A $2 billion EnerVest fund that invested in oil and gas wells has essentially gone bust. Major pensions and other investors could be left with just pennies on the dollar at best. The loss is unusual for a private equity firm of EnerVest’s size and raises concerns that similar funds offered by competitors could fail. […]
FINRA barred former Centaurus Financial Inc. (Fullerton, CA) and Independent Financial Group (Brea, CA) broker Calvin Edward Moores after he failed to cooperate with an investigation into allegations of improper conduct. Three settled customer disputes in Moores’ BrokerCheck report, with a total combined settlement of $212,500, alleged unauthorized trading, unsuitable recommendations and over concentration in high […]
Frank Capuano of Royal Alliance Associates, Inc. agreed to findings that he sold approximately $1.1 million in Woodbridge Mortgage Investment Funds notes to customers of the firm. Capuano also consented to findings that he failed to obtain written approval from his firm for these transactions. Initiated By FINRA Resolution Acceptance, Waiver & Consent(AWC) Sanctions Civil and Administrative Penalty(ies)/Fine(s) […]
FINRA charged Gold Coast Securities (Irvine, CA) broker Joseph C Farah with churning, excessive trading, suitability, undisclosed outside business activities, material misrepresentations, and additional violations and failures related to discretion, according to a Department of Enforcement complaint filed with FINRA’s Office of Hearing Officers. According to the charges, Farah created significant risks that were incompatible […]
The Securities and Exchange Commission today announced an enforcement action requiring Barclays Capital to refund advisory fees or mutual fund sales charges to clients who were overcharged. In a settlement of more than $97 million, Barclays agreed to settle three sets of violations that resulted in clients being overbilled by nearly $50 million. The SEC’s […]