Recent Blog Posts
South Florida Financial Advisor Barred For Providing False Information In Connection With FINRA Investigation
Earlier this year, the Financial Industry Regulatory Authority (FINRA) barred broker Kevin Andrew Hobbs (CRD #4267482) from the industry. Mr. Hobbs was a representative of PFS Investments Inc. in Lake Worth, FL from January of 2001 to October of 2022. Mr. Hobbs faced two customer complaints for unsuitable investment recommendations over the last two… Read More »
Florida Broker Barred For Failure To Cooperate With FINRA Investigation Into Alleged Improper Loan From Clients
Eric James Stone (CRD #5227654) is a previously registered investment adviser (RIA) and previously registered securities broker. From February of 2008 through June of 2021, Mr. Stone was a representative of Fidelity Brokerage Services, LLC in Jacksonville, FL. In 2021, he was separated from his employment at the firm after allegations that he took… Read More »
SEC Charges Florida Man As Part Of $60 Million Investment Fraud Case
On May 23rd, 2023, the Securities and Exchange Commission (SEC) officially announced the shutdown of a company called “WeedGenics”—a $60 million cannabis-related securities offering. Securities fraud charges have been filed against the company—and its owners Rolf Max Hirschmann and Patrick Earl Williams—for allegations of a “Ponzi-like” investment fraud scheme. In this post, our Miami… Read More »
SEC Gets Final Judgment Against Head Trader In “Fake Trade” Scheme In Florida
On May 12th, 2023, the Securities and Exchange Commission (SEC) officially confirmed that the agency has obtained a final judgment in its case against Joshua David Nicholas, et al. Mr. Nicholas was the head at a Florida-based hedge fund called EmpiresX, which defrauded investors through “fake trades.” Here, our Miami investor losses attorney provides… Read More »
SEC Charges Florida Residents As Part Of Nearly $6 Million Ponzi Scheme
On May 4th, 2023, the Securities and Exchange Commission (SEC) announced charges in a nearly $6 million Ponzi scheme case. The federal agency alleges that Cedric Dewayne Griffin defrauded more than 100 investors out of at least $5.9 million. Notably, regulators contend that Mr. Griffin’s scheme—which used real estate as a hook—was targeted at… Read More »
FINRA Arbitration Panel In Florida Awards More Than $6 Million To Claimants
On May 4th, 2023, a Financial Industry Regulatory Authority (FINRA) arbitration panel rendered a decision awarding more than $6 million to a collection of investors (Case Number: 21-03115). The respondent in the claim—the Oppenheimer & Co., Inc.—faced allegations of breach of fiduciary duty. In this article, our Miami breach of fiduciary duty attorney discusses… Read More »
SEC Takes Enforcement Action Against $20 Million South Carolina Ponzi Scheme, Investors In Florida Affected By Fraud
In April of 2023, the Securities and Exchange Commission (SEC) publicly confirmed the filing of securities fraud charges against South Carolina’s Michael J. French and two companies that he owned and controlled: MJF Holdings, LLC and MJF Capital, LLC. Mr. French is accused of using these companies to perpetuate a $20 million Ponzi scheme…. Read More »
South Florida Broker Charged With Securities Fraud, Targeting Investors Of Religious Faith
On April 17th, 2023, the Securities and Exchange Commission (SEC) announced securities fraud charges against Marcus K. Moon. Mr. Moon is a previously registered FINRA securities broker. From 2017 to 2021, he was an associate of NYLife Securities LLC in Miramar, Florida. In March of 2021, Mr. Moon voluntarily resigned from the brokerage firm… Read More »
Merrill Lynch Pays Nearly $10 Million To Resolve Case Over Undisclosed Fees To Investors
On April 3rd, 2023, the Securities and Exchange Commission (SEC) announced enforcement action against Merrill Lynch, Pierce, Fenner & Smith Incorporated, the large New York City based brokerage firm. Merrill Lynch charged excessive undisclosed advisory fees to investors, including in Florida. Below, our Miami investor rights attorneys discuss the enforcement action. SEC Enforcement Action:… Read More »
Florida Man Sentenced To Prison For Role Ponzi Scheme Investment Fraud Scheme
According to a report from the Miami Herald, David J. Varrone, a businessman from Broward County, Florida, is headed to prison for his role in a Ponzi scheme. His wife, Sherry D. Varrone also faces sentencing for the investment fraud case later this year. Mr. Varrone stands accused of swindling more than three dozen… Read More »
