Monthly Archives: July 2013

Broker Barred for $4.2 Million Theft

By Tom Costello of Costello Law Group  Earlier this week, Investment News reported that FINRA has barred California broker John Thornes and his firm, Thornes & Associates, Inc. Thornes is accused of unauthorized transfers from trust accounts to accounts held by Thornes’ friends. FINRA alleged that Thornes misappropriated approximately $4.2 million from two […]

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Provident Royalties Executives Sentenced Right Before SEC Lifts 80 Year Old Advertising Ban

By Tom Costello of Costello Law Group  According to an Investment News report, three officers and founders of Provident Royalties Inc. received prison time for participating in a fraudulent Ponzi scheme involving the offer and sale of private placement securities. Brendan Coughlin and Henry Harrison received sentences of twenty-one months and Joseph Blimline was […]

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Former MLB All-Star Sues UBS

By Tom Costello of Costello Law Group  Last month, former baseball all-star, Mike Sweeney sued UBS and Ralph Jackson, his former financial advisor. Sweeney is hoping to recover $7.6 million in lost savings. Sweeney claims that his UBS financial advisor mislead him into believing that the private equity investments were both safe and […]

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U.S. Government’s Claim Holds Up in Court

By Tom Costello of Costello Law Group On July 9, 2013, U.S. District Judge David Carter ruled that the United States Government may proceed with its lawsuit against Standard and Poor (S&P). The court determined that the complained contained sufficient allegations to support the fraud claims. The U.S. Government filed the complaint in […]

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James Gandolfini’s Estate May Face $30 Million Tax Bill

By Tom Costello of Costello Law Group  According to an Investment News’ report, the heirs of James Gandolfini’s estate could be faced with a $30 million tax bill. Gandolfini’s estate is estimated to be worth approximately $70 million most of which was left to his two sisters. Gandolfini’s will reportedly left 30% to each […]

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