Stockbroker Fraud Blog

Recent Posts from Stockbroker Fraud Blog

• Number of Securities Lawsuits Increased During 3rd Quarter

  According to commercial insurance consulting firm Advisen, 169 securities lawsuits were filed during 2009’s third quarter—an 11% increase from the 152 complaints that were filed during the previous quarter. 249 securities lawsuits were filed in…

• Obama Administration Supports Investors' Securities Fraud Lawsuits Against Merck

  Taking the side of investors who are suing Merck for securities fraud, the Obama Administration filed an amicus brief last month arguing that the plaintiffs did not wait too long to file their complaints against…

• JP Morgan Chase to Pay $75 Million in Penalties and Forfeit $647 Million to Settle SEC Charges Over Alleged Municipal Bond Payment Scam

  JP Morgan Chase has settled Securities and Exchange Commission charges that the securities firm was allegedly involved in an illegal payment scam to get municipal securities business from Jefferson County, Alabama. As part of its…

• Stifel Financial Corp. Sees 73% 3rd Quarter Earnings Rise and Completes Purchase of 56 UBS Financial Services Inc. Branches

  Even as Stifel Financial Corp. continues to deal with securities fraud lawsuits and claims accusing the broker-dealer of misrepresenting the risks associated with investing in auction-rate securities, the company exhibited a 73% increase in 3rd…

• Securities America & Ameriprise Financial Inc. Sued For Selling Allegedly Faulty Private Settlements

  A securities fraud lawsuit filed in federal court is suing Securities America and parent company Ameriprise Financial Inc. for selling allegedly faulty private placement offerings even after W. Thomas Cross, a Securities America executive, expressed…

• SEC to Continue Fight Against Senior Investment Fraud in 2010

  The Securities and Exchange Commission is stepping up its efforts to combat senior investment fraud. In 2010, the SEC plans to focus on issues related to retirement investments, including product development, disclosures, and marketing issues.…

• Stifel, Nicolaus & Co. and AXA Advisors Broker Charged in Ponzi Scheme Victimizing Church Members

  Former Stifel, Nicolaus & Co. and AXA Advisors broker Kenneth Neely has pled guilty to one count of mail fraud for setting up a Ponzi scheme that targeted at least 16 investors. Yesterday, Missouri Secretary…

• CIT Group Bankruptcy Exposes Fraud Against Many Investors Who Were Sold Preferred Stocks And Bonds

  Many investors were told that investing in CIT preferred stock and bonds was safe and appropriate for them. Some sales pitches were based on the $2.3 billion government bailout of CIT. This is just another…

• SEC to Probe Whether Former Ferris, Baker Watts Inc. General Counsel Failed to Properly Supervise Broker Convicted of Securities Fraud

  The US Securities and Exchange Commission says it will investigate allegations that former Ferris, Baker Watts Inc. general counsel Theodore W. Urban did not properly supervise Stephen Glantz. In 2007, Glantz, who was employed by…

• Scottrade Fined $600,000 by FINRA for Inadequate Anti-Money Laundering Program

  This week, the Financial Industry Regulatory Authority announced that it is fining Scottrade $600,000 for failing to put into place and work with an adequate anti-money laundering program that would have allowed it to identify…