SEC News
- SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm May 16, 2013FOR IMMEDIATE RELEASE2013-90 Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations. Addition […]
- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
- SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use May 15, 2013FOR IMMEDIATE RELEASE2013-87 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use. Additional Materials SEC Complaint The SEC alleges that RIN […]
- SEC, FINRA Issue Investor Alert On Pension or Settlement Income Streams May 9, 2013FOR IMMEDIATE RELEASE2013-86 Washington, D.C., May 9, 2013 — The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today issued an investor alert entitled Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them. The investor alert informs investors about the risks involved when selli […]
TAG | baby boomers losing investments
10
FINRA Joins with National Crime Prevention Council (NCPC) to Help Reduce Investment Fraud
Comments off · Posted by Securities Lawyer in FINRA
In a May 7th., 2013 article from FINRA’s website, it was reported that according to the FBI’s latest Financial Crimes Report to the Public, investment fraud has increased by 52 percent since 2008. Unfortunately, investment fraud is largely underreported, and often targeted are retired citizens and seniors. 77 million baby boomers will be retiring over the next 20 years, and incidences of investment fraud are likely to increase further.
It was announced in response to this trend that the National Crime Prevention Council (NCPC) and the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation are partnering to help reduce investment fraud among consumers. The two organizations will establish Investment Fraud Prevention Programs at the state level through NCPC’s network of state crime prevention associations. The partnership will allow law enforcement officers to become more familiar with “Outsmarting Investment Fraud” tools, so that they are better equipped to address investment fraud in their communities. Investors will gain increased skills to prevent and report investment fraud.
The NCPC and the FINRA Foundation will be providing investment fraud educational materials free of charge to a vast network of law enforcement personnel and crime prevention practitioners across the nation. Working with partners, including AARP and the Consumer Fraud Research Group, the FINRA Foundation has conducted extensive research exploring why people fall prey to investment fraud and who is most often targeted. With the information gathered from its research, the Foundation has employed national, state, and grassroots partnerships to develop and distribute fraud prevention resources and conduct outreach to potential investors.
If you have experienced a financial loss due to your stockbroker or financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney at: 888-760-6552.
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The ‘Golden Years’ May Not Be All That Golden for Senior Investors
Comments off · Posted by Securities Lawyer in FINRA
The financial industry has been anticipating this time in history ever since the Baby Boom generation began. There are more people who will be turning more money over to stockbrokers than at any other time in history.
We have watched the abuse investors have taken. Take for example, the investors in Worldcom or Enron. They soon learned that things are not always as they seem. No where is that more true than in the financial and securities industry. For brokerage firms, each customer complaint is no more than a drop in the bucket – just another cost of doing business. For a Baby Boomer investor, that “drop” could be their entire retirement fund.
The many fraudulent schemes of broker/dealers turn what should be the golden years into years of desperation. Baby Boomers who saved and invested to prepare for retirement, find themselves returning to find work in an economy that no longer values their worth. Their legacy instead goes from what they can leave to their children and grandchildren to whether to move in with their children or reduce their assets in order to qualify for a Medicaid eligible nursing home.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses due to your stock broker 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: www.securitieslawyer.com.
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