Last month, attorneys general from seven states filed suit against the Securities Exchange Commission challenging Regulation Best Interest, better known as “the Best Interest Rule” or “Reg BI”. The complaint was filed in the Southern District of New York by attorneys general from California, Connecticut, Delaware, Maine, New Mexico, New […]
Earlier this fall, the U.S. Securities and Exchange Commission (“SEC”) brought charges against Brenda Smith, a Philadelphia based investment adviser who allegedly ran a $105 million securities fraud. Smith was charged with four counts of wire fraud and one count of securities fraud. According to the SEC complaint, Smith perpetrated […]
Last week, the Securities and Exchange Commission passed a package of regulations aimed at reforming standards for brokers and financial advisors providing investment advice. According to the SEC, the regulations are “designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers, bringing the legal […]
By Tom Costello of Costello Law Group Paul Mata and David Kayatta, operators of Logos Wealth Management, were barred from the securities industry by the SEC. According to the SEC, Mata and Kayatta raised more than $14 million from investors based upon false promises of guaranteed returns. Read more
By Tom Costello of Costello Law Group The Securities and Exchange Commission filed a complaint against former Philadelphia Eagle, Merrill Robertson, Jr., and his partner Sherman Vaughn. The SEC believes that Robertson and Vaughn defrauded investors out of $6 million. Robertson and Vaughn were able to raise $10 million from investors based upon […]
By Tom Costello of Costello Law Group The Securities and Exchange Commission has ordered Lee Weiss and his brokerage firm, Family Endowment Partners, LLC, to refund $8.4 million to defrauded investors. Additionally, the SEC fined Mr. Weiss $1.5 million and barred him from the securities industry. The SEC believes that Mr. Weiss had […]
By Tom Costello of Costello Law Group William Marshall Dratel and his firm, The Dratel Group, Inc., were both expelled from the securities industry by the Financial Industry Regulatory Authority (FINRA). The Securities and Exchange Commission (SEC) also imposed sanctions on the firm for allegedly engaging in a trading scheme in which Dratel […]
By Tom Costello of Costello Law Group Washington, D.C. based financial advisor and radio talk show host, Dawn Bennett, and her firm, Bennett Financial Group, have been barred by the Securities and Exchange Commission (SEC). The SEC announced their charges of fraud against Bennett in September 2015. Leading up to these charges, Bennett […]
By Tom Costello of Costello Law Group Louis Martin Blazer, III, a financial adviser from Pittsburgh, was charged by the Securities and Exchange Commission (SEC) for allegedly creating a Ponzi scheme. The SEC believes Blazer defrauded his pro athlete clients by taking about $2.35 million out of their accounts, without their authorization, and […]
By Tom Costello of Costello Law Group Alternative fund manager Equinox Fund Management, LLC recently settled charges with the Securities and Exchange Commission (SEC). The SEC alleged that Equinox misrepresented and misled investors about a specific fund named The Frontier Fund (TFF). The SEC alleged that Equinox misrepresented the amount of management fees […]
