On April 11, 2018, the Securities and Exchange Commission (SEC) stated in a press release that it had barred Laurence Torres from the securities industry and ordered him to pay more than $400,000 in penalties, disgorgement, and interest. The SEC order barring Torres was dated September 28, 2017. Torres was one of three former Alexander
Dawn Bennett and Bradley Mascho, two ex-Western International Securities, Inc. brokers, have been accused in regulatory, criminal, and customer complaints of fraud and other misconduct causing investors millions in losses. Several of their former clients have recovered losses in arbitration claims, and others may still have claims. The latest regulatory action occurred in January 2018
On April 17, 2018, the U.S. District Court for the Northern District of Illinois entered a judgement against Glick in the Securities and Exchange Commission’s civil action against him alleging fraud. That same day, the U.S. Attorney’s Office for the Northern District of Illinois announced that Daniel Glick was sentenced to more than 12 years
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
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
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
