Securities Law Related Blogs

Recent Securities Law posts - Justia BlawgSearch.com

Last 20 posts indexed in the Securities Law category on Justia BlawgSearch.com

State and Federal regulators have accused a Utah man and his company of scamming hundreds of investors out of up to $170 million on promises that trading in silver could yield annual returns of 20% to 40%.  Gaylen Dean Rust and his company Rust Rare Coin, Inc. were the subjects of enforcement actions filed by the Commodity Futures Trading Commission ("CFTC"), Securities and Exchange Commission ("SEC"), and the State of Utah Division of Securities ("State of Utah") alleging that Rust and Rust Coin operated a massive Ponzi scheme and violated federal securities and commodities laws. Rust Coin has been in business since 1983, operating as a coin and precious metal dealer in Salt Lake City.  Rush served as Rust Coin's President and sole Director and was assisted by his wife, Denise Rust, and son, Joshua Rust, who served as the Secretary and Manager, respectively, of Rust Coin.  Beginning no later than 2008, Rust and Rust Coin began…
Author: Jordan D. Maglich
Posted: November 17, 2018, 2:11 am
NorthStar Healthcare Income, Inc. (“NorthStar Healthcare”) is a public, non-traded REIT formed in October 2010 as a Maryland corporation.  NorthStar Healthcare is in the business of acquiring a geographically diverse portfolio of various healthcare real estate assets, including equity and debt investments (including various joint ventures with other non-traded REITs) in the mid-acuity senior housing sector, as well as in memory care, skilled nursing, and independent living facilities.  Pursuant to its initial offering, which closed on February 2, 2015, the non-traded REIT raised gross proceeds of $1.1 billion (subsequently, NorthStar Healthcare conducted a Follow-on Primary offering, raising total gross proceeds of $1.9 billion through March 22, 2017). As a publicly registered, non-traded REIT, numerous retail investors were solicited by a financial advisor to invest in NorthStar Healthcare.  Unfortunately, customers who purchased shares through the…
Author: InvestorLawyers
Posted: November 17, 2018, 12:00 am
On October 31, 2018, the United States Securities and Exchange Commission (the “SEC”) announced that it adopted rules to modernize mining property disclosure in order to harmonize SEC disclosure requirements with international standards. The SEC had proposed rules in June 2016 which received numerous comments and as a result a number of changes were made...
Author: James Guttman
Posted: November 16, 2018, 9:07 pm
FINRA Broker Disciplinary Action Report November 2018Each month, the agency that regulates the financial industry, FINRA (Financial Industry Regulatory Authority), produces a detailed report that runs down all disciplinary actions recently taken against brokerage firms and brokers. We strongly encourage any investor who suspects their broker and/or broker-dealer of having lost them money on dubious terms to at least skim this report to see if you recognize any names, schemes, products, or securities. For our part, we like to pick out some of the highlights from each report. Specifically, we’re looking for schemes or abuses that might be more far-reaching than the individual cases brought through the FINRA arbitration process.Brokers & Brokerages Barred, Suspended, or Fined by FINRABrokerbank Securities, Inc. (CRD #130116, Minnetonka, Minnesota)The firm was censured, fined $5,000, and required to submit a certification to FINRA that the firm has enhanced its…
Author: Green, Schafle & Gibbs
Posted: November 16, 2018, 8:41 pm
Former President and CEO of a luxury real estate development company in White Plains pled guilty to federal charges after allegedly orchestrating a 58-million-dollar Ponzi Scheme. Last week, Michael D’Alessio pled guilty to one count of wire fraud and one count of concealing assets from a bankruptcy court following his arrest in August. Michael D’Alessio reportedly solicited investor funds for investments in luxury real estate development projects in Westchester, Manhattan and the Hamptons for years. In return for their money, investors were promised monthly interest payments and shares in the properties. Instead, Michael D’Alessio funneled investor money into multiple shell companies to repurpose at his leisure in a Ponzi-like fashion. Michael D’ Alessio allegedly misappropriated investor funds that should have been used for investments in real estate through his company from 2015 until April 2018. Michael D’Alessio’s former company, Michael…
Author: Malecki Law Team
Posted: November 16, 2018, 8:36 pm
Our prior blogs have discussed the Third Circuit’s “rigorous” ascertainability requirement for 23(b)(3) classes here and here. We have also explored how district courts in the Circuit, such as the Eastern District of Pennsylvania, have denied certification in reliance on that heightened standard. A recent E.D. Pa. opinion demonstrates that all is not lost for putative […]
Author: Gary M. Pappas
Posted: November 16, 2018, 8:16 pm
Update on Richard Cody – Broker Investigation According to reports, former financial advisor Richard Cody pled guilty today to criminal charges filed by the U.S. Attorney for the District of Massachusetts. As we previously told you, the SEC filed charges against Cody in December 2016, alleging that Cody defrauded at least three of his retired clients through his company, Boston Investment Partners over a twelve-year period. Cody allegedly concealed the fact that their retirement accounts had suffered extensive losses. According to the SEC’s complaint, the clients did not know that their accounts had lost substantial value. Cody allegedly concealed these losses by leading the clients to believe that their investments were maintaining steady value and that the clients were living off income from their investments. Two of the retirees reportedly lost all of their money. The criminal charges in the indictment were based on the SEC’s complaint. The SEC was…
Author: Renae Lloyd
Posted: November 16, 2018, 6:26 pm
Public records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on November 15, 2018 indicate that former Illinois-based Country Capital Management Company broker Adam Lopez was recently sanctioned by state regulatory authorities in connection to alleged rule violations and is currently not affiliated with any state or firm. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Lopez (CRD# 5562750). Adam Lopez has spent 10 years in the securities industry and was most recently registered with Country Capital Management Company in Springfield, Illinois (2008-2018). He has no previous registrations. He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on August 25, 2008; SIE (Securities Industry Essentials Examination), which he obtained on September 21, 2018; and Series 6 (Investment Company Products/Variable Contracts Representative…
Author: Fitapelli Kurta
Posted: November 16, 2018, 3:24 pm
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on November 15, 2018 indicate that Texas-based BBVA Securities broker/adviser Michael Kane has been involved in resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Kane (CRD# 5099883). Michael Kane has spent 12 years in the securities industry and has been registered with BBVA Securities in Allen and McKinney, Texas since 2015. Previous registrations include Cetera Investment Services in Garland, Texas (2014-2015); JP Morgan Securities in Monroe, Louisiana (2012-2014); Chase Investment Services Corporation in Alexandria, Louisiana (2007-2012); and Capital One Investments in Slidell, Louisiana (2006-2007). He has passed six securities industry examinations: Series 66 (Uniform Combined State Law Examination), which he obtained on November 12, 2007; SIE (Securities Industry Essentials Examination), which…
Author: Fitapelli Kurta
Posted: November 16, 2018, 3:22 pm
This post recently appeared in our sister publication, Consumer FinSights. In its recently published Fall 2018 Rulemaking Agenda, the Bureau of Consumer Financial Protection announced that it is considering future rulemaking activity regarding the requirements of the Equal Credit Opportunity Act (“ECOA”) – specifically, “concerning the disparate impact doctrine in light of recent Supreme Court case law and the Congressional disapproval of a prior Bureau bulletin concerning indirect auto lender compliance with ECOA and its implementing regulations.” In May, President Trump signed a joint resolution passed by Congress disapproving the Bureau’s March 21, 2013 Bulletin titled “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act.” The Bulletin’s purpose was to “provide[] guidance for indirect auto lenders within the Bureau’s jurisdiction on ways to limit fair lending risk under the ECOA.”…
Author: Joshua Davey, Joseph J. Reilly and Karen M. Hinkley
Posted: November 16, 2018, 3:16 pm
Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on November 15, 2018 indicate that DC-based Merrill Lynch broker/adviser Gregory Washington has received a pending customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Washington (CRD# 5420613). Gregory Washington has spent eight years in the securities industry and has been registered with Merrill Lynch in Washington, DC since 2018. Previous registrations include Spartan Capital Securities in New York, New York (2010-2016) and Maxim Group LLC in New York, New York (2009-2010). He has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on September 21, 2018; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on February 3, 2009; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; and Series 7…
Author: Fitapelli Kurta
Posted: November 16, 2018, 3:08 pm
Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on November 15, 2018 indicate that California-based Wedbush Securities broker/adviser Barry Ross has been involved in resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Ross (CRD# 404927). Barry Ross has spent 48 years in the securities industry and has been registered with Wedbush Securities in Hidden Hills, California since 2007. Previous registrations include Brookstreet Securities Corporation in Hidden Hills, California (2004-2007); Wachovia Securities in St. Louis, Missouri (1990-2004); and Bateman Eichler Hill Richards (197-1990). He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on March 6, 1997; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on June 18, 1980; SIE (Securities Industry…
Author: Fitapelli Kurta
Posted: November 16, 2018, 3:06 pm
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on November 15, 2018 indicate that former Louisiana-based Prospera Financial Services broker Wesley Foltz was recently sanctioned by FINRA in connection to alleged rule violations and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Foltz (CRD# 4617507). Wesley Foltz has spent 15 years in the securities industry and was most recently registered with Prospera Financial Services in Alexandria, Louisiana (2011-2018). Previous registrations include LPL Financial in Alexandria, Louisiana (2007-2011) and Capital One Investments in Alexandria, Louisiana (2003-2007). He has passed two securities industry examinations: SIE (Securities Industry Essentials Examination), which he obtained on June 19, 2018, and Series 7 (General Securities Representative Examination), which he obtained on January 30, 2003. He is…
Author: Fitapelli Kurta
Posted: November 16, 2018, 3:04 pm
Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on November 15, 2018 indicate that Florida-based Raymond James & Associates broker/adviser Dianne Townsend has received resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Ms. Townsend (CRD# 2216130). Dianne Townsend has spent 26 years in the securities industry and has been registered with Raymond James & Associates in Naples, Florida since 2010. Previous registrations include Vision Investment Services in Naples, Florida (2000-2010); Northern Trust Securities in Naples, Florida (1999-2010); Amsouth Investment Services in Birmingham, Alabama (1995-1999); and Mark Twain Brokerage Services (1992-1995). She has passed four securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which she obtained on September 10, 1996; Series 63 (Uniform Securities Agent State Law…
Author: Fitapelli Kurta
Posted: November 16, 2018, 3:02 pm
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on November 15, 2018 indicate that Massachusetts-based Ameriprise Financial Services broker/adviser Alfred Weaver has received resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Weaver (CRD# 460549). Alfred Weaver has spent 50 years in the securities industry and has been registered with Ameriprise Financial Services in Westborough, Massachusetts since 2012. Previous registrations include Morgan Stanley Smith Barney in Waltham, Massachusetts (2009-2012); Citigroup Global Markets in Watham, Massachusetts (1993-2009); Lehman Brothers in New York, New York (1988-1993); EF Hutton & Company (1984-1988); Paine Webber Jackson & Curtis (1980-1984); and Paine Webber Jackson & Curtis (1968-1980). He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law…
Author: Fitapelli Kurta
Posted: November 16, 2018, 3:00 pm
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on November 15, 2018 indicate that Massachusetts-based Ameriprise Financial Services broker/adviser Alfred Weaver has received resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Weaver (CRD# 460549). Alfred Weaver has spent 50 years in the securities industry and has been registered with Ameriprise Financial Services in Westborough, Massachusetts since 2012. Previous registrations include Morgan Stanley Smith Barney in Waltham, Massachusetts (2009-2012); Citigroup Global Markets in Watham, Massachusetts (1993-2009); Lehman Brothers in New York, New York (1988-1993); EF Hutton & Company (1984-1988); Paine Webber Jackson & Curtis (1980-1984); and Paine Webber Jackson & Curtis (1968-1980). He has passed five securities industry examinations: Series 65 (Uniform Investment Adviser Law…
Author: Fitapelli Kurta
Posted: November 16, 2018, 2:55 pm
Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on November 14, 2018 indicate that Maryland-based Independent Financial Group broker/adviser James Chang has received pending customer disputes. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Chang (CRD# 4536266). James Chang has spent 16 years in the securities industry and has been registered with Independent Financial Group in Rockville, Maryland since 2012. Previous registrations include Ameritas Investment Corporation in Rockville, Maryland (2004-2012); AXA Advisors in New York, New York (2003-2004); and PFS Investments in Duluth, Georgia (2002-2003). He has passed six securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on September 2, 2003; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on July 2, 2002; SIE (Securities Industry Essentials…
Author: Fitapelli Kurta
Posted: November 16, 2018, 2:53 pm
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on November 14, 2018 indicate that Colorado-based Summit Brokerage Services broker/adviser Thomas Von Reckers has received a pending customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Reckers (CRD# 704779). Thomas Von Reckers has spent 38 years in the securities industry and has been registered with Summit Brokerage Services in Westminster, Colorado since July 2018. Previous registrations include Wells Fargo Advisors Financial Network in Lakewood, Colorado (2011-2018); Wells Fargo Advisors in Denver, Colorado (2008-2011); AG Edwards & Sons in Boulder, Colorado (2004-2008); Quick & Reilly in New York, New York (2002-2004); Morgan Stanley DW in Purchase, New York (2000-2002); Merrill Lynch in New York, New York (1999-2000); Prudential Securities in New York, New York (1984-1999); and Merrill Lynch (1980-1984). He…
Author: Fitapelli Kurta
Posted: November 16, 2018, 2:51 pm
Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on November 14, 2018 indicate that South Carolina-based Stifel Nicolaus & Company broker/adviser Lynn Faust was recently discharged from her former employer in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. Faust (CRD# 729012). Lynn Faust has spent 37 years in the securities industry and has been registered with Stifel Nicolaus & Company in Greer, South Carolina since November 2018. Previous registrations include Raymond James & Associates in Greer, South Carolina (1988-2018); Painewebber (1982-1988); and Waddell & Reed (1981-1982). She has passed eight securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which she obtained on April 22, 1994; Series 63 (Uniform Securities Agent State Law Examination), which she obtained on May 28, 1981; SIE (Securities…
Author: Fitapelli Kurta
Posted: November 16, 2018, 2:49 pm
Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on November 15, 2018 indicate that California-based Kovack Securities broker/adviser Barbara Ralston has received resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Ms. Ralston (CRD# 1087950). Barbara Ralston has spent 31 years in the securities industry and has been registered with Kovack Securities in Santa Barbara, California since 2016. Previous registrations include TKG Financial in Santa Barbara, California (2005-2017); First Wall Street in La Jolla, California (1996-2005); Painewebber in Weehawken, New Jersey (1996); and Prudential Securities in New York, New York (1987-1995). She has passed eight securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which she obtained on December 10, 1999; Series 63 (Uniform Securities Agent State Law Examination), which she…
Author: Fitapelli Kurta
Posted: November 16, 2018, 2:46 pm




You may also be interested in:



Mark J. Astarita, Esq. represents investors, financial professionals and firms in litigation, arbitration and regulatory matters across the country. He is a partner in the national securities law firm of Sallah Astarita & Cox, LLC and can be reached by email at mja@sallahlaw.com or by phone at 212-509-6544.

Follow us on Twitter, Facebook and The Securities Law Blog .