On January 3, 2017, Preet Bharara, the United States Attorney for the Southern District of New York, and William F. Sweeney Jr., the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced that former Morgan Stanley financial advisor Barry Connell had been arrested and charged with wire fraud […]
The Securities and Exchange Commission today announced fraud charges against an investment adviser accused of “cherry-picking” profitable trades for his own account rather than a client’s accounts, and misleading seniors and other clients about the fees he charged and the risks in investments he recommended. The SEC Enforcement Division alleges that Laurence I. Balter and […]
On September 28, 2016, the U.S. Securities & Exchange Commission announced that it had imposed severe monetary penalties on UBS Financial Services in connection with the firm’s activities involving nearly $10.7 billion of stock-linked reverse convertible notes (“RCNs”) that had been sold to approximately 44,000 customer accounts between 2011 and 2014. (“In the Matter of […]
Please take notice of a continuing investigation of the sales practices of Mark Heiden for his management of client accounts and the overconcentration of energy related stocks investments: Energy XXI Bermuda Ltd. Clearbridge American Energy MLP Goldman Sachs MLP Energy Arch Coal Seadrill We are currently investigating whether all material risks of the recommended investments […]
U.S. prosecutors on Thursday announced criminal fraud charges against two former American Realty Capital Properties Inc executives stemming from a 2014 accounting scandal that wiped out roughly $4 billion of the real estate investment trust’s market value. Former Chief Financial Officer Brian Block, 44, was charged with six criminal counts, including securities fraud, conspiracy and […]