Guy Gentile, an owner of a broker-dealer in New York, was recently indicted on charges of securities fraud. Mr. Gentile is accused of participating in a pump and dump scheme that generated $17.2 million in trading proceeds. The scheme involved the manipulation of the share prices of Raven Gold Corp. and Kentucky USA Energy, Inc. If found guilty, Gentile can face up to twenty years in prison.
Travis Wetzel, an advisor from Frederick, Maryland was indicted on wire fraud charges last month. Wetzel was the branch operations manager at Research Financial Strategy, an advisory firm located in Rockville, Maryland. Wetzel allegedly embezzled $1,282,224 from a clients of the firm. On May 9, 2014, FINRA permanently barred Wetzel from the securities industry
Earlier this year, after allegations of fraudulently spending ten thousand dollars with someone else's credit card, Dana Giacchetto was charged with fraud. Giacchetto has served as financial advisor to A-list celebrities such as Matt Damon and Leonardo DiCaprio.
Signator Investors, a John Hancock company, and their former employee James Glover were ordered to pay investors $1.6 million by a FINRA arbitration panel. The three victimized investors met Mr. Glover at their church in Maryland. The investors claimed that Glover fraudulently induced them to purchase interests in a real estate venture known as Colonial Tidewater. The investors also claimed that Signator investors failed to properly supervise Glover's activities.
Aubrey Lee Price, a Georgia investment advisor who allegedly of caused $40 million in damages to his clients, resurfaced. According to an Investment News article, Mr. Price was last seen in June 2012. In 2012, a Georgia court made a finding that Mr. Price was deceased. Now that Price is back and alive, he is facing criminal charges for bank fraud. Price allegedly raised $40 million from his clients through a private-placement fund which promised "positive total returns with low volatility." Price was arrested on New Year's Eve after a traffic stop. He is now facing up to thirty years in prison and a million dollar fine.