Financial Advisor Fraud

Ameriprise Financial Advisor Daniel Minich Suspended

Ameriprise Financial Advisor Daniel Minich Suspended by FINRA for Selling Away

As an outcome of a settlement apparently reached by financial advisor Daniel T. Minich with the Financial Industry Regulatory Authority (FINRA), he has been suspended and will not be able to associate with any member of the self-regulatory organization (SRO) for a period of 4 months. This is based on information available in the public […]

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Financial Advisor Frank Velten BARRED

Ameriprise Financial Financial Advisor Frank Velten BARRED

The Financial Industry Regulatory Authority (FINRA) has barred broker Francis Joseph Velten (Frank Velten), last associated with Ameriprise Financial Services. Accusations against Velten include churning in the accounts of senior investors as well as nudging them to buy bonus annuities in return for their annuity and mutual fund holdings. These transactions resulted in his commission

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Morgan Stanley Shawn Good Financial Advisor BARRED Due To .8 Million Ponzi Scheme

Morgan Stanley Shawn Good Financial Advisor BARRED Due To $4.8 Million Ponzi Scheme

As revealed by the Securities and Exchange Commission (SEC), Shawn Good’s strategy involved convincing clients to invest money in what he claimed were low-risk real-estate development investments tax-free government bonds. In true Ponzi fashion, he was paying back older investors from the money generated from the newer ones. A complaint was filed in April this

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Equitable Financial Settles Fraud Case

Equitable Financial Agrees to Settle Fraud on Public School Teachers for $50 Million

Equitable Financial Life Insurance Company was charged with fraud by the SEC (Securities and Exchange Commission). This was pursuant to the company’s omissions and misleading statements regarding fees charged to investors that were made on the account statements issued to around 1.4 million variable annuity investors. The impact investors are primarily public school staff members

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