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Northridge Holdings and Glenn Mueller recently released a letter to investors acknowledging the complaints and the cease and desist orders from four states as well as an investigation from the Securities Exchange Commission (“SEC”). The letter states that while the complaints and orders from state securities agencies are pending, Northridge…
The New Jersey State Attorney Generals recent press release pertaining to Northridge made one thing absolutely clear. New Jersey was taking the sale of unregistered securities to investors or acting and an unregistered agent marketing the sale of securities as a top priority. The securities law firm of Lubiner, Schmidt…
On January 29, 2019, the New Jersey State Attorney, Securities Fraud Prosecution Section filed a complaint for a civil action on behalf of the New Jersey Bureau of Securities in Mercer County Chancery Court alleging that Ford Graham, his wife Katherine Graham and several entities Ford Graham controlled participated in…
The New Jersey Bureau of Securities recently entered into a Consent Order with LPL Financial. The broker dealer was found to have had poorly run supervisory procedures in place. Every broker dealer and securities firm in New Jersey has an obligation to establish reasonable policies and procedures to supervise and…
The New Jersey Bureau of Securities announced that it has resolved its investigation of the online broker dealer Interactive Brokers LLC of Greenwich, CT (“Interactive”) relating to fraudulent trading activity and securities fraud Interactive permitted on its online trading platform. Interactive has agreed to pay a $100,000 penalty to the…
The Securities Exchange Commission (“SEC”) recently filed a complaint for fraud in connection with risky securities sold by a Registered Investment Advisor. The SEC complaint states that Tamara Steele and her investment advisory, defrauded retail investors by recommending high risk technology stocks with massive commission markups that were not…
Stockbrokers in the market do not all owe a fiduciary duty to their clients. A fiduciary duty, as listed in the Investment Advisors Act of 1940 calls upon investment advisors to act with the highest standard of care. It’s difficult for investors to tell when their stock broker owes them…
With the advent of new technology being employed at almost all broker dealers, the potential for a financial advisor to engage in excessive or unauthorized trading or “churning” has been substantially reduced. Churning is simply excessive trading in a brokerage account in order for the broker or financial management team…
The Securities Exchange Commission on Tuesday filed charges against companies and “individuals” for selling Woodbridge Securities. As discussed in our previous post, in December 2017, Woodbridge filed for bankruptcy and, immediately thereafter, received an SEC complaint listing the company as a massive Ponzi scheme. Woodbridge sold securities billed as “First…