Tag Archives: Miami Investment Fraud Lawyers
Morgan Stanley Hit With Multimillion Dollar Penalty for Overbilling Customers
On January 13th, 2017, the Securities and Exchange Commission (SEC) announced that it had reached a $13 million settlement with the financial giant Morgan Stanley. The settlement came in relation to charges that Morgan Stanley had been systematically overbilling its clients and that the company failed to comply with key securities regulations. Beyond 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 »
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 »
The SEC Has Charged UBS Financial Services With the Failure to Adequately Supervise its Sales Staff
The Securities and Exchange Commission (SEC) recently reached a $15 million settlement with the financial services giant UBS. The settlement came in relation to charges that the company failed to adequately educate, train and supervise members of its sales team. As a result of these failures, sales representatives were unable to fairly inform clients… Read More »
NFL Player Files Lawsuit Against Former Financial Advisers
Recently, InvestmentNews.com reported that Pro Bowl NFL player Dez Bryant had filed a breach of fiduciary duty lawsuit against his former investment advisers. The lawsuit also accuses his ex-advisers, a group led by current Texas State Senator Royce West, of fraud and gross negligence. All financial advisers have a legal obligation to look out… Read More »
Texas Man Charged in Bitcoin Securities Fraud Case
A Texas man has pled guilty to what federal authorities describe as the first bitcoin-related securities fraud case, according to a U.S. News report. Bitcoin is a digital currency that operates independent from a central bank. Encryption techniques are used to regulate how many units are generated and verify the transfer of funds. The… Read More »
Did Morgan Stanley’s New Sports & Entertainment Division Miss The Point?
Professional athletes often fall victim to unscrupulous financial advisors that take advantage of players’ trust and inexperience in financial matters. Athletes need to be surrounded by trustworthy advisors who will protect their assets, put their interests ahead of the advisor’s interests, keep them away from the wolves, and work with them to create a… Read More »
Will Allen, Former NFL Player, Charged for Role in Ponzi Scheme
Professional athletes and other high-income, high-profile individuals rely on financial advisors and other professionals to responsibly invest their income. But occasionally, financial professionals betray the trust of their clients and investors and make financially unsound decisions or worse – pocket investment funds for themselves. Such is the case of Will Allen, a former National… Read More »