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Securities

$2.5 Million Guilty Plea in Wisconsin Ponzi Scheme

On behalf of Thomas Costello of Costello Law Group Garry Milosevich of Duluth, Minnesota pled guilty on January 17, 2013 to mail fraud in the U.S. District Court for the Western District of Wisconsin. Milosevich was indicted on April 19, 2007, but remained at large until he was found in Honduras in January […]

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FINRA Warns Investors of Nutraceutical Stock Scam

The Financial Industry Regulatory Authority (FINRA) issued a new Investor Alert called Nutraceutical Stock Scams-Don’t Supplement Your Portfolio With These Companies to warn investors about stock scams related to companies selling everything from fortified foods and energy drinks to “natural” medicines. Like many investment scams, pitches for nutraceutical stocks may […]

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What Makes a Case Eligible for FINRA Arbitration or Mediation.

On behalf of Thomas Costello of Costello Law Group on Monday, June 18, 2012. Disputes with Investors require that the case involve an investor and an individual or entity registered with FINRA. Examples include cases between investors and brokers, cases between investors and brokerage firms and between investors, brokers and broker firms. Additionally, the […]

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Filing FINRA Arbitration Claims

On behalf of Thomas Costello of Costello Law Group SUMMARY: Virtually all account opening documents signed by investors contain mandatory arbitration agreements, whereby investors (and the brokerage firms) waive their right to trial in a court of law. Thus, to pursue legal action against financial entities, investors are required to file their claims […]

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Search FINRA Arbitration Awards

FINRA offers an online search resource for conducting web-based searches for FINRA and historical NASD arbitration awards. The service is free of charge and available 24/7. Users can research FINRA awards, as well as historical awards for the New York Stock Exchange (NYSE), American Stock Exchange, the Philadelphia Stock Exchange […]

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FBI arrests couple accused of Ponzi scheme

Bloomberg reports that the FBI has captured Perry and Rachelle Griggs, a couple accused of swindling approximately $3 million from investors through their Aloha Trading investment program. The investors are all relatives of inmates who Perry Griggs served time with at a Nevada prison. In October, a federal grand jury […]

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Citigroup fined and censured by FINRA

The Financial Industry Regulatory Authority (FINRA) censured Citigroup for failing to report transactions promptly to its Trade Reporting and Compliance Engine (TRACE). According to FINRA’s December report of disciplinary actions, Citigroup was fined $400,000 and ordered to pay $10,099 in restitution to customers.

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