Displaying 46 results
Errant ex-advisor who lost clients almost $2M hit with 10-year prohibition
Former advisor reportedly put his clients in unsuitable private placements and misappropriated part of a senior client’s $675K investment, among other breaches.
Supreme Court dampens SEC’s use of in-house courts
The conservative majority decision nullifying a nearly $1M penalty could hamper the regulator's power to extract high-dollar settlements.
SEC bars advisor who used senior clients’ cash for secret options trading
The ex-Merrill Lynch, Fifth Third advisor concealed his activities by telling clients to put $683k in a shell company, according to a complaint.
US seniors lost a reported $1.2B to investment fraud in 2023
FBI report unpacks impact of investment fraud, crypto scams, and romance scams on elderly Americans.
RIA caught up in WhatsApp impostor scheme warns against “rogue elements”
The firm is distancing itself from “sham communications” claiming opportunities for “VIP members” with “cooperation commissions.”
GPB top executives’ criminal trial to start Monday
'The GPB case is bewildering,' says one senior brokerage executive.
Ex-RIA, CEO behind failed opportunity fund to pay $600k in penalties
The New York-based firm and its CEO made false statements and doctored portfolio data for a fund with positions in China, according to the SEC.
New York trial begins for Chinese tycoon accused of $1B fraud
Guo Wengui is accused of swindling investors in crypto scheme.
Former investment advisor could face 30 years in jail for fraud, money laundering
Advisor used client money to fund a luxury lifestyle.
Trump Media stock plunges after SEC auditing bombshell
The company’s share price slumped after the federal regulator revealed charges of “massive fraud” against its auditing firm, leading to $14M in penalties.
Omaha senior loses thousands to Dave Ramsey impostor
A scammer lured the 72-year-old into a fraudulent bitcoin investment by spoofing the advisor-cum-radio show host’s website.
Bankman-Fried gets 25 years in prison for FTX fraud
'There is a risk that this man will be in a position to do something very bad in the future,' the judge says. 'And it’s not a trivial risk. Not a trivial risk at all.'
AI is facilitating financial fraud, Treasury warns
Advances in artificial intelligence make it easier for criminals to impersonate customers and craft increasingly sophisticated email phishing attacks, according to a report.
Crypto industry rattled by hack that stole $63M in tokens
It's one of the biggest security incidents of the year.
Investing in precious metals may not be so safe, regulators warn
Joint effort by CFTC, NASAA and Finra flags risks and potential fraud, including common falsehoods and scams aimed at IRA investors.
Limra partnership takes aim at life insurance, retirement plan fraud
The collaboration aims to empower insurers, retirement service providers and other stakeholders against financial crime.
Financial fraud in the age of AI
Advisors can differentiate themselves by helping clients better understand the new types of scams that technology has made possible and advising them on what to do to guard against financial fraud.
Social media scams, crypto fraud on the rise: NASAA report
State securities regulators investigated 8,538 cases in 2022, up from 7,029 in 2021, according to the report.
Minnesota advisor charged in alleged $1.6M wire fraud
An FBI investigation finds the advisor embezzled money meant for clients’ investment accounts to finance her house-flipping business.
Bond trader who blew up Atlanta B-D found guilty in fraud case
'Somewhere in the firm's systems, a big, flashing red light should have gone off,' one attorney says.
