Author Archives: FLSecurities
SEC Charges California Couple with Running $150 Million Ponzi Scheme
The Securities and Exchange Commission has charged Yin Nan (Michael) Wang, Wendy Ko, and their company Velocity Investment Group (“Velocity”) of Pasadena, California with securities fraud and have obtained an emergency asset freeze. According to the SEC’s complaint, Wang and Ko have raised over $150 million from approximately 2,000 investors since 2005. The investors… Read More »
UBS Pegs its Puerto Rico Municipal Bond Losses at $41 Million
In its third-quarter earnings report, Switzerland-based UBS AG estimates that it has incurred $20 million in trading losses and $21 million in credit losses in connection with loans backed by Puerto Rico municipal bonds. A UBS presentation containing the key points of the report can be viewed here. UBS Financial Services of Puerto Rico,… Read More »
UBS in Hot Seat Over Puerto Rico Municipal Bond Funds
The recent meltdown of Puerto Rico municipal bonds has found financial services giant UBS AG in a familiar place, the hot seat. Switzerland-based UBS has been the target of the Department of Justice and the IRS for allegedly helping wealthy Americans hide assets since roughly 2008. In 2009, UBS paid a $780 million fine… Read More »
Investor Alert: Stocks
The Financial Industry Regulatory Authority (“FINRA”) recently issued an investor alert about investing in individual stocks. Over 20,000 companies trade on a U.S. stock exchange (e.g., NASDAQ, NYSE, AMEX), or over-the-counter. With so many companies and trading symbols, it is easy to understand how an investor could become confused about what they are actually… Read More »
Bond Funds Holding Puerto Rico Municipal Bonds
Rabin Kammerer Johnson is investigating the way brokerage firms, such as OppenheimerFunds, UBS, and Fidelity, marketed and sold bond funds containing a significant amount of Puerto Rico debt to potential investors. To read more, click here.
Florida Department of Financial Services Presenting Free “Be Scam Smart” Workshops
During the month of October, the Florida Department of Financial Services will be presenting free Operation S.A.F.E. workshops throughout the state to seniors, their family, and caregivers. The workshops aim to inform seniors on the many tactics scam artists use to steal their hard-earned money. Operation S.A.F.E (Stop Adult Financial Exploitation) is a multi-division… Read More »
UBS Puerto Rico Family of Funds
The Florida securities arbitration lawyers at Rabin Kammerer Johnson are investigating the marketing and sales to investors of the UBS Puerto Rico Family of Funds, proprietary closed-end bond funds sold by brokers with UBS Financial Services, Inc. of Puerto Rico. Specifically, the firm is investigating whether UBS made adequate disclosures to investors concerning the… Read More »
FINRA Considers Requiring Brokerage Firms to Carry Insurance
In a recent interview with the Wall Street Journal, Susan Axelrod, FINRA’s Executive Vice President of Regulatory Operations, said that the regulator is considering a requirement that brokerage firms maintain errors and omissions insurance to cover the payment of arbitration awards. According to FINRA, since 2011, 11% of arbitration awards with a total value… Read More »
$14 Million Payday for SEC Whistleblower
The Securities and Exchange Commission (“SEC”) announced an award of approximately $14 million to a whistleblower who provided meaningful information leading to an investigation, and subsequent recovery of substantial investor funds. The SEC’s announcement indicated that the whistleblower did not want to be identified. As such, neither the announcement, nor the order, indicates the… Read More »
Florida Pair Scammed Football Fans
The Securities and Exchange Commission (“SEC”) has charged two Florida residents, Peter Kirschner of Delray Beach and Stuart Rubens of North Miami, with securities fraud in connection with $2.4 million raised from approximately 200 investors under false pretenses. According to the SEC, Thought Development Inc. (“TDI”), based in Miami Beach, hired Kirschner, Rubens and… Read More »