FINRA Dispute Resolution reports that through March 2012 new cases filed are down eight percent year over year from 2011. There were a total of 4,727 cases filed in 2011 which was down from 5,680 in 2010. Through March 2012 variable annuity claims were the most common type of claim…
In publishing Regulatory Notice 12-03 FINRA called on broker dealers to increase supervision and compliance when dealing with complex products.” These investments include any security or strategy with “novel, complicated or intricate derivative like features.” Examples are asset backed securities, unlisted REITs, structured notes, leveraged and inverse ETFs. This notice…
On April 5, 2012 President Obama signed into law the Jumpstart Our Business Startups Act, known as the “JOBS Act.” The law was designed to give start up and non public companies easier access to capital markets. Critics contend that lowering the bar for raising capital will open the door…
Montana Commissioner of Securities and Insurance, Monica J. Lindeen, and KMS Financial Services, Inc., a Seattle-based securities firm, have entered into a settlement agreement that provides restitution to the victims identified in the Commissioner’s action against Arthur Heffelfinger, a former KMS stock broker.† In an effort to be responsive to…
FINRA Orders SunTrust Investment Services to Pay $1.44 Million for Unsuitable UIT, Closed-End Fund and Mutual Fund TransactionsSanction Includes $540,000 in Restitution to Disadvantaged Customers; Broker Barred in Separate Action, Former Branch Manager Suspended WASHINGTON — The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered SunTrust Investment…
Oklahoma City///// On June 24, 2010, Oklahoma County District Court Judge Vicki Robertson issued a temporary restraining order against Firstar Financial Group of Central Oklahoma, LLC, John Joseph Hamilton, and Robin L. Peck. The judge’s action was based on an emergency request by the Oklahoma Department of Securities. The Department…
Arthur Heffelfinger Pleads Guilty to Operating a $1.7 million Ponzi Scheme and Theft Monica J. Lindeen, Commissioner of Securities and Insurance (CSI), announced today that Arthur Leroy Heffelfinger has pled guilty in Lewis & Clark County District Court to Operating a Pyramid Promotional Scheme (Ponzi Scheme), a felony, and Theft…
INVESTOR ALERT CONSIDERING AN INVESTMENT IN THE BP GULF OF MEXICOOIL SPILL CLEAN-UP? If you are considering an investment associated with the clean-up of the BP oil spill in the Gulf of Mexico or have already made such an investment, please contact our office at (225) 925-4660. This is especially…
Jefferson City, MO – Missouri Secretary of State Robin Carnahan today announced that $574,000 will be returned to more than 100 investors, many of them seniors, who suffered losses after their savings were mishandled by a former Bankers Life and Casualty Company insurance agent, James Otto. According to the cease…
RALEIGH – A former Harnett County man accused of luring investors into a fraudulent daytrading scheme pleaded guilty July 20 in US District Court in Raleigh, following an investigation by the North Carolina Secretary of State’s Securities Division. Ronnie D. Rainey, 43, pleaded guilty to federal mail fraud. He is…