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Fraud

Steven Pagartanis, Ex-Lombard and Cadaret Grant Broker, Barred from Securities Industry While Being Investigated for Possible Fraud and Theft

On April 13, 2018, FINRA announced it barred securities broker Steven Pagartanis 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 Steven Pagartanis for declining to provide sworn testimony during

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Michael Giokas, former Fortune Financial Services Broker, Pleads Guilty to Federal Charges and Admits He Stole More than $1.4 Million of Client Funds

On April 16, 2018, U.S. Attorney’s Office for the Western District of New York announced that Michael Giokas pled guilty to federal wire fraud charges that he defrauded numerous clients.  He now awaits sentencing and faces up to 20 years in prison. The Buffalo News reported that Gioakas admitted he used a fake company called

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Timary Delorme, ex-Wedbush Broker, Barred by the SEC and FINRA Following Fraud Accusations

On March 27, 2018, long-time Wedbush broker, Timary Delorme, was permanently barred from associating with brokerage firms or participating in penny stock sales or offerings.  These sanctions were doled out by the Securities Exchange Commission (SEC) and Financial Industry Regulatory Authority, Inc. (FINRA) for her alleged role in an illegal penny stock pump-and-dump scheme. Delorme

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Wedbush Securities Fined Once Again for Alleged Misconduct Two Weeks After the SEC Labeled It a Recidivist Broker

On April 11, 2018, Los Angeles based stockbrokerage, Wedbush Securities Inc., once again came under regulatory fire.  This time, the Financial Industry Regulatory Authority, Inc. (FINRA) fined Wedbush $40,000 for alleged rule violations. Wedbush already received three regulatory sanctions in 2018 with total penalties of $2,809,000.  These penalties add to the more than 70 regulatory

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Ralph Savoie Pleads Guilty to Federal Charges for his $1.5 Million Ponzi Scheme

According to a press release from the U.S. Attorney’s Office for the Middle District of Louisiana, on March 28, 2018, former stockbroker Ralph Savoie pled guilty to federal mail fraud charges for operating a Ponzi scheme.  Investors who lost money to Savoie may still have recovery options. The U.S. Attorney’s Office reported Savoie admitted in

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Kevin Wanner Pleads Guilty to Federal Charges for his $3 Million Ponzi Scheme Defrauding North Dakota Residents

According to the Bismarck Tribune, former stockbroker Kevin Wanner pled guilty in March 2018 to federal mail fraud and money laundering charges.  Investors who lost money to Wanner may still have recovery options. Charges against Wanner stem from his Ponzi scheme that allegedly bilked 66 North Dakota investors out of more than $3 million. Wanner

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Americrude Inc. Oil-and-Gas Securities and Three of Its Executives Charged with Defrauding Investors

On March 19, 2018, the Securities and Exchange Commission (SEC) announced it recently charged oil-and-gas company Americrude, Inc. and three of its executives with defrauding investors. The SEC charged in its complaint filed in the Northern District of Texas federal district court that Americrude’s CEO and president used cold calls and high-pressured sales pitches to inappropriately

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SEC Obtained Injunction Against Willow Creek Investments, Hedge Fund Charged with Fraud

On March 21, 2018, the Securities and Exchange Commission (“SEC”) announced that it obtained a preliminary injunction and asset freeze against Nicholas Genovesa, his hedge fund, Willow Creek Investments LP (“Willow Creek”), and his advisory firm, Willow Creek Advisors, LLC.  The SEC had previously filed charges on February 2, 2018 against Genovese and his hedge

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Michael Giokas, former Fortune Financial Services, Inc. Stockbroker, Barred for Failure to Cooperate with Investigation into Fraud Charges

Update: Michael Giokas pleads guilty to wire fraud. On March 23, 2018, FINRA announced it barred securities broker Michael Giokas 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 Michael

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