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Monthly Archives: February 2015

Wells Fargo Advisor Steals from Elderly Client

By Tom Costello of Costello Law Group posted in Securities on Friday, February 27, 2015. Jeffrey C. McClure, a former Wells Fargo advisor, has been barred by the Financial Industry Regulatory Authority (FINRA) after being charged with stealing almost $89,000 from an elderly client. McClure allegedly deposited money into his personal account by using blank, unsigned […]

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Representing Clients In Baltimore And Nationwide Home Blog Frederick man Sentenced after 24 counts of Wire Fraud and Money Laundering

By Tom Costello of Costello Law Group  Former financial advisor, Travis Wetzel, was sentenced to 3 ½ years in prison, three years of supervised release, and ordered to pay $1.2 million in restitution to a former client. Wetzel was first charged in May of last year with 24 counts of wire fraud and […]

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Failing to Supervise Costs WFG Investments $700,000

By Tom Costello of Costello Law Group  After allegedly failing to supervise its representatives, the Financial Industry Regulatory Authority (FINRA) fined WFG Investments Inc. $700,000.00. FINRA stated that WFG had failed to supervise their representatives in six areas of supervision. FINRA also alleged a failure to conduct adequate due diligence with regard to […]

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Exxon Retirees Receive $3.8 million Arbitration Award

By Tom Costello of Costello Law Group  U.S. Capital Advisors, an investment advisory firm located in Houston, Texas, was ordered to pay a group of Exxon retirees $3.8 million in damages for implementing an unstable investment strategy. According to the Wall Street Journal, the retirees were falsely told that there savings was invested […]

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Advisor Sentenced to 3 ½ Years after an Alleged Ponzi Scheme to Pay Off Gambling Debts

By Tom Costello of Costello Law Group  Earlier this month, U.S. District Court Judge Gary Feinerman sentenced Oscar Overbey, Jr., to three and a half years in a federal prison. The charges against Overbey, a former Ameriprise advisor, stemmed from an alleged Ponzi scheme he created to pay off gambling debts and other […]

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