Securities Fraud Lawyer Blog

November 3, 2015

SEC charges William Apestelos with running a ponzi scheme

On October 30, 2015 in the Southern District of Ohio The Securities and Exchange Commission filed an enforcement action against William Apostelos and his companies WMA Enterprises, LLC, Midwest Green Resources, and OVO Wealth Management. The complaint alleged that Willlaim Apostelos and his companies conducted a fraudulent investment scheme.

The SEC’s complaint alleges that William Apostelos, WMA, Midwest Green, and OVO raised over $66 million from over 300 investors since January, 2010 and that throughout the alleged scheme, William Apostelos made multiple misrepresentations to recruit new investors. The SEC alleges that Apostelos told investors that their funds would be invested in stock, precious metals, real estate, and used to make short-term loans to small businesses and farmers.

The SEC alleges that, in fact, William Apostelos funneled nearly all the investor funds to WMA’s bank accounts and used them to make ponzi scheme like payments to earlier investors and promoters of the scheme; to finance other businesses that he owned; and to support his lavish lifestyle, including the payment of gambling expenditures.

October 31, 2015

Frank Savigne FINRA membership suspended

by David Liebrader

Frank Savigne a registered representative formerly with Wells Fargo Advisors in Sarasota, FL was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In October, 2015 Frank Savigne was suspended from FINRA membership for violating Rule 9554.

October 31, 2015

Jason Mininger FINRA membership suspended

by David Liebrader

Jason Mininger a registered representative formerly with Kovack Securities in Rocklin, CA was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In October, 2015 Jason Mininger was suspended from FINRA membership for violating Rule 9554.

October 31, 2015

Peter Gouzos FINRA membership suspended

by David Liebrader

Peter Gouzos a registered representative formerly with Hunter Scott Securities in DelRay Beach, FLwas suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In October, 2015 Peter Gouzos was suspended from FINRA membership for violating Rule 9554.

October 31, 2015

Hugh Dyson FINRA membership suspended

by David Liebrader

Hugh Dyson a registered representative formerly with Ameriprise Financial Services in Raleigh, NC was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In October, 2015 Hugh Dyson was suspended from FINRA membership for violating Rule 9554.

October 31, 2015

Robert Altemus FINRA membership suspended

by David Liebrader

Robert Altemus a registered representative formerly with Merrill Lynch in Walnut Creek, CA was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In October, 2015 Robert Altemus was suspended from FINRA membership for violating Rule 9554.

October 31, 2015

James Ackerman FINRA membership suspended

by David Liebrader

James Ackerman a registered representative formerly with Sloan Securities in Englewood Cliffs, NJ was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In October, 2015 James Ackerman was suspended from FINRA membership for violating Rule 9554.

October 31, 2015

Donald McBirney FINRA membership suspended

by David Liebrader

Donald McBirney a registered representative formerly with Sterne Agee in San Francisco, CA was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In June, 2015 Donald McBirney was suspended from FINRA membership for violating Rule 9554.

October 30, 2015

Josh Krieg FINRA membership suspended

by David Liebrader

Josh Krieg a registered representative formerly with Merril Lynch in Alexandria, VA was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In June, 2015 Josh Krieg was suspended from FINRA membership for violating Rule 9554.

October 30, 2015

John Cech suspended from FINRA membership (reinstated April 2015)

by David Liebrader

John Cech a registered representative formerly with Morgan Stanley (and Chatfield Dean) of Denver, Colorado was suspended from FINRA membership for violations of Rule 9554

FINRA Rule 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution

provides that a registered representative or a firm that fails to comply with a FINRA arbitration award or a settlement agreement entered into as a result of a FINRA arbitration or mediation proceeding, shall have their license suspended 21 days after notice of the intent to suspend has been sent. In November, 2014 John Cech was suspended from FINRA membership for violating Rule 9554. He was reinstated in April, 2015.