Author Archives: FLSecurities
Investment Fraud Prevention Seminars Being Held in Miami and other U.S. Cities
This month, numerous government agencies are teaming up to present information on how investors can protect their retirement funds and life savings. Upcoming summits being held in five cities across the country are the result of a collaborative effort by the Department of Justice, FBI, Securities and Exchange Commission (“SEC”), Federal Trade Commission, Department… Read More »
Three Former J.P. Turner & Co. Brokers Charged With Disregarding Their Customers’ Investment Objectives and Churning
The Securities and Exchange Commission has charged 3 former brokers of Atlanta-based J.P. Turner & Co. with churning and disregarding their customers’ low-risk tolerances: Ralph Calabro, formerly employed in J.P. Turner’s branch in Parlin, New Jersey; Jason Konner, formerly employed by J.P. Turner in Brooklyn, New York and Dimitrios Koutsoubos, formerly employed in J.P…. Read More »
Florida Broker Charged with Investment Fraud and Theft
According to federal court documents, William T. Johnson, owner of Professional Planning Group (“PPG”), has been charged with stealing more than $500,000 from 13 clients between 2003 and 2011. Through PPG based in Palm Beach Gardens, Johnson offered his clients insurance and investment services such as IRAs and certificates of deposit. An information filed… Read More »
Five Florida Residents Charged With Conducting $27.5 Million Investment Fraud
Florida residents, James Howard, III and Louis Gallo, III both from Parkland; Patricia Saa from Naples; Michael Casey, an attorney from Oakland Park; and Rita Balbirer from Pompano Beach (collectively “Defendants”) have been charged by federal prosecutors with a total of 22 criminal counts, including conspiracy, fraud and money laundering. Each fraud count carries… Read More »
Florida Brokers Charged In Illegal Markup Scheme
The Securities and Exchange Commission (“SEC”) charged two former Florida brokers, Fabrizio Neves and Jose Luna, who were employed by now-defunct FINRA member LatAm Investments, LLC (“LatAm”), with overcharging customers approximately $36 million. In addition, the SEC charged LatAm’s former president, Angelica Aguilera, with failing to adequately supervise the pair, allowing them to carry… Read More »
First SEC Whistleblower Receives Payout
The Securities and Exchange Commission (“SEC”) announced that it has paid out the first whistleblower award under the new whistleblower award program created in 2010. The SEC’s whistleblower program was created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act to reward individuals who come forward and report possible violations of… Read More »
FINRA Issues Investor Alert Regarding Public Non-Traded REITS
The Financial Industry Regulatory Authority (“FINRA”) has issued Investor Alert: Public Non-Traded REITs – Perform a Careful Review Before Investing. A real estate investment trust (“REIT”) pools capital from numerous investors to purchase a portfolio of real property that may include apartment buildings, office buildings, medical facilities, shopping centers or other income generating properties…. Read More »
$600 Million Ponzi Scheme Halted by SEC
The Securities and Exchange Commission (“SEC”) has charged Rex Venture Group, LLC (“Rex”) d/b/a ZeekRewards.com and its principal, Paul Burks of Lexington, North Carolina, with fraud in connection with an alleged $600 million Ponzi scheme. According to the SEC’s Complaint, since January 2011, Rex and Burks raised more than $600 million from over 1… Read More »
College Hall of Fame Coach Jim Donnan Charged With Running Ponzi Scheme
The Securities and Exchange Commission (“SEC”) has charged College Football Hall of Fame coach Jim Donnan and his business partner, Gregory Crabtree, with running an $80 million dollar Ponzi scheme. Donnan was a head football coach at Marshall University from 1990 through 1995 and at the University of Georgia from 1996 through 2000. Later,… Read More »
Mizuho Securities USA Agrees to Settle SEC Charges for $127 Million
Mizuho Securities USA, Inc. (“Mizuho”), a U.S. subsidiary of Japan-based Mizuho Financial Group and member of FINRA, has agreed to settle charges by the Securities and Exchange Commission (“SEC”) that it misled investors about a collateralized debt obligation (“CDO”) named Delphinus CDO 2007-1 (“Delphinus”). According to the SEC, Mizuho received fees of approximately $10… Read More »