Skip to main content

Blog

SEC charges two executives in Ponzi Scheme at Dallas-based medical insurance company

The Securities and Exchange Commission today charged two executives at a Dallas-based medical insurance company with operating a $10 million Ponzi scheme that victimized at least 80 investors. The SEC alleges that Duncan MacDonald and Gloria Solomon solicited investments for Global Corporate Alliance (GCA) by promoting it as a proven business with a strong track […]

Read More

Mandatory arbitration in the news again

The system of mandatory arbitration of disputes between brokerage firms and customers is again in the news.  This time the North American Securities Administrators Assocation, Inc. has been lobbying the SEC to act on its authority under Dodd-Frank to end or limit the use of pre-dispute mandatory arbitration agreements included in virtually all customer agreements […]

Read More

DOL fiduciary standard draft to arrive fall 2013

The Department of Labor’s reproposed fiduciary rule will likely be released a “couple months after July,” Phyllis Borzi, assistant secretary for DOL’s Employee Benefits Security Administration, said during a Tuesday afternoon meeting with the ERISA Advisory Council.  After pulling the original draft of the rule to amend the definition of fiduciary under the Employee Retirement […]

Read More

Receiver imposes deadline for Ponzi scheme investors who profited

Receiver Kenneth Bell sent emails earlier this year to 16,000 investors who made money from the Lexington, N.C.-based online company ZeekRewards. He also posted a letter on the ZeekRewards receivership website, saying the investors, or net winners, had until May 31 to contact his office to negotiate a settlement or face possible legal action. “It’s […]

Read More

FINRA fines Wells Fargo and Banc of America

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined two firms a total of $2.15 million and ordered the firms to pay more than $3 million in restitution to customers for losses incurred from unsuitable sales of floating-rate bank loan funds. FINRA ordered Wells Fargo Advisors, LLC, as successor for Wells Fargo […]

Read More