Posted on Jul 7th, 2017
After a long, checkered career, Clay Hoffman has been barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). According to FINRA, Mr. Hoffman was first suspended and then barred from the securities industry for first failing to pay a fine he agreed to as part of a settlement, then for failing to cooperate with FINRA’s investigation into his alleged “unsuitable transactions, unauthorized transactions, excessive trading and fraud.”
Posted on Jul 6th, 2017
The Financial Industry Regulatory Authority (FINRA) has really thrown the book at David Elgart of Sequoia Investments for “willfully failing” to disclose over $400,000 in tax liens. We’ll dive into why this is important information for investors, but first, some quick background:
David Elgart is the president, chief compliance officer (CCO), and majority owner of Sequoia Investments. Located in Roswell, Georgia—a wealthy suburb of Atlanta—Sequoia investments focuses on selling municipal bonds to high net worth investors.
Posted on Jul 6th, 2017
It’s really pretty simple. There are two types of investment accounts, accounts where the advisor has to ask permission before placing trades (non-discretionary) and accounts where the advisor can enter trades without asking the client for permission (discretionary accounts). And ne’er the two shall meet! Mr. Hossein Amirriahei learned this lesson the hard way, FINRA records show.
Posted on Jul 5th, 2017
Following on the heels of a 2016 settlement with the SEC for “willful” violations of the Investment Advisers Act for overcharging clients, FSC Securities recently received a fine from the Financial Industry Regulatory Authority (FINRA) for its role in what was apparently a Ponzi scheme.
Posted on Jul 4th, 2017
Wilson-Davis is in trouble again with the Financial Industry Regulatory Authority (FINRA). According to FINRA, Wilson-Davis, which is based in Salt Lake City but also has operations in California and other states, was recently “front running” penny stock trades. This should be a significant concern for Wilson-Davis clients.
Posted on May 30th, 2017
Investors deserve peace of mind. Whether you are saving up to buy a home or for your retirement, you should be able to have confidence that your investments are safe, secure and truly appropriate for your individual needs. Unfortunately, far too often, investors are taken advantage of by bad financial advisors.
Posted on Mar 13th, 2017
ICM Asset Management of Spokane, Washington plans to close its doors permanently next month. Just a couple of years ago, the Spokane Journal of Business hailed ICM as a growing firm, in an article you can read here. ICM is an investment advisory firm, and its submissions to the US Securities & Exchange Commission (SEC) state that it has assets under management of $130 million, so why is ICM shutting its doors?
Posted on Mar 12th, 2017
Most financial advisors claim that they put their investors’ interests first but, all too often, customers are a distant second place to an advisor’s own interests. According to the Financial Industry Regulatory Authority (FINRA), clients of Dennis Mehringer of Pasadena, California may also have had this experience!
Posted on Mar 9th, 2017
A recent report by the Aequitas Receiver, Ronald Greenspan, indicates that the vast majority of investors may not receive as much as anticipated from his efforts, and it’s not his fault.
Posted on Feb 11th, 2017
Investors who invested in 1031 exchanges through Tracy Turner and Turner Financial Group of Carlsbad, California may be regretting that decision. According to a complaint filed against Mr. Turner by the Financial Industry Regulatory Authority (FINRA), Mr. Turner entered into over $4.1 million in improper securities offerings, and that was just for one type of security, over the relatively short time frame of September 2013-April 2014.
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