Chet Taylor, former general counsel for Feltl & Co., of Minneapolis, has sued Feltl & Co. for damaging his reputation through a public statement last month which Feltl had said without specifically naming Taylor, that its former attorney, had been replaced along with three others because of stock-trading infractions from 2008 to 2012. These infractions […]

On October 1, 2014, the US Attorney's office filed charges against Dennis Wright for securities fraud. Wright is a former agent with AXA Equitable Life Insurance Company ("AXA"), and operated Wright Associates of Lewistown, Pennsylvania. Allegedly, from the early 1990's through June of 2012, Dennis Wright encouraged his clients at AXA to liquidate their securities […]

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 […]