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LPL Penalized $6 Million For Securities Violations

Under the agreement, LPL Financial will pay a fine of $5.5 million and restitution of $651,375, the regulator said, adding that the broker-dealer also agreed to a censure. Finra said in a filing Tuesday that LPL was cited for not reasonably supervising its registered reps when they made direct business transactions, sending customers letters with […]

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SEC Charges President/CCO of Prophecy Asset Management Advisory Firm with Fraud

The Securities and Exchange Commission today charged John Hughes, president and chief compliance officer of registered investment adviser Prophecy Asset Management LP, for his involvement in a multi-year fraud that concealed losses of hundreds of millions of dollars from investors. Prophecy Asset Management advised multiple hedge funds and reported more than $500 million in assets […]

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National Realty Investment Advisors (NRIA) Ponzi Scheme

The president and a top officer of a real estate investment company were charged for their roles in a scheme to defraud more than 2,000 investors in a $650 million Ponzi scheme, and with conspiring to evade $26 million in tax liabilities, according to the U.S. Attorney’s Office. Thomas Nicholas Salzano, aka “Nicholas Salzano,” 64, of […]

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Risks of Over-Concentrated Securities Portfolio

An over-concentrated securities account is one where a significant portion of the portfolio is invested in a single security or a small group of securities. This can lead to a number of problems, such as: Increased Risk: Investing a large portion of one’s portfolio in a single security or a small group of securities increases […]

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FINRA Suspends Broker Efrain Trujillo After Borrowing Money From Customers

Efrain Trujillo (CRD# 3106482) is a previously registered broker and investment advisor whose last known employer was Western International Securities, Inc. of Los Angeles, CA. His previous employers were Financial West Group and SRM Securities, Incorporated. Trujillo was in the securities industry since 1998. Trujillo has three FINRA actions in his CRD. The most recent […]

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