentations pertaining to promissory notes offered by its parent company.
The Financial Industry Regulatory Authority (FINRA) has issued a one-year suspension and $12,500 fine to an Ohio-based advisor, William LeBoeuf, who worked at Merrill Lynch and Cetera Advisor Networks when the violations occurred.
The Securities and Exchange Commission (SEC) has charged a former Illinois-based investment advisor, Ronald Molo, with defrauding three clients out of at least $800,000.
