SEC Files Fraud Charges Against Robert Murray
On May 19, 2017, the Securities and Exchange Commission (“SEC”) filed fraud charges against Robert Murray, a Virginia-based mechanical engineer accused of scheming to manipulate the price of Fitbit stock by making a phony regulatory filing. According to the… Read More
SEC Charges David Humphrey with Securities Fraud
On May 9, 2017, the Securities and Exchange Commission (“SEC”) charged David Humphrey, a former employee, with securities fraud in connection with his trading of options and other securities. The SEC’s complaint alleges that David Humphrey, who worked… Read More
Barclays Capital Required to Refund Advisory Fees by SEC
On May 10, 2017, the Securities and Exchange Commission (“SEC”) announced an enforcement action requiring Barclays Capital to refund advisory fees or mutual fund sales charges to clients who were overcharged. In a settlement of more than $97 million,… Read More
Miles Nadal Settles $5.5 Million for SEC Case
On May 11, 2017, the Securities and Exchange Commission (“SEC”) announced that Miles Nadal, the former CEO of a marketing company, has agreed to pay $5.5 million to settle charges that his perks were not properly disclosed to shareholders. Public… Read More
SEC Charges Nomura Securities International Inc. Head Traders
On May 15, 2017, the Securities and Exchange Commission (“SEC”) charged a pair of former head traders who ran the commercial mortgage-backed securities (CMBS) desk at Nomura Securities International Inc. with deliberately lying to customers in order to… Read More
Walter Little and Neighbor Charged by SEC for Insider Trading
On May 11, 2017, the Securities and Exchange Commission (“SEC”) charged Walter Little, a former partner at an international law firm, and his neighbor with making more than $1 million in illicit profits by insider trading around corporate… Read More
Axesstel Fails to Comply with Exchange Act
On April 24, 2017, the Securities and Exchange Commission (“SEC”) deemed it necessary and appropriate for the protection of investors that public administrative proceedings be, and hereby are, instituted pursuant to Section 12(j) of the Securities Exchange Act… Read More
Jared Galanis Pleads Guilty, SEC Suspends Him
On April 24, 2017, the Securities and Exchange Commission (“SEC”) deemed it appropriate to issue an order of forthwith suspension of Jared Galanis pursuant to Rule 102(e)(2) of the Commission’s Rules of Practice (17 C.F.R. § 200.102(e)(2)), which… Read More
SEC Suspends Mark McKinnies
On April 21, 2017, the Securities and Exchange Commission (“SEC”) deemed it appropriate and in the public interest that public administrative proceedings are instituted against Mark McKinnies pursuant to Rule 102(e)(3)(i) of the Commission’s Rules of Practice. Rule 102(e)(3)(i)… Read More
SEC Charges Matthew Krimm with Defrauding Investors
On April 25, 2017, the Securities and Exchange Commission (“SEC”) charged Matthew Krimm, a former mortgage loan officer, with defrauding investors, including mortgage loan customers of his former employer. The SEC’s complaint, filed in federal court in Wilmington,… Read More
SEC Charges Demitrios Hallas for Defrauding Customers
On April 25, 2017, the Securities and Exchange Commission (“SEC”) charged Demitrios Hallas, a former broker, with knowingly or recklessly trading unsuitable investment products in the accounts of five customers and misappropriating more than $170,000 from one of… Read More
Whistleblower Awarded Almost $4 Million by SEC
On April 25, 2017, the Securities and Exchange Commission (“SEC”) announced an award of nearly $4 million to a whistleblower who tipped the agency with detailed and specific information about serious misconduct and provided additional assistance during the… Read More
SEC Charges Avaneesh Krishnamoorthy with Insider Trading
On April 24, 2017, the Securities and Exchange Commission (“SEC”) charged Avaneesh Krishnamoorthy, a vice president in the risk management department of a New York-based investment bank, with insider trading on confidential information he learned in advance of a… Read More
SEC Charges Kevin Amell with Fraud
On April 24, 2017, the Securities and Exchange Commission (“SEC”) announced fraud charges against Kevin Amell, a Massachusetts-based portfolio manager accused of diverting at least $1.95 million to his personal brokerage account from a fund over which he… Read More
Magyar Telekom Executives Agree to Pay Penalties
On April 24, 2017, the Securities and Exchange Commission (“SEC”) announced that two former executives at Hungarian-based telecommunications company Magyar Telekom have agreed to pay financial penalties and accept officer-and-director bars to settle a previously-filed SEC case alleging they… Read More
SEC Charges Brothers for Hydrocarb Fraud Scheme
On April 21, 2017, the Securities and Exchange Commission (“SEC”) has charged two brothers – Kent and Mike Watts – with orchestrating a fraudulent scheme to qualify the stock of Hydrocarb Energy Corporation for listing on a major… Read More
Robert Stewart Fined & Suspended by FINRA
On February 2, 2017, Robert Stewart (CRD #5746657, Dewey, Arizona) submitted a Letter of Acceptance, Waiver and Consent (“AWC”) in which he was assessed a deferred fine of $7,500 and suspended from association with any FINRA member in… Read More
Brian Scarpellini Named Respondent in Check-Kiting Scheme
On February 9, 2017, Brian Scarpellini (CRD #6320844, Plainsboro, New Jersey) was named a respondent in a FINRA complaint alleging that he converted funds totaling $1,158 from his member firm’s bank affiliate by engaging in a check-kiting scheme…. Read More
Austin Morton Named Respondent In FINRA Complaint
On February 24, 2017, Austin Morton (CRD #5538108, Spiro, Oklahoma) was named a respondent in a FINRA complaint alleging that he converted a total of $36,000 from a former elderly customer with dementia. The complaint alleges that Austin… Read More
Rosemary McGinley Suspended From Association with FINRA
On February 1, 2017, Rosemary McGinley (CRD #2435216, Doylestown, Pennsylvania) submitted a Letter of Acceptance, Waiver and Consent (“AWC”) in which she was suspended from association with any FINRA member in any capacity for 10 business days. In… Read More
Legend Securities Named Respondent for Various Claims
On February 1, 2017, Legend Securities, Inc. (CRD #44952, New York, New York) was named a respondent in a FINRA complaint alleging various claims arising from failures in the firm’s compliance and supervisory systems and procedures. The complaint… Read More
FINRA Fines Albert Fried & Company
On February 22, 2017, Albert Fried & Company, LLC (CRD #1914, New York, New York) submitted a Letter of Acceptance, Waiver and Consent (“AWC”) in which the firm was censured and fined $27,500. Without admitting or denying the… Read More
Alejandro Falla Barred From Association with FINRA Members
On February 9, 2017, Alejandro Falla (CRD #5064828, Miami, Florida) submitted an AWC in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Falla consented to the sanction… Read More
Jay Hatton Submits Offer of Settlement
Jay Hatton (CRD #1725472, Edinburgh, Indiana) submitted an Offer of Settlement in which he was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in any capacity for two years. Without admitting or… Read More
Lightspeed Trading Named Respondent in FINRA Complaint
Lightspeed Trading, LLC (CRD #35519, New York, New York) was named a respondent in a FINRA complaint alleging that it failed to establish, document, and maintain an adequate system of risk management controls and supervisory procedures, including certain… Read More
J.W. Korth & Company to pay Restitiution
J.W. Korth & Company, Limited Partnership (CRD #26455, Lansing, Michigan) was ordered to pay the approximate amount of $29,268, plus interest, in restitution to customers and in lieu of a fine, is required to retain an independent consultant… Read More
FINRA Fines BMA Securities
FINRA Charges BMA Securities
FINRA Expels Fox Financial Firm
Fox Financial Management Corporation (CRD® #134277, Carrollton, Texas), Brian Murphy (CRD #4743164, Frisco, Texas) and James Rooney Jr. (CRD #1857754, Carrollton, Texas) were expelled from FINRA® membership and fined $100,000. Murphy was fined $25,000, barred from association with… Read More
FINRA Senior Helpline Celebrates 2nd Anniversary With $4.3 Million
On April 20, 2017, the Financial Industry Regulatory Authority (FINRA) announced that FINRA’s Securities Helpline for Seniors®, their senior helpline, marked its second anniversary with $4.3 million in voluntary reimbursements to callers since its launch on April 20,… Read More
SEC Charges Matthew Fox with Securities Fraud
On April 19, 2017, the Securities and Exchange Commission (“SEC”) charged Matthew Fox of Plano, Texas and his company, Wayne Energy, LLC, with securities fraud arising from a failed offering of interests in a joint venture formed to… Read More
