Blog
FINRA Files Complaint Against David Lerner Associates, Inc.
June 6, 2011
David Lerner Associates Inc. has been accused of targeting unsophisticated seniors while selling real estate investment trust shares without considering whether the illiquid securities were suitable for its clients. The brokerage firm misled investors who bought more than $300 million of shares in the $2 billion Apple REIT Ten offering this year, the Financial Industry […]
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Securities and Exchange Commission v. Inofin, Inc., Michael Cuomo, Kevin Mann, Sr., Melissa George, Thomas Keough, David Affeldt, Nancy Keough
April 15, 2011
The Securities and Exchange Commission announced that it filed a civil injunctive action today in federal district court in Massachusetts charging Massachusetts-based subprime auto loan provider Inofin Inc. and three company executives with misleading investors about their lending activities and diverting millions of dollars in investor funds for their personal benefit. The SEC also charged […]
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UBS Fined By FINRA For Lehman Principal Protected Note Meltdown
April 12, 2011
The Financial Industry Regulatory Authority imposed a $2.5 million fine on UBS AG’s (UBS) wealth-management services unit and ordered $8.25 million in restitution in settlement of charges that it had misled investors about the risk of default in certain Lehman Brothers Holdings Inc. notes. In the months leading up to Lehman’s collapse, UBS Financial Services […]
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Judge Halts Securities America Class Action Settlement
March 20, 2011
In a potentially costly blow to the brokerage firm Securities America, a federal judge in Dallas ruled on Friday that hundreds of arbitration claims against the company should move forward rather than being stuffed into a catch-all class-action lawsuit. The case, which was heard by Judge Royal Furgeson, stems from litigation against Securities America, a […]
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CDO Fraud Probes to Be 2011 Priority
March 6, 2011
U.S. criminal investigators will step up probes into possible fraud involving collateralized debt obligations and credit default swaps, a top federal prosecutor in New York said. Christopher Garcia, chief of the Securities and Commodities Fraud Task Force in the U.S. Attorney’s Office in Manhattan, told white-collar criminal-defense lawyers at a conference today that his office […]
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