Author Archives: FLSecurities
Wellington Man Convicted of Defrauding Elderly Tampa Couple
Jeff Atwater, Florida’s Chief Financial Officer (“CFO”), announced that Wellington resident, Richard Incandela, was convicted of defrauding two Tampa senior citizens out of nearly $490,000. Incandela was sentenced to 34 months in prison to be followed by 25 years’ probation. In addition, he was ordered to pay full restitution to the victims. According to… Read More »
FINRA Investigates Firms That Sold Sun Life Annuities Containing Hedge Funds
According to InvestmentNews, the Financial Industry Regulatory Authority (“FINRA”) is investigating sales of certain variable annuities issued by Sun Life Financial, Inc. that contained subaccounts invested in hedge funds: the Foresee Strategies Insurance Fund and the Foresee Strategies 3(c)(1) Insurance Fund LP (collectively “Foresee Funds”). The Foresee Funds were part of the SALI Multi-Series… Read More »
New Jersey Resident Sentenced for His Role in Half-Billion Dollar Fraud Scheme
Fifty-seven year old Jorge Luis Castillo of New Jersey, was sentenced to more than four years in prison for his role in a scheme that allegedly defrauded thousands of U.S. and foreign investors out of nearly half-billion dollars. Castillo, a certified public accountant and outside auditor for Provident Capital Indemnity Ltd. (“PCI”), pleaded guilty… Read More »
Former South Florida Broker Suspended for 2 Years
Pompano Beach resident and former Merrill Lynch broker, Charles E. Bishop, Jr., has been suspended by the Financial Industry Regulatory Authority (“FINRA”) for two years for allegedly attempting to misappropriate $3 million from one of his clients. According to Bishop’s Central Registration Depository BrokerCheck Report, he is suspended from association with any FINRA member… Read More »
ThinkEquity Partners Hit With $1.4 Million Award
A three-member panel of Financial Industry Regulatory Authority (“FINRA”) arbitrators has rendered a $1,475,000 arbitration Award against ThinkEquity Partners, LLC. The Award was related to investments in auction rate securities. According to the Award, the claimant, Brigette Roberts, M.D. alleged that ThinkEquity and broker Pascal Besman made fraudulent and/or or negligent misrepresentations concerning auction… Read More »
Boca Raton Man Accused of Running Ponzi Scheme
Donald R. French, Jr., a 25-year-old former Florida Atlantic University student, is accused of running a $10 million Ponzi scheme. According to federal law enforcement, in March 2008, French began a company called D3 Capital Management, LLC to solicit funds from investors. The FBI claims that French, an aspiring actor, used his charm and… Read More »
David Lerner Associates, Inc. Restitution Information
The Financial Industry Regulatory Authority (“FINRA”) has released the restitution information for certain David Lerner Associates, Inc. (“DLA”) customers who purchased municipal bonds or Apple REIT 10. Municipal Bond Customers In October, FINRA fined DLA $2.3 million for charging excessive markups on certain municipal bond and collateralized mortgage obligations during the period January 2005… Read More »
J.P. Morgan and Credit Suisse Agree to Settle Charges That the Firms Misled Investors
The Securities and Exchange Commission (“SEC”) announced that J.P. Morgan Securities LLC (“J.P. Morgan”) and Credit Suisse Securities (USA) (“Credit Suisse”) have agreed to settle charges that the firms made misrepresentations to investors relating to offerings of residential mortgage-backed securities (“RMBS”). In its Complaint filed in Washington D.C., the SEC alleged that J.P. Morgan… Read More »
SEC Settles With Insurer Over Inadequate Variable Annuity Disclosures
The Securities and Exchange Commission (“SEC”) announced a settlement with Massachusetts Mutual Life Insurance Company (“Mass Mutual”) for $1.65 million concerning allegedly inadequate disclosures on two of its variable annuity riders. The settlement concerns Mass Mutual’s two guaranteed minimum income benefit riders offered between 2007 and 2009: GMIB 5 and GMIB 6. According to… Read More »
Florida Resident Accused of Recruiting Ponzi Scheme Victims
A 69 year old Florida man, James F. Ellis of Wilton Manors, has been charged by the Securities and Exchange Commission (“SEC”) with securities fraud for making fraudulent statements to investors to induce them to invest with alleged Ponzi schemer George Elia. According to the SEC’s Complaint, Ellis made knowingly false statements to at… Read More »