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Ray Aleksey, a registered representative formerly with Wells Fargo in Brooklyn, NY was suspended from FINRA membership for violations of Rule 9552

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

provides if a member, person associated with a member or person subject to FINRA’s jurisdiction fails to provide any information, report, material, data, or testimony requested or required to be filed pursuant to the FINRA By-Laws or FINRA rules, or fails to keep its membership application or supporting documents current, FINRA staff may provide written notice to such member or person specifying the nature of the failure and stating that the failure to take corrective action within 21 days after service of the notice will result in suspension of membership or of association of the person with any member. In January, 2016 Ray Aleksey was suspended from FINRA membership for violating Rule 9552.

On August 25, 2015 the Securities and Exchange announced that James R. Glover, a former registered representative with Signator Investors, Inc. submitted an Offer of Settlement which the SEC accepted. Solely for the purpose of the SEC’s proceedings and without admitting or denying the findings herein, James R. Glover agreed to the findings that he engaged in a fraudulent offering scheme and investment advisory fraud.

The complaint alleged that from approximately January 1999 through May 2012, Glover raised over $13,000,000 from over 100 customers by soliciting them to invest in Colonial Tidewater. The complaint alleged that Glover solicited investments in Colonial Tidewater through materially false and misleading statements regarding the financial health of Colonial Tidewater, the expected returns and risk of investing, and his personal financial stake in the unregistered offerings.

The complaint further alleged that Glover misappropriated substantial sums from investors.

On  September 8, 2015 the SEC barred Marc Mandel of Boulder, CO who called himself  the “Wizard of Wall Street” from selling stocks, and ordered him to pay fines to the Commission.

Mandel, CEO of Wall Street Radio Inc. and host of the radio show “Winning on Wall Street” accepted the cease-and-desist order without admitting or denying the findings.

According to the SEC’s AWC, Mandel partnered with Ditto Holdings Inc. the owner of FINRA broker dealer Ditto Trade, in order to introduce his newsletter subscribers to Ditto Trades’ securities offerings.

On September 9, 2015 the Securities and Exchange announced administrative and cease and desist proceedings against Dawn J. Bennett a former registered representative with Western International Securities in Washington, D.C.

The SEC’s complaint alleges that from 2009 through February 2011, Bennett Group Financial and Bennett, made material misstatements and omissions regarding assets that were purportedly “managed” for investors and regarding investment returns for the purpose of retaining existing customers and attracting new customers. Then, during the investigation of this matter, Bennett and Bennett Group made additional misstatements in an effort to obstruct the investigation and to “cover up” their alleged prior fraud.

The SEC claims that Bennett and Bennett Group grossly overstated the amount of assets they managed in a calculated effort to inflate their profile and prestige. They made the false and fraudulent claims to a national financial advisor ranking service knowing that the ranking service would publish the misstatements. They also made the misstatements on a Washington, D.C.–area radio program hosted by Bennett, and in a variety of other advertisements and communications with existing and prospective customers and clients. The purpose of these overstatements was to create the impression that Bennett and Bennett Group were larger and more successful players in the industry than they were.

On January 6, 2016 the SEC charged Sheik Khan (aka Abida Khan,) a registered representative formerly with Ameritas Investment Corp. out of Murrieta, CA with violations of Section 10 of the Exchange Act and Rule 10(b)(5) and Section 206 of the Advisors Act.

The complaint against Sheik Khan arises from a claim the SEC brought against Edward Durante, who is accused of defrauding at least 50 unsophisticated investors of $11 million through the sale of securities of VGTel, Inc., a shell company he controlled.

According to the SEC’s complaint Edward Durante defrauded investors by selling approximately six million shares of VGTel stock to investors using a fictitious name to hide his criminal past and lying to investors regarding the use of stock sale proceeds.  Durante also bribed investment advisers, who advised their clients to purchase VGTel stock without disclosing to their clients that they had been bribed. Durante also engaged in matched trading of VGTel stock with a stockbroker to artificially control the stock’s market price.

On January 6, 2016 the SEC charged Larry Werbel, a registered representative formerly with Summit Brokerage Services of Chagrin Falls, OH with violations of Section 10 of the Exchange Act and Rule 10(b)(5) and Section 206 of the Advisors Act.

The complaint against Larry Werbel arises from a claim the SEC brought against Edward Durante, who is accused of defrauding at least 50 unsophisticated investors of $11 million through the sale of securities of VGTel, Inc., a shell company he controlled.

According to the SEC’s complaint Edward Durante defrauded investors by selling approximately six million shares of VGTel stock to investors using a fictitious name to hide his criminal past and lying to investors regarding the use of stock sale proceeds.  Durante also bribed investment advisers, who advised their clients to purchase VGTel stock without disclosing to their clients that they had been bribed. Durante also engaged in matched trading of VGTel stock with a stockbroker to artificially control the stock’s market price.