ICON Income Fund Ten, LLC, is in the process of liquidation, states Businessweek in a recent article. ICON engages in purchasing and leasing equipment to third parties; provides equipment financing; and acquires ownership rights to leased equipment at lease expiration in the United States and the United Kingdom. This company’s portfolio of equipment comprises container vessels and tankers, telecommunications equipment, communications terminals, material handling and manufacturing equipment, and digital mini labs, as well as information technology equipment, including laptops, desktops, and printers. This company was founded in 2003 and is based in New York, New York.

ATEL Capital Equipment Fund X, LLC also engages in leasing, lending, and selling various types of equipment in the United States, the United Kingdom, and Canada, states Businessweek, also in a recent article. ATEL offers its equipment under operating and finance lease agreements. It leases materials handling, transportation, transportation, rail, manufacturing, construction, aircraft, logging and lumber, petro/natural gas, agriculture, data processing, research, and mining equipment. This company was founded in 2002 and is based in San Francisco, California.

These two funds may have been sold by Wall Street Financial, or other broker/dealers.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. Please call for a free consultation on how to potentially recover your financial losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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On July 25th., 2012, the U.S. Attorney’s Office in Baton Rouge, La.,  charged Timothy R. Schlatre with mail fraud, money laundering and asset forfeiture for his alleged role in a life insurance scam.

Schlarte was an agent for New York Life Insurance Co. and Lincoln National Corp. He allegedly made hundreds of thousands of dollars in commissions by selling insurance policies based on phony representations and defrauded the insurance company by allegedly writing policies over $100 million.

According to the U.S. Attorney, Schlatre conspired with six other individuals to apply for life insurance coverage. The agent allegedly instructed the applicants to lie about their net worth and monthly income, which they then could receive greater amounts of coverage.

Schlatre allegedly provided the applicants with money to pay the premium costs —which is barred by the life insurers and by state law.  The agent allegedly deposited the money into the applicants’ accounts so that they appeared to be making the payments.

Schlarte is now facing a maximum of 30 years in prison, and fines of up to $500,000 or twice the gross gain or loss from the offense  whichever is larger.

If you or a family member have become alleged victims of life insurance fraud, contact an insurance fraud attorney for a free consultation on how to recover your investment losses. To speak with an attorney, call 888-760-6552, or visit securitieslawyer.com. Lars K. Soreide will stand up and fight for the rights of consumers.

Soreide Law Group, PLLC, representing Insurance Fraud Victims in Federal Court, State Court and before the Financial Industry Regulatory Authority (“FINRA”).

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It was recently reported that Michael Todd Crosswhite, 42, of Forest, Virginia,  a financial adviser, admitted that he stole more than $1 million from his clients. They stated that Michael Todd Crosswhite pleaded guilty to wire fraud and money laundering during a hearing in U.S. District Court in Lynchburg.

The prosecutors in this case said that Crosswhite liquidated the investment accounts of several of his clients without their knowledge and then transferred these assets into accounts he controlled. Crosswhite was allegedly working from his home as a financial consultant for Allianz Life Insurance Company of North America. Crosswhite then lost these funds to risky investements.

This activity is best described as a ”Ponzi Scheme,” where money from recent clients is used to pay past clients to keep the scheme hidden. Crosswhite faces up 30 years in federal prison.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients nationwide. If you or a family member have become a victim of this or any other Ponzi Scheme, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.

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In a recent SEC complaint, there were allegations made against The Nutmeg Group, LLC, and others, that Nutmeg has invested fund assets almost entirely in private investments in public equity (“PIPE”) transactions. Nutmeg was an investment adviser of 15 funds.  The SEC alleges in it’s complaint that Nutmeg improperly commingled investor and fund assets, and misappropriated over $4 million in fund assets, failed to maintain the required books and records, and overstated the performances of its funds to investors.  The SEC complaint also alleges that Nutmeg provided false information about the investors’ cash holdings, during every quarter of 2008.

The SEC has filed civil fraud claims in Illinois against The Nutmeg Group, LLC, Randall Goulding, Nutmeg’s owner and managing member, and by David Goulding, Nutmeg’s Chief Compliance Officer, and others involved.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have investment losses with The Nutmeg Group, LLC, please call for a free consultation on how to potentially recover those losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

Soreide Law Group, PLLC., representing investors nationwide.

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JHS Capital Advisors Inc. and a former broker, Enver R. Alijaj, were fined $1.9 million in a Finra arbitration last week stemming from allegations that the broker traded in a client’s account excessively to generate commissions. The broker was also forced to pay $500,000 to settle a previous charge of churning.

Churning is illegal and unethical. On the SEC’s website, churning is described as what occurs when a broker engages in excessive buying and selling of securities in a customer’s account mainly to generate commissions that benefit the broker. For churning to occur, the broker must exercise control over the investment decisions in the customer’s account, such as through a formal written discretionary agreement. Frequent in-and-out purchases and sales of securities that don’t appear necessary to fulfill the customer’s investment goals may be evidence of churning. Churning violates SEC and FINRA Rules.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you believe your broker has engaged in churning, please call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Thomas Edward Kelly (CRD #1386403, Registered Principal, Johnson City, New York)

was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Kelly consented to the described sanction and to the entry of findings that he engaged in a scheme to defraud investors, including firm customers, of funds totaling approximately $1 million.

FINRA reported that Kelly’s scheme involved persuading potential investors to invest in an entity, which was not a firm-approved entity. Kelly did not inform investors that he was the principal owner of the entity, nor did he inform his firm of his activities with the entity or that he was recommending that customers invest in it. Kelly falsely represented to the investors that they were purchasing safe and stable investments, including “FDIC insured” CDs and savings accounts.

These FINRA findings also stated that to conceal his fraud, Kelly provided investors with fictitious account statements and tax Forms-1099, which falsely purported to reflect a return on their investments. Through these misrepresentations, Kelly converted approximately $1 million from the investors for his own use, including repaying earlier investors, investing in the stock market and paying personal expenses.

The findings also included that the firm reimbursed these customers for their stated account values, which equaled approximately $1 million. Kelly did not contribute to the payments.

A criminal complaint was filed against Kelly in the United States District Court for the Northern District of New York in connection with this conduct.

(FINRA Case #2010025344701)

This information was found on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2012.

 Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. Call for a free consultation on how to potentially recover your financial losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Kyle Timothy Holland (CRD #2308543, Registered Principal, Austin, Texas) 

was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Holland consented to the described sanction and to the entry of findings that, acting in the capacity of his member firm’s managing director, he engaged in activities requiring registration while his FINRA registrations were revoked.

These FINRA findings stated that Holland willfully filed inaccurate and untimely amendments to Forms U4 concerning material information. Holland failed to file Part IIA of Form X-17A-5 in connection with two separate suspensions of his firm.

These findings also stated that Holland caused his firm to violate Regulation S-P. Holland, acting on his firm’s behalf, failed to provide an initial and an annual privacy notice to firm customers for several years, and failed to adopt policies and procedures that address the protection of customer information and records. Holland failed to provide for an annual independent test of the firm’s AML compliance program for two years, and failed to ensure that the firm maintained and reviewed correspondence, including electronic mail correspondence, sent to and from the firm. Holland failed to ensure for two years that all of the firm’s registered representatives attended annual compliance meetings.

FINRA found that for three years, Holland failed to evidence that his firm had conducted supervisory reviews of its producing managers. Holland, as the firm’s managing director, failed to submit a report by the required date; filed the firm’s first report two years after the required date; and failed to adequately discuss specific areas including details on the firm’s system of supervisory controls, procedures for conducting the tests and gaps analysis, and records demonstrating test completion dates.

(FINRA Case #2008011589101)

This information was on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2012.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, represents clients before FINRA nationwide. If you have sustained investment losses due to your stock broker/dealer, or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Randy Craig Hester (CRD #1382578, Registered Representative, Highland Park, Illinois)

was censured, fined $5,000 and suspended from association with any member firm in any capacity for one year. The fine must be paid either immediately upon Hester’s reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying the findings, Hester consented to the described sanctions and to the entry of findings that he willfully failed to notify his member firm that he had been charged with a felony and failed to update his Form U4 to reflect he had been charged with a felony.

These findings stated that when Hester joined another member firm, he submitted a Form U4 on which he falsely responded to the criminal disclosure question by failing to willfully report that he had been charged with a felony. After his firm received a FINRA disclosure review letter in connection with his background check and fingerprint card results, Hester signed and submitted an amended Form U4 reporting his felony charge.

This FINRA suspension is in effect from May 7, 2012, through May 6, 2013.

(FINRA Case #2011029620401)

This information was on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2012.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. Call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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Thomas Eugene Hendricks (CRD #2622427, Registered Representative, Salem, Ohio)

was barred from association with any FINRA member in any capacity. Without admitting or denying thefindings, Hendricks consented to the described sanction and to the entry of findings that he borrowed $3,000 from a customer/personal friend to be repaid by a certain date, but failed to do so, and the customer complained to Hendricks’ member firm.

These findings also stated that Hendricks’ firm’s written procedures prohibited borrowing from customers unless the firm approved an exception, which he did not obtain, and did not disclose to the firm that he had borrowed money from the customer. The borrowing arrangements did not fit into any of the exceptions provided for in the firm’s procedures and did not otherwise meet the conditions set forth in FINRA Rule 3240.

The FINRA findings also stated that Hendricks failed to respond to FINRA requests for information and sent FINRA an email indicating that he did not plan on providing a substantive response as he was no longer in the securities business.

(FINRA Case #2011028801901)

This information was found on FINRA’s website under “Disciplinary and Other Actions, June, 2012.”

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you have investment losses call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com.

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FINRA, the Financial Industry Regulatory Authority Inc., issued an investor alert about the risks of ETNs, exchange-traded notes, after an investigation of Credit Suisse and Barclays ETNs this year.

ETNs are often thought of as as ETFs, exchange-traded funds, but in reality, the two are very different.  ETNs are promissory notes written by banks to deliver the returns of an index, and don’t actually hold anything, whereas ETFs, hold a stocks or bonds that trade intraday on an exchange. A bank may stop issuing new shares and cause trouble for an ETNs. This can happen  because the maximum number of shares has been reached or the bank is no longer able to hedge effectively against the index.  If no new shares are issued the ETN functions like a closed-end fund and continued demand can drive shares to a premium over the net asset value.

Barclays’ iPath Dow Jones-UBS Natural Gas Total Return Sub-Index ETN (GAZ), shares were at a high of 134% of its NAV in March — meaning investors were paying more than $2 for $1 of the ETN’s exposure. It’s now at a 32% premium.

Credit Suisse VelocityShares Daily 2X VIX Short-Term ETN (TVIX) stopped issuing new shares in February. Doubled in value but when Credit Suisse Group AG resumed issuing shares in March, the ETN’s share price fell to the NAV, losing $172 million in a single day.

JPMorgan Alerian MLP Index ETN (AMJ) halted the issuing of shares last month and is now trading at a premium of nearly 1%.

Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you have investment losses call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: http://www.securitieslawyer.com. 

Soreide Law Group, PLLC., representing investors nationwide.

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