Category: Investment Fraud

ATTORNEY NEWSLETTER The Securities and Exchange Commission issued guidance this week regarding their whistleblower protections. This reinforced their stance that whistleblowers are protected against retaliation even if they report internally within their company, rather than to the agency, first. The Dodd-Frank Act, which created the SEC whistleblower program, had whistleblower […]

ATTORNEY NEWSLETTER A Financial Industry Regulatory Authority (FINRA) arbitration panel recently ordered Morgan Stanley to pay $2.4 million to a group of physicians and their family members. The physicians had accused former Morgan Stanley broker Steven Mark Wyatt of unauthorized and excessive stock-market trading. According to the lawyer for the […]

ATTORNEY NEWSLETTER It is recommended that consumers carefully review any policy and consider their options before purchasing any annuity policy. Annuities are complex products that often have hidden fees and costs, and may not be suitable for all investors, particularly senior citizens. Annuities often have surrender charges, making it difficult […]

ATTORNEY NEWSLETTER A recent annuity fraud case in California illustrates the danger that annuities can pose to people’s finances, especially when it comes senior citizens. An insurance agent in Palm Desert was recently sentenced to more than nine years in prison and ordered to pay $3.4 million in restitution for […]

ATTORNEY NEWSLETTER The Securities and Exchange Commission paid out $3 million to a whistleblower who helped the commission crack a complex fraud case. The whistleblower, a company insider, received the third-highest award given by the SEC whistleblower program thus far. The whistleblower’s tip led to related actions, and gave very […]

ATTORNEY NEWSLETTER The Internal Revenue Service recently released their 2014 annual report to Congress on its whistleblower program. Although awards paid by the IRS whistleblower program decreased in 2014, the agency expects to pay out more in 2015. According to the report, the IRS whistleblower program paid out 101 awards […]

ATTORNEY NEWSLETTER The SEC’s Office of Investor Education and Advocacy recently released an Investor Bulletin about Regulation A, which was recently amended to create a new exemption from registration under the Securities Act. Thanks to Regulation A, companies may offer and sell securities to the public but with more limited […]

ATTORNEY NEWSLETTER Annuities are not always a suitable investment for the elderly, and they should educate themselves in order to avoid making a bad investment. Senior citizens hold two-thirds of the wealth in this country and the elderly population is increasing. As a result, elder financial fraud is growing as […]

ATTORNEY NEWSLETTER The American Association of Retired Persons (AARP) gives tools and advice for people to protect their retired parents against fraud and scammers. The growing elderly population loses billions per year as a result of fraud. Senior citizens are more likely to be defrauded than other age groups. It […]

ATTORNEY NEWSLETTER True Link Financial, a California-based company that provides assistance and tools to seniors and their families to prevent elder abuse, released a 2015 report estimating that financial elder abuse costs senior citizens $36.48 billion per year. The report found that “criminal fraud” such as telephone scams, identity theft, […]