On March 6, 2015 securities regulator FINRA fined and suspended Douglas Dannhardt of San Antonio, Texas from the securities industry. Without admitting or denying FINRA’s findings, Dannhardt consented to a nine month suspension from membership (from April, 2015 to January, 2016) and a $25,000 fine. He also consented to an…
On February 11, 2015 former registered representative Daniel Retzke agreed to a permanent bar from the securities industry. Securities regulator FINRA filed a complaint alleging that Daniel Retzke, of Freeport, Illinois engaged in private securities transactions in violation of FINRA rules. Daniel Retzke was licensed with Edward Jones from 1992…
On March 27, 2015 Daniel Glavin of Tinley Park, Illinois was barred from working in the securities industry as a registered representative. Daniel Glavin consented to the findings that he misappropriated $45,000 from one of his customers, who had requested that Glavin purchase certificates of depot on his behalf. Instead…
On May 15, 2015 FINRA announced the filing of a complaint against ARI Financial Services, Inc. and William Brian Candler. FINRA alleged that Candler and ARI Financial Services failed to conduct reasonable due diligence regarding a private placement, failed to prevent a general solicitation of unregistered securities, and failed to…
On August 3, 2015 Aegis Capital Corp. was fined $950,000 by FINRA for selling unregistered penny stocks and failing to supervise its securities business. In addition, two Aegis Capital Corp compliance officers were fined and suspended. In a related FINRA proceeding the firm’s president and CEO was suspended and fined…
Noted energy analyst David Fessler recently published a report through The Oxford Resource Explorer warning investors about coming defaults and bankruptcies for 19 publicly traded oil and gas companies. According to Fessler’s report “The oil company death list, these 19 oil and gas stocks will die soon” the 19 companies…
Much has been written about the concept of suitability as it pertains to investments. In essence, the “suitability rule” mandates that all licensed financial professionals have an obligation to make appropriate (suitable) investment recommendations to their clients, given their clients’ needs and objectives. The rule has a long history and…
Investors will sometimes get pitched an investment by their financial advisor that doesn’t clear through normal channels. These types of transactions are considered to be outside business activities, and are also referred to as “selling away.” Licensed financial advisors are required to transmit all of their business through the broker…
A promissory note is a contract whereby the borrower – usually a business- promises to repay the lender at a specific time in the future. Sometimes the contract calls for the payment of periodic interest; oftentimes the interest is paid upon maturity, along with principal. Promissory notes with maturities longer…
Made infamous by Charles ponzi in the 20th century, and again by Bernie Madoff in the 21st century ponzi schemes have taken numerous forms over the years. But they all employ the same fundamental scam; new investor money is used to pay “dividends” to older investors. Rather than investing into…