William J. Wells, an investment manager for a New Jersey firm named Promitor Capital Management LLC, has been charged by the Securities and Exchange Commission (SEC) with fraud. According to the SEC, Wells operated a Ponzi-like scheme. Wells allegedly told investors he would invest their money into specific stocks, but then actually invested their monies in different stocks, some of which were highly speculative. When the stocks did not perform well, Wells created false statements to hide the losses. Wells was able to further conceal the losses by raising money from new investors to pay the established investors. According to the SEC, Wells misappropriated about $1.1 million from all of the investors, most of which has been lost.
Christopher Yoon, a register representative from River Edge, New Jersey, was barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). FINRA made the decision to bar Yoon after a customer alleged that he had requested a signed, but otherwise blank, check from her in the amount of $55,445.85. According to FINRA, Yoon convinced the client to provide the signed, blank check in connection with a fictitious life insurance dispute. Yoon is also accused of forging signatures relating to clients' life insurance policies.
Jonathan Spencer Williams, a registered representative from Forest Hills, Maryland, was barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). FINRA barred Williams after he did not provide testimony in a proceeding regarding his U-5. Williams has had five customer disputes, three of which are ongoing.