Recent Blog Posts
OHO Decision: Broker Barred for Churning Customer Accounts (Excessive Trading)
Michael Venturino (CRD No. 5872439) is a previously registered broker. Most recently, he was associated with Spartan Capital Securities in Garden City, New York (2018 to 2023). Mr. Venturino faced a number of different customer complaints for excessive trading (churning). One of the six complaints was filed by a resident of Florida. In March… Read More »
Broker in Florida Barred for FINRA Violations
William Wade Godfrey (CRD #2447660) is a previously registered broker and previously registered investment adviser (RIA). From March of 2021 to January of 2022, Mr. Godfrey worked as a representative for Thrivent Investment Management in Clearwater, Florida. Subsequently, this broker served as a representative of OneAmerica Securities. Recently, William Wade Godfrey was barred by… Read More »
Seventeen Charged By SEC in Cryptocurrency Ponzi Scheme (Florida Investors Affected)
On March 14th, 2024, the Securities and Exchange Commission (SEC) announced securities fraud charges in a massive—$300 million—Ponzi scheme case. The primary company involved in the alleged fraud scheme—CryptoFX LLC of Houston, TX—is accused of targeting investors from the Latino community. In total, the SEC estimates that 40,000 investors have been affected, including many… Read More »
Miami Resident Sentenced to 2.5 Years in Prison in Investment Fraud Case
According to a report from Bloomberg Law News, Jack Connor Ridall, 29, has been sentenced to serve 30 months in prison in a securities fraud case. The United States Attorney’s Office for the Southern District of Florida contends that Mr. Ridall defrauded investors out of nearly $750,000. Mr. Ridall pleaded guilty to a wire… Read More »
SEC Charges CEO in Florida With Making False Statements to Inflate Company Stock Price
On February 27th, 2024, the Securities and Exchange Commission (SEC) announced securities fraud charges against Paul A. Pereira—the former Chief Executive Officer (CEO) of Alfi, Inc., Mr. Pereira allegedly knowingly made false statements on social media that were targeted at investors and designed to raise the company’s stock price. The company is no longer… Read More »
Florida-Based Broker Dealer Cited for Inadequate Supervisory System
SRT Securities LLC (CRD #33725) is a Wellington, Florida based brokerage firm that is licensed to operate in 25 states and U.S. territories. In December of 2023, the Financial Industry Regulatory Authority (FINRA) cited this broker-dealer for regulatory violations. The brokerage firm was fined $30,000 and ordered to revise its supervisory procedures to conform… Read More »
Florida Broker Fined, Suspended for Improperly Exercising Trading Discretion in Customer Account
Felipe Henao Vargas (CRD #5140431) is a previously registered broker and registered investment adviser (RIA). From January 2016 to February of 2022, Mr. Vargas was a registered representative of Insigneo Securities LLC in Miami, Florida. In December of 2023, the Financial Industry Regulatory Authority (FINRA) fined and suspended Felipe Henao Vargas for exercising trading… Read More »
Florida-Based Investment Company Settles Cryptocurrency-Related Securities Violations
On February 7th, 2024, the Securities and Exchange Commission (SEC) announced that a Florida-based investment company reached a settlement for cryptocurrency-related securities fraud violations. TradeStation—a brokerage company based in Broward County, Florida—will pay $1.5 million to resolve allegations that it improperly sold unregistered securities. Below, our Miami investment fraud lawyer discusses the allegations in… Read More »
FINRA Suspends Florida Broker for Undisclosed Outside Business Activities (OBAs)
Ian James Prukner (CRD #5288581) is a previously registered securities broker and previously registered investment adviser (RIA). From March of 2007 to August of 2022, Mr. Prukner was a registered representative of PFS Investments Inc. in Sarasota. Following an investigation, the Financial Industry Regulatory Authority (FINRA) suspended this broker for 24 months for engaging… Read More »
Convertible Note Dealer in South Florida Agrees to Settle Unregistered Securities Case
On January 23rd, 2024, the Securities and Exchange Commission (SEC) took enforcement action against Aryeh Goldstein—and two companies that he owns and controls: Adar Bays, LLC, and Adar Alef, LLC. Mr. Goldstein was accused of acting as an unregistered penny stock dealer. He will now pay $1.25 million as part of a settlement agreement…. Read More »
