“When Trading Stops: What You Need to Know About Halts, Suspensions and Other Interruptions” is the title of a new investor alert published by the Financial Industry Regulatory Authority (FINRA). While trading in most stocks takes place without interruption, FINRA’s new Alert explains how, when and why interruptions in trading occur, and discusses both what […]
Investors who bought shares in Facebook’s IPO at or near the offering price of $38.00 are now looking at losses as the stock trades in the $20.00 range. According to an article in the Wall Street Journal titled “Facebook’s Next Fight: Suits, and More Suits,” over 50 lawsuits have been filed against Facebook by angry […]
Writing legal opinion letters for clients involving transactions under the federal securities laws was a primary legal focus for Florida attorney Cameron H. Linton from approximately 2009 to 2012, according to the Securities and Exchange Commission. On September 21, 2012, the Commission issued an Order Instituting Public Administrative Proceedings Pursuant to Rule 102(e) of the […]
A market manipulation stock scheme known as “pump and dump” creates artificial buying pressure for a targeted security. According to the FBI, the fraud perpetrators generally target a low-trading volume issuer in the over-the-counter (OTC) securities market. This artificially increased trading volume has the effect of artificially increasing the price of the targeted security (i.e., […]
Downtown Miami condos are being purchased in increasing numbers by Argentines, according to a recent New York Times article titled “Argentines Turn Cash Into Condos in Miami.” A weakening currency in Argentina is reportedly behind an increasing number of Miami apartment purchases, which are being made on a site-unseen basis by wealthy Argentines who are […]
Gilbert Fiorentino, a former director of Systemax Inc. (“Systemax”), a Port Washington, N.Y.-based consumer electronics retailer, is the subject of a Securities and Exchange Commission (SEC) civil action for fraud and associated proposed settlement. The Commission’s Complaint, filed in the U.S. District Court for the Southern District of Florida, alleges that Gilbert Fiorentino, who in […]
Foreclosures in Florida increased on a year-over-year basis last month for the seventh time in eight months, according to a recent Miami Herald article titled “Foreclosure rate falls nationally, but Florida still trending up.” Florida now has the second highest foreclosure rate in the country (1 for every 328 housing units), behind only Illinois. New […]
South Florida will commemorate the victims of the Sept. 11, 2001 attacks in a series of memorial activities in Broward and Miami-Dade Counties. Click on the link to view a list of local 9/ll anniversary events. A live national webcast of the commemoration ceremony at the 9/11 Memorial in New York City, starting at 8:30 […]
Investment adviser Ray Lucia, Sr. conducted misleading investment seminars promoting his “Buckets of Money” strategy, according to SEC charges. Mr. Lucia claimed his wealth management strategy had been empirically “backtested” over actual bear market periods. Backtesting is the process of evaluating a strategy, theory, or model by applying it to historical data and calculating how […]
A $27.5 million investment fraud resulted in SEC charges against attorney Michael R. Casey, Commodities Online LLC founder and former president James C. Howard III, and the company’s vice president Louis N. Gallo III. The South Florida investment scheme led investors to believe they were purchasing securities consisting of “pre-sold” commodities contracts with a pre-determined […]