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May 4, 2018

Paul W. Smith, Ex-Bolton Global broker, Sentenced to Five Years for Ponzi Scheme

On May 4, 2018, the Securities and Exchange Commission (SEC) announced that Paul W. Smith was sentenced to 63 months imprisonment followed by one year of supervised release and ordered to pay $886,214 in restitution.  Smith was sentenced in criminal charges filed against him by the U.S. Attorney’s Office for the Eastern District of Pennsylvania. The

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Marcus Duane Parker, former Wells Fargo broker, Barred During Investigation into Possible Theft

On February 16, 2018, FINRA announced that it barred securities broker Marcus Duane Parker from associating with firms registered with FINRA.  FINRA (Financial Industry Regulatory Authority, Inc.) registers and regulates securities brokers and brokerage firms. In a Letter of Acceptance, Waiver and Consent (AWC), FINRA stated it barred Parker when he failed to respond to

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Sonya Camarco Customers Still Have Claims to Recover Loses from the Ex-Broker

Between August 2017 and December 2017, six FINRA arbitration claims were filed against the former Colorado based broker Sonya Camarco alleging misrepresentations of a trust or misappropriations of customer funds, according to Financial Regulatory Authority, Inc. (FINRA) records. In October and December two of the claims settled, with at least one for 100% of claimed

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LPL Financial Fined Up To $26 Million for Unregistered Securities Sales

On May 2, 2018, the North American Securities Administrators Association (NASAA)—the association of state, Canada, Mexico, and U.S. territory securities regulators—announced a settlement with LPL Financial LLC.  The settlement between the NASAA and LPL requires LPL to offer to repurchase certain unregistered securities it sold investors since October 2006 and to pay civil penalties that

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