FINRA - Securities & Forensic Lawyers

Calissio Resources – A Special Dividend by Any Other Name

More than two years ago, we published the first in a series of articles about problems surrounding the declaration and payment of a special dividend by penny stock issuer, Calissio Resources Group, Inc. (CRGP).  We followed up with… 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

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

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

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 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