JOHN M. BABIARZ (CRD# 3047247), a former broker from Peabody, Massachusetts, was sentenced to four years in federal prison and could lose his home, car, his investment account and $645,000 he admitted stealing from his elderly clients. Babiarz, 40, plead guilty in May to wire fraud and aggravated identity theft. Babiarz contacted several of his […]

Former Honolulu, Hawaii, ING financial advisor, Bruce Harada, 57, was sentenced to 20 years in prison for stealing more than $2.5 million in retirement money from 21 current and former city employees. The judge also ordered Harada to pay back his former employer, ING North American Corp., more than $1.8 million it reimbursed Harada's victims. […]

The following summation was obtained on FINRA’s website under “Disciplinary and Other FINRA Actions, November, 2013.” Paul David Arnold (CRD #2278472, Registered Principal, Clearwater, Florida) was barred from association with any FINRA member in any capacity. Arnold did not pay restitution because the customer sought and obtained treble damages ('treble' is a term that indicates […]

The following summation was obtained on FINRA’s website under “Disciplinary and Other FINRA Actions, November, 2013.” Paul David Arnold (CRD #2278472, Registered Principal, Clearwater, Florida) was barred from association with any FINRA member in any capacity. Arnold did not pay restitution because the customer sought and obtained treble damages ('treble' is a term that indicates […]

Fredrick McMenimen III of Exeter, New Hampshire, will go on trial in January, after a federal judge found him mentally competent to stand trial. Federal prosecutors in New Hampshire say the financial advisor allegedly bilked widowed friends of his wife and mother out of more than $1 million. The 50-year-old McMenimen allegedly spent the money […]

A former financial adviser from northern New Jersey, Hugh Hunsinger Jr., has admitted stealing more than $1.35 million from his parents' accounts to pay his own expenses writes NBC Philadelphia. Attorney General, John Hoffman, says the 49-year-old Hunsinger of Pine Brook pleaded guilty Tuesday, August 6th., 2013, to theft by unlawful taking. He is facing […]

The Financial Industry Regulatory Authority Inc., also known as FINRA, barred John Thornes, president of Thornes & Associates Inc. of Redlands, Calif., and suspended his broker-dealer firm over allegations that he stole $4.2 million from two clients, one of whom FINRA says suffers from Alzheimer's disease writes Dan Jamieson of Investment News. FINRA alleges that […]

In an article posted in the Indianapolis Star yesterday, Thomas Redmond Jr., was convicted on securities fraud charges, and sentenced to four years in prison followed by six years on work release. Redmond was placed in handcuffs and taken to the Marion County Jail. Thomas Redmond, 61, was charged in April on 10 counts of […]

McMillan v. Newbridge Securities, FINRA ID #12-01880 (Boca Raton, FL, 6/24/2013) - Two clients recover $983,200, including damages and interest, against a broker who allegedly stole funds from numerous accounts. THE FOLLOWING IS FROM FINRA'S WEBSITE: CASE SUMMARY Claimants asserted the following causes of action: breach of fiduciary duty; negligence; negligent supervision; violation of Article […]