Articles Posted in Investment Fraud

NASAA Annual Report Shows Senior Are the Most at Risk
The Doss Firm

On September 22, 2015 the North American Securities Administrators Association released their Annual Enforcement Report. The study was conducted from 49 jurisdictions throughout the United States and showed that twenty-five percent of enforcements actions taken in 2014 occurred where seniors were the victims. According to NASAA President and Washington Securities Director William Beatty, “This number…

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MRI International Officers Indicted for $1.5 Billion Fraud Affecting Thousands of Victims
The Doss Firm

Las Vegas-based MRI International Inc.’s former president/chief executive Edwin Fujinaga, Asia-Pacific executive vice president Junzo Suzuki, and general manager of Japan operations Paul Suzuki, have all been indicted on eight counts of mail fraud and nine counts of wire fraud in connection with a Ponzi scheme that defrauded thousands of victims, according to a Fox…

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SEC Announces Charges Against Atlanta Investment Firm and Two Executives Accused of Defrauding Police and Firefighter Pension Funds
The Doss Firm

On May 21, 2015 the Securities and Exchange Commission announced fraud charges against Gray Financial Group, Founder and President Laurence O. Gray, and co-CEO Robert C. Hubbard IV. According to the SEC, the advisory firm and the two executives breached their fiduciary responsibility by swaying Atlanta public pension find clients to invest in alternate investments funds offered…

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ITT Educational Services and Two Executives Charged With Fraud by SEC
The Doss Firm

The Securities and Exchange Commission announced on May 12, 2015 that fraud charges were being filed against ITT Educational Services Inc., as well as Kevin Modany (chief executive officer), and Daniel Fitzpatrick (chief financial officer). According to the SEC, the national operators of for profit colleges and its two chief executives fraudulently concealed from ITT’s investors the…

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Investors Need to Be Careful About Who Has Custody of Their Money
The Doss Firm

The Securities and Exchange Commission recently filed fraud charges against a Fort Lauderdale, Florida-based investment advisor and related funds in the federal district court for the Southern District of Florida. The SEC’s complaint names Frederic Elm (formerly known as Frederic Elmaleh), his unregistered advisory firm Elm Tree Investment Advisors LLC, and three funds: Elm Tree Investment Fund…

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Sudden Collapse of Oil Prices Surprised Stock Market, but Not Industry Insiders
The Doss Firm

The collapse in oil prices was a major shock that took a lot of people by surprise. For years the story line had been that the world was running out of oil and America was dependent on foreign oil produced by governments not friendly to U.S. interests. With dwindling supplies, the price of oil had…

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UBS Hit With $900 Million in Puerto Rican Bond Fund Claims
The Doss Firm

Investors have filed claims against UBS Wealth Management Americas totaling more than $900 million for losses in its Puerto Rican closed-end municipal bond funds, according to InvestmentNews, citing the company’s third quarter earnings report. The bond funds plummeted in value last year. UBS had sold more than $10 billion of the funds through 2012, according to…

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LPL Financial Representative Operating in Buford, Georgia Defrauded Investors Out of $1.7 Million in Savings
The Doss Firm

On August 26, 2014, a federal district court in Atlanta ordered Blake Richards of Buford, Georgia to pay approximately $1.7 million of money that he obtained from investors by fraudulent means, plus interest of nearly $50,000 and a civil penalty of $80,000. The money is to be paid to and held by the district court until further…

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Prosecutors Say Financial Fraud Is on the Rise
The Doss Firm

As if ISIS terrorists, ebola, militarized police, and race riots are not enough, we now read in the Atlanta Business Chronicle that white collar crime is on the rise (“White Collar Crime Wave,” by Dave Williams, August 22-28, 2014). Prosecutors report a significant increase in white collar criminal activity, according to the article. One former…

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Unregistered Investments Are Almost Always Unsuitable, and Are Often Fraudulent
The Doss Firm

Private placements are investments that have not been registered with the United States Securities and Exchange Commission. The lack of registration is either unlawful, or lawful due to an exemption from registration under the securities laws. Private placement investments are always high-risk investments that are complex, not transparent, and illiquid (cannot be readily sold) –…

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