Category Archives: Investment Fraud
California Lawyer Charged With Stealing Investor Money
Recently, the Securities and Exchange Commission (SEC) announced several charges against Emilio Francisco, an Orange County, California-based lawyer for his role in a multi-million dollar investment fraud scheme. According to the agency, Francisco conducted a large scale fraud targeting foreign investors through the use of the EB-5 Immigrant Investor Program. In all, the SEC… Read More »
Owners of Day Trading Firm Charged with Defrauding Inexperienced Investors
The Securities and Exchange Commission (SEC) has filed investment fraud charges against Naris Chamroonrat and Adam L. Plumer for their role in creating a scheme that defrauded several hundred investors from all over the globe. According to the agency, the two men operated a fake day trading firm and used it to bilk investors… Read More »
FINRA Permanently Bans Two Florida Brokers for Selling Unregistered Securities
The Financial Industry Regulatory Authority (FINRA) has permanently barred Philip Brisard and Kenley Brisard from having any further association with any FINRA member due to their investment-related misconduct. According to FINRA, both men have consented to the sanctions against them without admitting or denying any culpability. Through their firm, Brisard & Brisard, Inc, the… Read More »
SEC Brings Investment Fraud Charged Against a Miami Beach Firm
In the United States District Court for the Southern District of Florida, the Securities and Exchange Commission (SEC) has brought serious investment fraud charges against Onix Capital LLC and its sole owner and manager Alberto Chang-Rajii. Onix Capital is an asset management company that is based in Miami Beach, Florida. In all, the SEC… Read More »
FINRA Sanctions Merrill Lynch for Inadequate Supervision of Customer Accounts
On November 30th, 2016, the Financial Industry Regulatory Authority (FINRA) has announced more than $7 million in penalties against Merrill Lynch. The wealth management company was hit with $6.25 million in fines and was ordered to pay another $788,000 in restitution to the affected customers. Merrill Lynch consented to the sanctions, but did not… Read More »
Renewable Energy Company Defrauded Investors Out of More Than $30 Million
Recently, the Securities and Exchange Commission (SEC) filed a civil complaint against a renewable energy company. The lawsuit, which was filed in the U.S. District Court for Central California, was brought against Patrick S. Carter and his company 808 Renewable Energy Corp. In related lawsuits, the SEC also took legal actions against several co-conspirators,… Read More »
Former Movie Producer Allegedly Defrauds Investors Out of Millions
The Securities and Exchange Commission (SEC) has charged a former movie producer with investment fraud. According to the complaint from the agency, which was recently filed in Southern District of New York, David R. Bergstein bilked investors out of more than $5 million. The SEC alleges that $2.3 million was intentionally misappropriated and another… Read More »
Retired NFL Superstar Patrick Willis Sues Ex-Business Partner for Investment Fraud
In 2015, All-Pro NFL linebacker Patrick Willis surprised many when he cut his NFL career short and headed to Silicon Valley. Willis invested in, and took an executive position with, upstart tech company Open Source Storage. He also relied on the company’s principal, Eren Niazi, to invest in several other projects. Unfortunately, it appears… Read More »
FINRA Orders Five Companies to Pay Customers More Than $6 Million
Recently, the Financial Industry Regulatory Authority (FINRA) announced fines against five broker-dealers. Collectively, the companies were ordered to pay $6.2 million in fines and restitution to customers. The broker-dealers that were fined included VOYA Financial Advisors, Cetera Advisors Networks, First Allied Securities, Summit Brokerage Services and VSR Financial Services. The fines stemmed from the… Read More »
Financial Adviser Overbilled Clients, Stole Assets
On October 27th, 2016, the Securities and Exchange Commision (SEC) filed charges against a California financial adviser named Marc D. Broidy and his investment firm Broidy Wealth Advisors, LLC (BWA). According to the complaint filed by the agency, Broidy and his company took in more than $1.4 million in ill-gotten gains from clients. The… Read More »
