The Financial Industry Regulatory Authority issued an alert to member firms regarding fraudulent transfers of customer assets. In Regulatory Notice 22-21, FINRA noted a rising trend in such fraud occurring through the Automated Customer Account Transfer Service...
Representing financial professionals, financial institutions and investors in investment loss, employment and disclosure matters, and in regulatory investigations nationwide.
Investment Loss
SEC approves FINRA proposal making it harder for brokers to expunge records
The Securities and Exchange Commission has approved a proposal that would make it more difficult for brokers to expunge customer disputes from their records, reports Investment News. The new rule proposed by the Financial Industry Regulatory Authority creates a...
SEC files charges in 3 schemes that defrauded investors out of over $8.4 million
The Securities and Exchange Commission charged a Texas resident and several other defendants in connection with fraudulent investment schemes, reports ThinkAdvisor. The SEC alleged that 48-year-old Aaron Cain McKnight of Dallas orchestrated three separate schemes to...
Bank holding company to plead guilty to $69 million securities fraud
The U.S. Justice Department announced that a Michigan-based bank holding company has agreed to plead guilty to securities fraud, according to InsuranceNewsNet. Sterling Bancorp, Inc., headquartered in Southfield, will admit to filing false securities statements...
Meal delivery company sued by investment fund over alleged fraud
An investment fund has filed a lawsuit accusing top executives in a New York-based meal delivery company of fraud, InsuranceNewsNet reports. The suit was filed by Indiana-based investment fund Real Bridge LLC against Real Eats CEO Dan Wise and his former chief...
