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160M
$
in Commissions
$1.8 Billion
Amount claimed to have been raised through brokerage firms from investors in waste management & car dealerships.
GPB Capital Holdings
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February 2019
The FBI and NYC Business Integrity Commission made an unannounced visit to GPB's office in New York.
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450K
$
in penalties
$461,377.15
Awarded to Elizabeth Jachles (“Libby”), a retired Brighton teacher, $461,377.15 to be paid by American Portfolios Financial Services, Inc.
$300,000
Harbor Capital made close to $300,000 off of Libby. Basically, the investment strategy benefited everyone except Libby, the investor taking the risks.
Harbor Capital Advisors
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3.2 M
$
in penalties
$3.2 Million
Awarded $3.2 million to an Upstate NY egg-farming family swindled in a Variable Annuity and Life Insurance scheme promoted by a former AXA financial advisor.
$600,000
FINRA has since fined AXA Advisors $600,000 and ordered them to pay $172,000 in restitution for distributing junk bonds.
AXA Advisors
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150M
$
in total losses
$35,300,000
300 client accounts managed by OptionSellers fell below minimum margin requirements. INTL FC Stone is now seeking an additional $35.3M
Unlimited Client Exposure
The exposure to losses from these customer accounts is not yet determinable, as collection efforts are in early stages, given the timing of events that led to the receivable balances
OptionSellers.com & INTL FC Stone
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100M
$
investment fraud
183%
Many states across the country ordered FIP to cease operations and repay collected interest charges for “operating illegally in the state” and charging customers up to 183% interest.
3,000 Investors
Brokers, financial advisers, financial planners and insurance agents are being sued for an alleged investment fraud that wiped out around 3,000 investors.
Future Income Payments
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12B
$
in real estate assets
Filed a complaint on behalf of investors against Cole III and certain of its affiliates, directors, and principals. Allegations of “internalization” transactions detrimental to Cole III REIT shareholders.
$12,000,000,000
Cole III REIT is a leading real estate investment trust that manages more than $12 billion in real estate assets across the country.
Cole III Real Estate Investment Trust
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22M
$
in penalties
$22,000,000
One of the largest awards ever made in an NASD arbitration, on behalf of 32 Exxon Mobile retirees.
32 Retirees
This victory was covered extensively by the media, including The Wall Street Journal, Associated Press, and Reuturs.
Securities America & David McFadden
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240M
$
action rate securities
$240,000,000
Represent the LA Stadium and Exposition District and the State of LA with claims for losses relating to $240M in auction rate securities issued by LSED.
$13,000,000
LSED and the State asserted claims for losses as a result of the collapse of FGIC’s credit rating, which rendered their $13M credit enhancement and bond insurance policy worthless.
Merrill Lynch &
Financial Guaranty Ins. Corp.
-
200K
$
in penalties
$200,000
fined for recommending the purchase of a security without reasonable grounds to believe that the transaction was suitable for the customer.
$499,000
fine levied against Dutton’s prior employer (Newbridge Securities) is solely for the failure to reasonably supervise Dutton.
Broker Austin Dutton
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