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Recovering Investment Losses on a Contingency Fee Basis

Friday, February 27, 2015

Claims Against Stephen Wilshinsky

Stoltmann Law Offices is investigating Stephen Wilshinksy, a Cleveland, Ohio stockbroker who was charged in federal court for his involvement in a scheme that defrauded investors through penny stocks. He was charged with conspiracy to commit wire and securities fraud between 2008 and 2012. He made more than $1.4 million through commissions selling penny stocks at artificially inflated prices to his clients. The Federal Bureau of Investigation (FBI) arrested him in September. His clients invested in Kensington Leasing Ltd. Wilshinksy ran a pump-and-dump scheme which is a stock fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements in order to sell the cheaply purchased stock at a higher price. If you lost money with Stephen Wilshinksy, please call our Chicago-based securities law firm to speak to an attorney about how we may be able to help you recover your investment losses. 312-332-4200.

UBS Broker Claims “Inhospitable Work Environment”

Michael Hadden, a former UBS Wealth Management broker asked a federal court judge to overturn a Financial Industry Regulatory Authority (FINRA) arbitration award ordering him to pay back $300,000 in bonus money, claiming he was unable to work there because of the way UBS marketed structured products. He is claiming UBS marketed and sold structured products to conservative investors and made it "impossible" for him to work there because of it. In 2013, FINRA made him pay UBS $1.3 million in damages, siding with UBS. Hadden claimed that UBS used negative consent letters, which required customers to opt out of a change, and the firm charged high investment management fees. If you lost money with UBS, you may be able to recover your investment losses. Please call us at 312-332-4200 to speak to a securities attorney.

Investment Losses with North Carolina Ponzi Scheme and Keith Franklin Simmons

The Federal Bureau of Investigation (FBI), Internal Revenue Service (IRS) and the U.S. Attorney's Office in the Western District of North Carolina put almost a dozen ponzi scheme masterminds behind bars. Keith Franklin Simmons, the head of the scheme, was sentenced to 40 years in prison late last year, and recently, Jonathan D. Davey, another fraudster was sentenced to more than 21 years. Almost $40 million was taken from investors in the fraud. Simmons began the fraud in 2007 when he formed "Black Diamond," and touted it as a legitimate hedge fund involved in foreign currency trading. He told investors Black Diamond had safeguards in place, was independently audited, and had consistent high rates of return. None of this was true. He also recruited individuals to serve as regional managers of the hedge fund, and stole money from these individuals. Many of them sold annuity products to the elderly. They were promised financial compensation for selling Black Diamond and for bringing on new investors in the scam. None of the money was actually invested. Davey, a certified public accountant and investment manager in Ohio, oversaw the various hedge fund managers. He controlled the funds for the scheme and posted on a website that claimed false returns. All of the accounts totaled one million, when the website claimed that it was over $120 million. Davey and Simmons both spent the money on personal items and lavish luxuries. By December 2009, the FBI placed Simmons in custody. If you invested money with either man or with Black Diamond, you may be able to recover your investment losses. Please call our Chicago-based securities law firm at 312-332-4200 to speak to one of our securities attorneys.

Recovering Losses with Stephen Goodrich

Stoltmann Law Offices is investigating Stephen Goodrich, a man who defrauded investors out of more than $1.8 million. He conducted an investment business using the name Goodrich Financial and he was not a licensed or registered investment adviser. From 2006 until 2012, Goodrich defrauded individuals who gave him investment funds. He used those funds for his personal use. He provided performance summaries that falsely represented their value. More than 10 investors were defrauded, losing more than $1.8 million. Goodrich pleaded guilty in October to one count of mail fraud and one count of subscribing to a false tax return. If you lost money with Stephen Goodrich, please call our securities law office. We are securities attorneys who may be able to help you recover your investment losses. 312-332-4200.

Wednesday, February 25, 2015

Recovering Losses with Sterne Agee & Leach Inc.

Kurt Prenzier, Madison County, Illinois Treasurer, has settled a lawsuit the county filed against Arkansas-based brokerage firm Sterne Agee & Leach, Inc. The lawsuit regarded excessive commissions taken by the firm. The Financial Industry Regulatory Authority (FINRA) ordered the firm to pay the county $340,000 in the settlement, which is currently pending. The county purchased $500 million in bonds from 2001 until 2010, and was charged $473,302 in commissions. If you lost money in Sterne Agee & Leach bond sales, you may be entitled to recover your investment losses. Please call our Chicago-based securities law firm to speak to an attorney to find out how. 312-332-4200.

Recovery of Investment Losses with Enrique Borges

Stoltmann Law Offices is investigating Enrique Borges, a Chicago chaplain who stole $70,000 from an elderly parishioner in his church. The 84 year-old man was afraid his neighbors would steal his money, so he gave Borges power of attorney over his finances. The man did not speak or write in English. At the end of January, Borges transferred $70,000 into his personal account. He was previously convicted in a 1982 gang-related murder and sentenced to 30 years in prison. If you lost money with Enrique Borges, please call our Chicago-based securities law firm at 312-332-4200 to speak to an attorney about your options for recovering your money.

Tuesday, February 24, 2015

Recovering Losses with John Darin Ford and MetLife Securities

Stoltmann Law Offices is investigating John Darin Ford, from Salt Lake City, Utah. The Utah Division of Securities brought a regulatory complaint against him, alleging that he altered and forged client signatures on IRA distribution forms on at least seven separate occasions. He cut and pasted signatures and used white out to forge the documents. The Utah Division of Securities fined him $5,000. Ford was a registered representative with MetLife Securities in Sandy, Utah from May 2005 until August 2013. Before that, he was registered with Metropolitan Life Insurance Company, American Express Financial Advisors, Inc., IDS Life Insurance Company and American Express Service Corporation. He is currently not licensed to work in the securities industry. If you invested money with John Darin Ford, you may be able to recover your investment losses with MetLife Securities. They had a duty to reasonably supervise him, and can be sued in the Financial Industry Regulatory Authority (FINRA) forum. Please call our Chicago-based securities law office at 312-332-4200 to speak to one of our attorneys.

Monday, February 23, 2015

Bringing Claims Against Kwok Eddie Chiu and Merrill Lynch, Pierce, Fenner & Smith Incorporated

Stoltmann Law Offices is investigating Kwok Eddie Chiu and his former firm, Merrill Lynch. Chiu was suspended from the securities industry for one month and was fined $5,000 by the Financial Industry Regulatory Authority (FINRA). FINRA alleged that he made 162 discretionary transactions in two client accounts without obtaining written authorization. Mr. Chiu was registered with Citigroup Global Markets Inc. in New York, New York from 1996 until 2005, before Merrill Lynch. He has five customer disputes against him. If you invested money with Mr. Chiu, please call us at 312-332-4200 to speak to an attorney about how we may be able to help you recover your investment losses. His former firm, Merrill Lynch, had a duty to reasonably supervise him and can be sued in the FINRA arbitration forum.

Bringing Claims Against Nilda Lee Vasey and Ameriprise Financial Services, Inc.

Stoltmann Law Offices is investigating Nilda Lee Vasey and her former firm, Ameriprise Financial Services, Inc. Vasey used customer funds for herself without the customer's knowledge or consent, by having the customers pay her firm's annual planning fees to herself instead of the firm. After being registered with Ameriprise in Hingham, Massachussetts from 2005 until 2013, Vasey was registered with Lincoln Financial Advisors Corporation in Waltham, Massachussetts from December 2013 until January 2015. She was permanently barred from the securities industry by the Financial Industry Regulatory Authority (FINRA) and cannot act as a broker or otherwise associate with firms that sell securities to the public. If you invested money with Ms. Vasey, please call us at 312-332-4200 to speak to an attorney about how we may be able to help you recover your investment losses. Her former firm, Ameriprise, had a duty to reasonably supervise him and can be sued in the FINRA arbitration forum.

Bringing Claims Against Kerrie Milligan and Morgan Stanley

Stoltmann Law Offices is investigating Kerrie Milligan and her former firm, Morgan Stanley. Milligan was fined $5,000 by the Financial Industry Regulatory Authority (FINRA). FINRA alleged that she exercised discretion in a customer's account without authorization from the customer or the firm. She also made a wire transfer request by an unauthorized third-party purporting act on behalf of a client, according to her former firm. If you invested money with Ms. Milligan, please call us at 312-332-4200 to speak to an attorney about how we may be able to help you recover your investment losses. Her former firm, Morgan Stanley, had a duty to reasonably supervise her and can be sued in the FINRA arbitration forum.