This is an update to a previously posted article – “Wells Fargo Pays Out $190 in Financial Fraud Claim”. Read the full story here. In the wake of the massive fraud scandal stemming from a sales incentives initiative, Wells Fargo as announced that it is ending the company-wide sales product goals. The banking giant, ordered…
Continue reading ›Raymond James & Associates along with a Milwaukee-based investment firm, Robert W. Baird & Co. reached a settlement over penalties regarding wrap fee compliance with the Securities and Exchange Commission (SEC) last week. The SEC had charged the long established St. Petersburg, FL-based investment firm with violating Section 206(4) of the Investment Advisers Act of…
Continue reading ›Last week, banking giant, Wells Fargo, agreed to a settlement with federal and state prosecutors in a California court to pay $185 million in penalties and $5 million in damages to affected customers following a wide-spread financial fraud scandal. In May of last year, it was alleged that Wells Fargo had assigned fee-generating savings and…
Continue reading ›Yesterday, in a case of investment fraud, the S.E.C. formally charged two former accounting executives with falsifying the financial performance of a real estate investment trust. It is alleged that the former executives of VEREIT Inc., then known as American Realty Capital Properties (ARCP), purposefully and knowingly overstated quarterly earnings by inflating figures in a…
Continue reading ›Jordan Belfort may have bestowed the title ‘Wolf of Wall Street’ on himself, but we all know that wolves travel in packs – and it looks like Wall Street is full of them. The Consumer Financial Protection Bureau (CFPB) a financial watch-dog group has recently released a database outlining complaints against several of the nation’s…
Continue reading ›It seems that mosquitoes aren’t the only thing people will have to watch out for on the Zika front. As with any public crisis, the outbreak of the Zika virus has come with the threat of investment fraud in tow. Crooks and scam artists exploit crises like this one by preying on public anxieties. This…
Continue reading ›To those familiar with the shenanigans we deal with on a daily basis in the financial industry, it comes as no surprise and as a refreshing breeze to read Senators Warren and Cotton’s letter to the Chairman and CEO of FINRA, Richard Ketchum. It is an open secret that many stock brokers and brokerage firms…
Continue reading ›Bankruptcy protection gives debtors a fresh start. But before filing, it is important to know the common mistakes people make during the process. Not Being Truthful The means test is the first step to filing bankruptcy. It consists of several financial questions that will determine if you can pay your creditors. If you don’t mention…
Continue reading ›With the current economic situation, it’s common to hear a bankruptcy lawyer talk about a business filing for Chapter 11 bankruptcy. What is Chapter 11? It allows the debtor to liquidate or restructure debt, and it usually involves larger amounts of money than Chapter 7 or 13. Who Can File Chapter 11? Both businesses and…
Continue reading ›When it comes to bankruptcy, Chapter 13 is the second most common filing behind Chapter 7, according to a leading bankruptcy lawyer. What is Chapter 13? It lets you sort out your finances while protecting you from creditor harassment and wage garnishment at the same time. Eligibility One eligibility requirement is that you must have…
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