The Securities Fraud Lawyers at Greco & Greco have been hearing more and more about criminal schemes involving securities account takeovers followed by criminals engaging in unauthorized trading to pump and dump the values of thinly traded stocks. These attacks often occur when bad actors gain unauthorized access to brokerage accounts through the exploitation of…
Continue reading ›The Securities and Exchange Commission (SEC) has fined multiple related securities firms for alleged whistleblower violations. The SEC initiated administrative and cease-and-desist proceedings against three financial entities: Nationwide Planning Associates, Inc. (“Nationwide”), NPA Asset Management, LLC (“NPA”), and Blue Point Strategic Wealth Management, LLC (“Blue Point”), collectively referred to as “Respondents”. In response to the…
Continue reading ›FINRA has issued an update concerning member securities firms’ engagement with crypto assets. This development is part of FINRA’s broader mission to address the regulatory complexities posed by digital assets, which are primarily facilitated through blockchain technology. With crypto assets encompassing a broad range of virtual currencies, coins, and tokens, FINRA is keenly focused on…
Continue reading ›The Securities and Exchange Commission (SEC) recently announced significant penalties against sixteen firms for widespread recordkeeping failures, amounting to over $81 million in combined fines. Among the firms involved were Northwestern Mutual Investment Services LLC, Guggenheim Securities LLC, Oppenheimer & Co. Inc., Cambridge Investment Research Inc., Key Investment Services LLC, Lincoln Financial Advisors Corporation, U.S.…
Continue reading ›The Financial Industry Regulatory Authority (FINRA) has issued a Letter of Acceptance, Waiver, and Consent (AWC) against LPL Financial LLC, a notable member firm in the securities industry. The AWC alleges a series of alleged rule violations that occurred over several years, painting a picture of insufficient supervision and inaccurate information dissemination to customers. Let’s…
Continue reading ›An Atlanta, Georgia area investment adviser, John Woods, was recently sentenced to 8 years in prison for his role in operating a ponzi scheme. Operating over a staggering 13-year period, Woods defrauded more than 400 individuals, including retirees, seniors, and military veterans, resulting in a loss exceeding $49 million. Under the guise of his fund,…
Continue reading ›The United States Securities and Exchange Commission (SEC) has filed a Complaint charging a Broker-Dealer for the first time with a violation of the recently enacted Regulation Best Interest (Reg BI). The subject of the Complaint was Western International Securities, and five of its registered brokers, Nancy Cole, Patrick Egan, Andy Gitipityapon, Steven Graham, and…
Continue reading ›Former Richmond, Virginia Oppenheimer & Co. Inc. financial advisor Warren E. Rowe Jr. was barred from the securities industry by FINRA recently after an investigation related to alleged loans taken from customers. According the the FINRA Letter of Acceptance Waiver and Consent found here, Mr. Rowe refused to provide documents in response to a request…
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