Fight Investment Fraud
Greco & Greco's lawyers represent investors to recover losses caused by securities fraud, churning, lack of suitability, negligence, sales of unregistered securities, unauthorized trading, and other misconduct by stock brokers, investment advisors, financial planners and their firms.
For a Free Attorney Consultation, call us at 877-821-5550 or
Norfolk Virginia Financial Advisor Charged with Fraud
As reported by the Virginia Pilot, Joshua Abernathy was charged in U.S. District Court for the Eastern District of Virginia with mail fraud related to his alleged unlawful conversion of funds from customers. Court documents filed by the government allege he defrauded and stole almost 1.3 million dollars from various customers in Texas and Virginia. The government further alleged that he had many customers write checks to Omega Investment Group and he then converted funds for his personal use.
According to FINRA Brokercheck, Mr. Abernathy was registered with Next Financial from 2007 to 2012 and with The O.N. Equity Sales Company from 2013 to 2014. FINRA barred him from the securities industry in February, 2015.
Greco & Greco regularly represents investors in “selling away” cases such as this where the broker sells unauthorized securities or converts funds away from his firm. Customers may attempt to recover their losses in FINRA arbitration and/or court by demonstrating firms’ failures to supervise, failure to follow up on red flags, and by arguing the firm is responsible for the acts of its agent under the legal theories of respondeat superior and vicarious liability. Federal and state securities laws also mandate liability of control persons (such as brokerage firms) if certain requirements are met. If you are a victim of Mr. Abernathy, please contact one of our attorneys for a free consultation.
Posted by W. Scott Greco on 03/05/15.
Affinity Fraud • Arbitration • Brokerage Firms • Next Financial • O. N. Equity Sales Company • FINRA • Fraud • Ponzi Scheme • Securities Fraud • State Regulators • Virginia • Permalink
Brokers barred for stealing from elderly widow
As shown by this press release, FINRA barred two JP Morgan Chase Securities brokers for taking $300,000 in annuity proceeds from an elderly widow.
Although the firm paid the monies back to the customer, in many instances securities brokerage firms claim they are not responsible for the theft or wrongful acts of their brokers. However, multiple legal theories mandate liability for a firm for the wrongful acts of its brokers/agents even if the firm claims it did not know of the activity. If you are a victim of a similar scheme and wish to discuss your rights with an attorney, please contact Greco & Greco for a free consultation with one of our attorneys.
State Securities Regulators release new list of top investor threats
NASAA (the North American Securities Adminstrators Association) has released its 2013 list of top financial product and practice threats to investors here.
The top threat is one that we at Greco & Greco see often - Private Offerings. As stated by NASAA: “These offerings commonly are referred to as Reg D/Rule 506 offerings, named for the exemption in federal securities laws that allows private placements to be sold to investors without registration). By definition these are limited investment offerings that are highly illiquid, generally lack transparency and have little regulatory oversight. While Reg D/Rule 506 offerings are used by many legitimate companies to raise capital, they carry high risk and may not be suitable for many individual investors.”
These private offerings are often high risk investments. Be wary should your stockbroker or investment advisor recommend them to you as safe or low risk.
Other potential threats listed by NASAA include real estate investment schemes, high yield investment and ponzi schemes, affinity fraud, self directed IRAs, Oil and Gas Drilling Programs, and digital currency.
If your stockbroker or investment advisor has sold you a product without disclosing the risks involved, or if you think you are a victim of a fraudulent investment scheme, please contact Greco & Greco for a free consultation.
NASAA’s Top Ten Investment Scams
The North American Securities Administrators Association’s (NASAA) has published a top ten list of investment scams, including ponzi schemes, affinity fraud, unlicensed securities sellers, prime bank schemes, and variable annuities sales practices:
NASAA Top Ten Investment Scams.
Most recent entries
- Prudential Fined for Failure to Supervise Fraudulent Withdrawals From Variable Annuity
- Washington DC Investment Advisor Dawn Bennett Barred by SEC
- Virginia Broker Andrew Corbman Suspended by FINRA
- Capitol Securities Censured and Fined for Reverse Convertible Notes and Other Conduct
- Investigation Regarding Randy Watts of Winchester, Virginia
- SEC and FINRA FINE UBS OVER PUERTO RICO BOND FUNDS
- Success of FINRA Arbitration Claims against UBS regarding Puerto Rico Bond Funds
- First FINRA Arbitration Award Against UBS of Puerto Rico Regarding Bond Funds
- H.D. Vest Charged With Failures Related to Supervision
- Norfolk Virginia Financial Advisor Charged with Fraud
- Vienna Virginia Financial Advisor Pleads Guilty to Defrauding Customers
- Virginia Regulators Require License Surrender and Fines over sale of 54 Freedom Products
- Brokers barred for stealing from elderly widow
- FINRA fines JP Turner for Leveraged and Inverse ETF sales
- State Securities Regulators release new list of top investor threats
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