In a recent development that has sent shockwaves through the investment community, a serious allegation has been leveled against Randall Morris, a former broker at Proequities, Inc. (CRD 15708) in Alabama. The case, which is currently pending, involves claims by investors that Mr. Morris made unsuitable recommendations for the purchase of two alternative investments in […]
On August 1, 2024, a federal jury in Brooklyn delivered a landmark verdict, finding David Gentile, founder and CEO of GPB Capital Holdings, and Jeffry Schneider, head of Ascendant Capital, guilty of fraud and conspiracy to commit securities fraud. The seven-week trial, which began on June 12, unveiled a sophisticated financial deception scheme that jeopardized
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Kestra Investment Services, LLC and its former broker, Markus Byrd, are facing serious allegations of recommending unsuitable investments to clients. The pending customer dispute, filed on February 20, 2024, claims that Byrd recommended the sale of inappropriate direct investment products, specifically DPP & LP interests, which may have resulted in significant losses for investors. According
The SEC imposed an $18 million fine on LPL Financial LLC on January 17, 2025. This substantial penalty resulted from the firm’s failure to comply with anti-money laundering (AML) regulations. AML programs are designed to prevent criminals from using financial institutions to conceal illicit funds. LPL’s infractions included maintaining high-risk accounts that should have been
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The SEC fined Transamerica Retirement Advisors LLC $2.9 million on January 17, 2025. This penalty came after claims that Transamerica hid conflicts of interest. The issue stemmed from bonus payments made to Transamerica’s staff. As a registered investment adviser, Transamerica should have been clear about these conflicts. The SEC’s action aims to make the financial
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