Three investment advisers, subsidiaries of Charles Schwab, have been hauled up by the Securities Exchange Commission (SEC). The reason provided is that they made “false and misleading statements” regarding the cash component in Schwab Intelligent Portfolios, its robo-adviser service. In addition, they allocated client funds in a manner that was demonstrated to be less profitable […]
An investor from Salt Lakes, Arizona, has filed a securities claim under the arbitration process made available by the Financial Industry Regulatory Authority (FINRA) for such disputes. The claim against Centaurus Financial is for losses incurred in investments in GWG L Bonds. The claimant seeks close to $500K in damages. Otto Ramon Bohon, earlier a
Centaurus Faces Another GWG L Bond Claim Read More »
Steven Graham, Thomas Swan, Nancy Cole, Patrick Egan, and Andy Gitipityapon, all registered representatives of Western International Securities (WIS), a registered broker-dealer, have been charged for their violation of Regulation Best Interest (Reg BI) by the Securities and Exchange Commission (SEC). The broker-dealer has also been charged. The charge relates to their recommendation and sales
Restitution of $15.2 million, which includes an interest component of $1.8 million, is what Merrill Lynch has been asked to be paid by the Financial Industry Regulatory Authority (FINRA), apart from being censured. The restitution pertains to customers purchasing mutual funds being charged excessive fees. Merrill avoided the levy of a fine by the self-regulator,
Merrill Lynch Hit with $15.2 Fine For Mutual Fund Share Sales Read More »
Detroit-based EIA All Weather Alpha Fund I Partners LLC (EIA) and Andrew M. Middlebrooks, its sole owner, have been charged with fraud by the Securities Exchange Commission (SEC). It appears from the charges that the fund indulged in the misuse and misappropriation of investor money over many years. The U.S. District Court in the Eastern
EIA All Weather Alpha Fund and Owner Middlebrooks Charged with Fraud Read More »