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SEC halts Ponzi scheme targeting Dominican and Brazilian immigrants

The Securities and Exchange Commission today announced that on Tuesday it filed charges against the Massachusetts-based operators of a large pyramid scheme that mainly targeted Dominican and Brazilian immigrants in the U.S.  The charges were filed under seal, in connection with the Commission’s request for an immediate asset freeze.  That asset freeze, which the U.S. […]

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DBSI principals convicted of fraud

A federal jury in Boise today returned guilty verdicts against four DBSI principals, Douglas L. Swenson, Mark Ellison, David D. Swenson, and Jeremy S. Swenson on multiple fraud charges, announced U.S. Attorney Wendy J. Olson. The jury convicted Douglas Swenson, 65, of Eagle, Idaho, on thirty-four counts of wire fraud and forty-four counts of securities […]

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Finra abandons effort to become RIA regulator

Finra chairman and CEO Richard G. Ketchum said the regulator is no longer interested in expanding its oversight to financial advisers.  Mr. Ketchum told the Wall Street Journal on Thursday, “We are not pursuing it at the present time.” “We don’t perceive any likelihood that it would be successful,” Mr. Ketchum told the WSJ, referring to […]

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Finra files complaint against two ex-MetLife advisors

The Financial Industry Regulatory Authority has filed a regulatory complaint against two former MetLife Securities Inc. brokers for allegedly engaging in a seven-year scheme to inflate commissions by encouraging customers to switch $21 million in annuities, Reuters reports. According to the FINRA complaint, Christopher Birli and Patrick Chapin, who were both employees of MetLife in Williamsville, […]

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FINRA fines LPL Financial $950,000 for alternative investment supervisory failures

The Financial Industry Regulatory Authority (FINRA) announced that it has fined LPL Financial LLC $950,000 for supervisory deficiencies related to the sales of alternative investment products, including non-traded real estate investment trusts (REITs), oil and gas partnerships, business development companies (BDCs), hedge funds, managed futures and other illiquid pass-through investments. As part of the sanction, […]

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