WFG Investments Inc., of Texas, is facing a $650,000 “global fine” by the Financial Industry Regulatory Authority Inc. (FINRA) Last March WFG agreed to pay $200,000 over an alleged stock-fraud scheme. The reasons for the latest fine has not yet been revealed. "Global fines" are given when regulators are trying to settle long running or […]

Drew Brees, New Orleans Saints quarterback, has settled a lawsuit with his former teammate, Kevin Houser (CRD# 4072700), who is a licensed securities broker. Houser allegedly advised Brees to invest $160,000 in tax credits. According to the court, it allegedly was investment fraud. The lawsuit, filed in federal court in 2013, alleged the former Saints […]

The Securities and Exchange Commission (SEC) announced that the trading of nine penny stocks has been suspended. This is part of an ongoing enforcement to combat microcap fraud. The companies involved in the trading suspension announced on September 25th. were identified during an SEC analysis of heavily promoted microcap issuers. These are the companies suspended […]

A group of investors from Resource Horizons Group, Atlanta, was awarded more than $4 million by the Financial Industry Regulatory Authority, Inc. (FINRA). Allegedly, Resource Horizons Group failed to meet regulatory net capital requirements. Resource Horizons Group has approximately 220 brokers and financial advisors. The FINRA arbitration panel held the firm responsible for $3.5 million […]

With the growing number of our citizens reaching 60 or above, we are also seeing a growing number of victims of investment fraud in this age group. In fact, people over the age of 60 account for over thirty percent of investment fraud victims. Most seniors are living on a fixed income. These investment losses […]

Soreide Law Group has filed several FINRA arbitration claims against financial advisors who were allegedly involved in a 'pump-and-dump' scheme involving shares of Cubed, Inc., The Staffing Group Ltd., CodeSmart, and StarStream Entertainment Inc. In a 'pump-and-dump' scheme, the broker/financial advisor pumps up the price of the stock to their clients to give the appearance […]

Feltl & Co., based in Minneapolis, paid a $1 million fine for alleged supervisory failures, among other things, while overseeing penny stock, and it has now replaced several executives, including it's general counsel, chief compliance officer, head trader, and a branch manager. FINRA reported that Feltl also failed to comply with customer-suitability, disclosure, and record-keeping […]

JOSEPH R. GALLARDO (CRD# 4100045A), 48, formerly from Bartonsville, Pennsylvania, pled guilty in federal court to mail fraud, a charge stemming from an investment fraud which caused his clients a combined loss of $1.8 million. According to court documents, allegedly Gallardo persuaded clients to invest in Blue Meadow Group LLL, which was his own personal […]

Many Soreide Law Group clients, and readers of our blog, often hear us refer to "FINRA." FINRA is the abbreviation of the Financial Industry Regulatory Authority, Inc. In case you are wondering what FINRA is and what they do, we will give you a very brief synopsis. FINRA is responsible for regulating it's member firms […]