201403.24
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Prock v. Thompson National Properties, LLC, et al.

Prock v. Thompson National Properties, LLC, et al., a securities class action filed on behalf of investors in the TNP 6700 Santa Monica Boulevard, a real estate investment program that raised approximately $17 million from the investing public. Claims are predicated upon alleged material misrepresentations and omissions in the program’s offering documents by its sponsor…

201403.24
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Diebold v. Northern Trust Investments

Diebold v. Northern Trust Investments, a case brought on behalf of a class of approximately 1,500 ERISA plans alleging that an ERISA fiduciary violated its fiduciary duty by making imprudent investment decisions and charging excessive fees in connection with its securities lending programs. The parties in the case have recently agreed to a settlement, which…

201403.03
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Colorado Financial Service Fined for Failing to Properly Vet Private Placements, REITs It Sold to Customers

Colorado Financial Service Corporation (CFSC) was sanctioned by securities regulators after regulators accused CFSC of failing to conduct due diligence concerning private placements and non-traded real estate income trusts (REITs). CFSC agreed to pay a $10,000 fine levied against it by the Financial Industry Regulatory Authority (FINRA). CFSC failed to establish, maintain, and enforce adequate…

201402.28
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Portfolio Advisors Alliance Sanctioned by Regulators for Failed Due Diligence

Portfolio Advisors Alliance, Inc. (Portfolio) was sanction by securities regulators, in part, due to Portfolio’s failure to perform due diligence concerning private placements, according to a settlement agreement entered into by Portfolio and the Financial Industry Regulatory Authority (FINRA). The Peiffer Rosca securities lawyers often represent investors who invest their savings in questionable private placements…

201402.21
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Brown Brothers Harriman & Co. Fined for Compliance Failures

The Financial Industry Regulatory Authority (“FINRA”) recently announced that it was fining Brown Brothers Harriman & Co. (BBH) $8 million for failing to meet its compliance obligations relating to anti-money laundering compliance.  Such failures caused BBH to fail to discover suspicious activity related to low priced securities and allowed the distribution of unregistered securities. The…

201402.14
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Timothy Burns Sanctioned by Regulators for Facebook Share Transactions

Timothy David Burns, an investment professional in Conshohocken, Pennsylvania, was sanctioned by the Pennsylvania Department of Banking and Securities. Burns, owner and manager of ESG Wealth Management and ESG Family Services, consented to the sanctions levied by the Department of Banking and Securities arising out of charges of wire fraud relating to the purchase of…

201402.11
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Thomas Hampton, Hampton Capital Markets Investigated by Securities Lawyers

Thomas L. Hampton, a Scottsdale, Arizona investment professional, pled guilty to commodities fraud in connection with an investment scheme that defrauded investors out of millions of dollars between September, 2010 and September, 2011. Hampton managed Hampton Capital Markets (HCM). HCM held over $4 million of investors’ money in highly volatile, leveraged investments known as E-minis….

201402.05
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Brokerage Firm, Instinet, Approved Improper Commission Rebate Payments To Investment Adviser

According to a recent Cease and Desist Proceeding filed by the Securities and Exchange Commission, to which Instinet, LLC (“Instinet”) has submitted an Offer of Settlement, from January 2009 through July 2010, Instinet approved approximately $430,000 in commission rebates to investment advisor J.S. Oliver Capital Management (“J.S. Oliver”) which were not appropriately disclosed to its…

201402.05
0

Vendetta Partners Assets Frozen in Alleged $18 Million Ponzi Scheme by Robert Helms, Janniece Kaelin

Vendetta Partners, a Texas Company ran by Robert A. Helms and Janniece S. Kaelin, had its assets were frozen by the SEC after being accused of running an $18 million Ponzi scheme in purported purchases of oil and gas royalties. Robert Helms and Janniece Kaelin spent most of their investors’ money on personal expenses, their many businesses, and Ponzi payments to fraudulently…