FINRA, the Financial Industry Regulatory Authority levied a total of $68 million in civil fines during 2012, according to statistics released by FINRA on Tuesday, January 8, 2013. This was slightly less than $71.9 million imposed by FINRA in 2011. The high-profile cases against large brokerages accounted for about one-third of total fines in 2012. […]

Securities Lawyer, Lars Soreide, of Soreide Law Group, is currently investigating Gramercy Securities, Inc. This brokerage has been alleged to have placed unsophisticated investors' money into unsuitable investments. There have been claims, for example, of a recent widow losing her entire net worth by investing in risky private placements. Some of these risky private placements […]

Jason T. Knapp, Corinth, New York, was arrested in connection with a nationwide Ponzi scheme, which allegedly involves hundreds of thousands of dollars. Knapp was a registered representative of Dawson James Securities of Boca Raton, FL, and had raised investment capital with a company call SteepleChase Group, making claims that returns on investments would be […]

The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, December, 2012.” Shari Robin Frimer (CRD #2503895, Registered Representative, Eastport, New York) and Thomas Joseph Heaphy Jr. (CRD #2540325, Registered Representative, Boynton Beach, Florida) submitted an Offer of Settlement in which Frimer was fined $32,407.50, which includes disgorgement of financial benefits of […]

Recently, Morgan Keegan entered into a settlement with FINRA for conduct surrounding non traditional etfs sold to retail customers. The following is information from FINRA's website. Morgan Keegan & Company, Inc. (CRD #4161, Memphis, Tennessee) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $365,000. The firm consented […]

Donald Dean Horras CRD# 1056123 Soreide Law Group is investigating claims on behalf of investors who were clients of Ft. Lauderdale broker, Donald Horras, who was with Morgan Stanley Smith Barney, and according to FINRA's BrokerCheck, is currently with Raymond James and Associates of Ft. Lauderdale. Allegedly, Donald Horras, made unsuitable recommendations to elderly customers […]

Securitites Lawyer, Lars Soreide, has announced an investigation into Praetorian Global Fund (Praetorian). There was an SEC complaint filed against the principals of the Praetorian Global Fund. The SEC complaint alleges that the principals and others used the hedge fund to obtain funds from it's investors. According to the SEC complaint, investors were told that […]

The following are statistics compiled by FINRA, the Financial Industry Regulatory Authority, posted recently to their website. The statistics show that investor complaints are down while disciplinary action is at a 5 year high. Investor Complaints Received by FINRA In 2007 there were 4,552 complaints received by FINRA. However, in 2011 there were 2,979 down […]

The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, November, 2012.” Ellen Joyce Erenstein (CRD #3244253, Registered Representative, Boynton Beach, Florida) was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Erenstein consented to the described sanction and to the entry of findings that […]