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Owners of Pacific Property Assets/Apartments America Charged With Fraud
By George Miller of Shustak Reynolds & Partners, P.C. posted on Friday, February 7, 2014.
The FBI recently indicted Michael Stewart of Phoenix, Arizona, and John Packard, of Long Beach, California, for allegedly operating a massive real estate ponzi scheme fraud through their companies, Pacific Property Assets (PPA) and Apartments America, LLC (AA). According to the SEC, which previously brought civil […] Read More
San Francisco Art Dealers Implicated in $3.4 Million Ponzi Scheme
By George Miller of Shustak Reynolds & Partners, P.C. posted on Monday, January 27, 2014.
The FBI recently announced a 12-count federal indictment against Anthony Barreiro and Ernest Ray Parker, a/k/a Ray Parker Gaylord, two art dealers who reside in San Francisco and Dallas. The indictment alleges that Barreiro and Parker operated a Ponzi scheme fraud through several phony businesses, including ARTLoan Financial […] Read More
Los Angeles Pastor Arrested For Running Ponzi Scheme Fraud
By George Miller of Shustak Reynolds & Partners, P.C. posted on Monday, January 20, 2014.
The FBI recently announced that it has arrested Luis Alonso Serna, a pastor based in the San Fernando valley area of Los Angeles, in connection with a federal indictment alleging he ran a Ponzi scheme which bilked upwards of 70 investors out of more than $4 […] Read More
Morgan Stanley Year-End Technology Glitch Reported
By George Miller of Shustak Reynolds & Partners, P.C. posted on Monday, December 30, 2013.
A new technology glitch is impacting Morgan Stanley Wealth Management’s ability to re-balance its clients’ brokerage accounts. According to an anonymous source at the firm, the glitch was so significant that the firm’s wealth management division called a “crisis management” meeting late last week. Morgan Stanley […] Read More
Crowdfunding: What Investors Need to Know
By George Miller of Shustak Reynolds & Partners, P.C. posted on Friday, December 6, 2013.
Congress enacted the “Jumpstart Our Business Startups Act”-or JOBS Act-as part of the federal government’s ongoing efforts to stimulate the economy. The Act was intended to spur small business growth by loosening decades-old rules prohibiting the solicitation and sale of private placement investments […] Read More
Senate Considers Regulation of Virtual Currencies
By Jessica Antoniades of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 20, 2013.
The virtual currency Bitcoin was the subject of a hearing held this week by the U.S. Senate Committee on Homeland Security and Governmental Affairs. The hearing focused on potential implications of the rise of virtual currencies, also known as digital currencies, in today’s market. Appearing at […] Read More
FINRA Announces New Version of BrokerCheck
By Mary Scott of Shustak Reynolds & Partners, P.C. posted on Wednesday, November 13, 2013.
The Financial Industry Regulatory Authority (“FINRA”) is making it easier than ever to research an investment professional’s background. On November 12, 2013, FINRA announced its release of an enhanced version of BrokerCheck, the online tool that allows investors to check the background of registered brokers and brokerage firms. In its news release, […] Read More
Securities fraud – SAC Capital to pay $1.8 billion in fines
By Jonah Toleno of Shustak Reynolds & Partners, P.C. posted on Tuesday, November 5, 2013.
Hedge fund SAC Capital Advisors has agreed to pay $1.8 billion in fines and plead guilty to securities fraud charges, according to United States prosecutors. Manhattan federal Judge Laura Taylor Swain issued an order today setting a hearing for this Friday, where SAC Capital will plead guilty […] Read More
FINRA Releases Report on Conflicts of Interest
By Jessica Antoniades of Shustak Reynolds & Partners, P.C. posted on Thursday, October 17, 2013.
The Financial Industry Regulatory Authority (FINRA) released a new report regarding conflicts of interest in the broker-dealer industry. FINRA began working on the report last year, when it started gathering data from 14 large firms regarding compliance procedures in place to monitor and prevent conflicts. The […] Read More
FINRA Expungement- Virtually Guaranteed in Settled Cases
By erwin Shustak of Shustak Reynolds & Partners, P.C. posted on Thursday, October 17, 2013.
Good news for registered reps seeking to expunge customer complaints from their CRD records. A report recently issued by PIABA, the association of lawyers who represent aggrieved investors, reveals that brokers were able to obtain the approval of arbitration panels to expunge the customer complaints from […] Read More