Financial Industry Regulatory Authority - Securities l Corporate l Business Law

$102 Million Ponzi Scheme Charged By SEC

On June 19, 2018, The Securities and Exchange Commission (“SEC”) filed charges and obtained an asset freeze against the individuals and companies behind a $102 million Ponzi scheme that deceived investors throughout the U.S. According to the SEC’s… Read More

FINRA Enforcement of Non-Members and Penny Stock Issuers

FINRA & Penny Stocks When the subject of penny stock enforcement actions arises, most people think first of the Securities and Exchange Commission (SEC), or erroneously, of OTC Markets Group (OTCM). The SEC has ultimate authority to deal with… Read More

SEC Charges John Jumper with Stealing Millions from a Pension Plan

On April 18, 2018 the Securities and Exchange Commission charged John Jumper with stealing approximately $5.7 million from a Pennsylvania company’s pension plan. According to the SEC’s complaint filed in federal court in Memphis, Tennessee, on three separate… Read More

JH Darbie Charged in Calissio Resources Scam – Securities Lawyer 101

    On March 27, 2018, the Securities and Exchange Commission (SEC) announced a settled administrative proceeding against broker-dealer J.H. Darbie & Co., Inc., and Robert Y. Rabinowitz, Darbie’s majority owner and CEO.  On its surface, the suit… Read More

LottoNet Accused of Conducting Boiler Room Scheme

On March 27, 2017, the Securities and Exchange Commission (“SEC”) announced charges against LottoNet Operating Corp., a Florida-based company, its CEO, and its top sales agent accused of conducting a boiler room scheme that solicits investments in a business… 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

Former Shell Company, Terminus Energy and Its Officers Charged With Securities Fraud

On February 14, 2017 the Securities and Exchange Commission (the “SEC) charged Terminus Energy, Inc and four corporate officers with securities fraud. According to the SEC, Terminus Energy and its four officers misleading investors about the research, development,… Read More

IHUB Pushes Back to COR Clearing Subpoena in Calissio Case

We last wrote about the complex litigation involving Calissio Resources Group (CRGP) in February.  It arose out of a controversy surrounding the company’s payment of a special dividend of $0.011 a share in August 2015.  At the time… Read More

COR Clearing Subpoenas Retail Shareholder Trade Information

  Last fall, we wrote about a highly unusual cash dividend paid by penny stock Calissio Resources Group, Inc. (CRGP).  The payment process was so badly botched it resulted in a Financial Industry Regulatory Authority (FINRA) U3 trading… Read More

FINRA Develops System To Red Flag Customer Accounts

Securities Lawyer 101 Blog The Financial Industry Regulatory Authority is seeking comments about its Comprehensive Automatic Risk Data System (CARDS) that would allow it to generate information about customer accounts at broker-dealers to identify “red flags” involving business… Read More