On March 5, 2015 a federal judge ordered Deepal Wannakuwatte to pay over $100 million in restitution to the victims of his decade long ponzi scheme. In November of last year Deepal Wannakuwatte was sentenced to 20 years in prison and ordered to forfeit multiple properties, vehicles, business interests, and…
In August 2014, Feltl and Company signed a letter of Acceptance, Waiver, and Consent (“AWC”) in which FINRA alleged multiple failures by the firm between 2008 and 2012 concerning Feltl’s penny-stock business, including deficiencies in the firm’s supervisory procedures. FINRA alleged that Feltl failed to comply with suitability, disclosure, and…
Kenneth Graves, a former investment adviser representative in Corpus Christi whose license to sell securities was revoked last year by the Texas Securities Commissioner, was arrested June 15 after having been indicted in Nueces County on fraud and other charges. The indictment alleges that Kenneth Graves defrauded six clients of…
Tracy Spaeth, a former investment adviser representative in Lubbock, pleaded no contest to the sale of unregistered securities on Dec. 4, 2014, in Lubbock County State District Court. Spaeth’s sentence was suspended and he was placed on eight years of community supervision. The Texas Securities Commissioner entered a Disciplinary Order…
On July 17, 2015 the California Department of Business Oversight obtained a desist and refrain order against the Citivest Residential Income and Total Return Fund. The Order found that beginning on or about May 31, 2013, Citivest Residential Income and Total Return Fund, LLC offered and sold securities in…
On July 14, 2015 the Wisconsin Department of Financial Institutions issued an Order to Cease and Desist and to Deny Agent and Investment Adviser Registration to Robert Herget and Herget Group LLC. Robert Herget’s application was denied based on findings that Herget violated Wis. Stat. § 551.501 (as well as…
On August 26, 2015 the Arizona Corporations Commission issued a temporary restraining order based on allegations that Robert Kerrigan, USA Barcelona Realty Advisors, LLC, and USA Barcelona Hotel Land Company I, LLC had engaged in, acts and practices that constitute violations of A.R.S. Q 44-1801, et seq., the Arizona Securities…
On June 16, 2015 The Arizona Corporation Commission revoked the securities registration of Michael Blake of Paradise Valley and denied his securities salesman and investment adviser representative license applications based upon his one-year disciplinary suspension by FINRA. As a result of an administrative hearing, the Commission found that Michael Blake’s…
Craig Josephberg (CRD #2709288, New York, New York) submitted an AWC in which hewas barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Josephberg consented to the sanction and to the entry of findings that he willfully violated Section 10(b) of the Exchange…
Jeff Daggett of Temecula, California submitted an AWC in which he was assessed a deferred fine of $20,000 and suspended from association with any FINRA member in any capacity for four months. Without admitting or denying the findings, Jeff Daggett consented to the sanctions and to the entry of findings…