Paul Mata and David Kayatta, operators of Logos Wealth Management, were barred from the securities industry by the SEC. According to the SEC, Mata and Kayatta raised more than $14 million from investors based upon false promises of guaranteed returns.
Greg Caldwell, the founder of Caldwell International Securities, was barred from the financial industry by FINRA for allegedly churning customers' accounts. The firm will have to pay a $2 million fine for failing to supervise and prevent the abusive sales practices engaged in by Greg Caldwell. Greg Caldwell was also personally fined $50,000 for his misconduct.
If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.
To read more, please visit: http://www.investmentnews.com/article/20160830/FREE/160839988/caldwell-international-securities-will-pay-2-million-in-settlement
The Securities and Exchange Commission filed a complaint against former Philadelphia Eagle, Merrill Robertson, Jr., and his partner Sherman Vaughn. The SEC believes that Robertson and Vaughn defrauded investors out of $6 million. Robertson and Vaughn were able to raise $10 million from investors based upon false promises of a 20% return. The money was not used for legitimate investment purposes. Instead, investor funds were used to pay personal expenses and to make payments to earlier investors.
The Financial Industry Regulatory Authority (FINRA) filed a complaint against Hank Werner, formerly with Legend Securities Inc. FINRA believes Werner churned an elderly widow's account. His client's husband died in 2012 and from that time up until March of this year, Werner placed over 700 trades on hundreds of different securities. Werner's scheme produced $243,000 in commissions and losses totaling $184,000 for his client.