The Law Firm of David R. Chase, PA, headed by former SEC Prosecutor, David R. Chase, is investigating possible claims of selling away by Houston based stock broker James “Jeb” Bashaw. Bashaw was associated with LPL Financial LLC in Houston, Texas from November 2001 up through his termination in September 2014. LPL Financial allegedly terminated...Read More

UBS is hit with a $3.6 million fine and must pay back $1.7 million in restitution for sale of Puerto Rico closed-end mutual funds. UBS Financial Services Incorporated of Puerto Rico (UBS) has cut a deal with Puerto Rico’s Office of the Commissioner of Financial Institutions (OCFI) in connection with UBS’s sales of closed-end mutual funds...Read More

The press has reported that Merrill Lynch recently fired two veteran brokers, Stephen Brown and James Goetz, for recommending clients to invest in a hedge fund outside Merrill Lynch, without Merrill Lynch’s knowledge and permission.  It is reported that Messrs. Brown and Goetz managed approximately $2.5 billion in assets and were part of Merrill’s Private...Read More

The Securities and Exchange Commission (SEC) has sued Matthew Bell for securities fraud, alleging he was involved in a massive pump-and-dump stock manipulation scheme. Mr. Bell was also indicted by the United States Attorney’s Office in the Eastern District of New York on similar charges. The penny stock manipulation scheme involved a few different stocks,...Read More

If you have received a Wells Notice from the SEC, there are a few things you should know. While not a good thing, it does not necessarily mean that you will be charged. Read on to learn more about what a SEC Wells Notice is, how the process works, and why it matters. What is...Read More

CONCERNS OF FRAUDULENT SECURITIES OFFERINGS AND UNREGISTERED BROKERS The Division of Enforcement of the Securities and Exchange Commission continues to actively investigate the Immigrant Investor Program, also known as EB-5, and has to date brought two civil law enforcement actions alleging fraudulent securities offerings.  SEC v. A Chicago Convention Center, et al (involving fraudulent sale...Read More

I have seen a dramatic uptick in administrative enforcement actions by the Florida Office of Financial Regulation (OFR) targeting registered investment advisors, particularly one-man shops.  While it is not clear if this is an OFR sweep, the volume of inquiries I have recently received suggest it may be. The OFR’s administrative complaints seem to be...Read More