Sales tactics for leveraged and inverse exchange-traded funds draw fines and client restitution requirements from FINRA. The Financial Industry Regulatory Authority (FINRA) announced that it has sanctioned Citigroup Global Markets, Inc; Morgan Stanley & Co., LLC; UBS Financial Services; and Wells Fargo Advisors, LLC a total of more than $9.1 million for selling leveraged and […]
Securities trading is suspended in Recycle Tech, a Miami container home manufacturer. The U.S. Securities and Exchange Commission (SEC) announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the Exchange Act), of trading in the securities of Recycle Tech, Inc. (Recycle Tech), a Colorado corporation headquartered in Miami, Florida, […]
HydroGenetics, Inc. of Fort Lauderdale, FL is subject to an SEC Order charging that the firm violated Sections 5(a) and 5(c) of the Securities Act of 1933 by issuing shares of its stock without a registration statement being in effect, or without an applicable exemption from registration. The Securities and Exchange Commission announced the temporary […]
UBS PR made misrepresentations and omissions to investors involving secondary market prices and liquidity concerning 23 affiliated, non-exchange-traded closed-end funds (CEFs) in Puerto Rico, according to the SEC. The Commission issued an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Sections 15(b) and 21C of the […]
Florida attorney Cameron H. Linton, Esq., his clients, Christel S. Scucci and her mother Karen S. Beach, and their companies, Protégé Enterprises, LLC, and Capital Edge Enterprises, LLC were charged by the SEC with a scheme to unlawfully sell large quantities of stock in violation of Section 5 of the Securities Act of 1933, which […]
Michael J. McNerney, the former attorney for Mutual Benefits Corp. (“MBC”), is charged by the SEC with violations of the federal securities laws arising from his involvement in MBC’s fraud that raised more than $1 billion from approximately 29,000 investors. MBC offered unregistered securities in the form of fractional interests in discounted life insurance policies […]
Couples contemplating a divorce are cautioned to speak with a divorce lawyer before they resort to electronic cyber-snooping on a spouse. An article in today’s Wall Street Journal, titled Why Hiding Money From Your Spouse Has Gotten a Lot Harder, identifies a number of ways that an angry spouse can get into legal trouble. According to the […]
A FINRA hearing officer has expelled Pinnacle Partners Financial, Corp., a broker-dealer based in San Antonio, TX, and barred its President, Brian Alfaro, for fraudulent sales of oil and gas private placements and unregistered securities. In addition, Brian Alfaro was found to have used customer funds for personal and business expenses. As restitution, Pinnacle and […]
A prenuptial agreement helps the parties to a second marriage agree in advance of the wedding on how assets and liabilities will be handled. Florida couples contemplating a second marriage are advised to consider the many types of assets that each party will bring into a marriage, including: Automobiles or boats Business interests Cash, stocks […]
Allen Weintraub, charged with an ongoing fraudulent scheme of selling securities of an investment vehicle that he falsely represented owned pre-IPO shares of Facebook, Inc., was the subject of an April 4, 2012 Order to Show Cause and Other Emergency Relief (“Order”) by the U.S. District Court for the Southern District of Florida in Miami. The […]
