Archive for 'Securities & Arbitration' Category
Napoli Bern Ripka, LLP Notice To Bear Stearns High Grade Investors
Recently, a Financial Industry Regulatory Authority (FINRA) arbitration panel awarded over $3 million damages following the collapse of the Bear Stearns High Grade Structured Credit Fund and Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund (“Bear Funds”). The Bear Funds were highly leveraged hedge funds that purchased collateralized debt obligations (“CDOs”) backed primarily by risky [...]
Medical Capital Holdings (MedCap) and Securities America
Napoli Bern Ripka, LLP is currently seeking clients who have incurred losses investing in Medical Capital Holdings. In July 2009, the Securities and Exchange Commission (SEC) sued Medical Capital for fraud, claiming that Medical Capital misappropriated $18.5 million of investors’ money and misrepresented its own business records by keeping several defaults under wraps. A court-appointed [...]
Brokers’ Misrepresentation of Risks Associated with “100 percent principal protected absolute return barrier notes.”
Throughout 2008 many brokers pushed their clients to purchase principal -protected notes issued by Lehman Brothers –notes that were marketed to investors as “safe” but that are now essentially worthless since the market seized and Lehman went under. Investors are seeking to enforce their right to be compensated for losses stemming from their advisors misrepresentation [...]
Medical Capital Investor Receives $400,000 Arbitration Award For Reg D Private Placement Investment
June 1 - In the first successful claim against a broker for selling Medical Capital notes, FINRA has ordered broker-dealer Peak Securities Corp. to pay customer Marilyn Hazell $400,000 that she lost in a Medical Capital Holdings fund.
Hazell filed arbitration claims against Peak Securities, the broker-dealer that sold Hazell Medical Capital notes. Hazell alleged breach [...]
Napoli Bern Ripka, LLP Investigates Recent New York Affinity Fraud Scheme
NEW YORK May 26, 2010
Affinity fraud refers to investment scams that target members of identifiable groups, such as the elderly, religious, or ethnic groups. Perpetrators portray themselves as members of the group in order to gain trust and eventually solicit investments in fraudulent scheme. Ponzi schemes are often combined with affinity fraud.
Recently, the SEC filed [...]
Investors Never Advised of Substantial Risks of Unlisted REITs
Napoli Bern Ripka LLP warns investors of inappropriate industry sales practices in the sale of unlisted real estate investment trusts. Investors across the country are seeking to enforce their right to be compensated for losses stemming from their advisors unsuitable recommendation of unlisted, or non-traded, real estate investment trusts (REITs). Investors allege that brokers failed [...]
Provident Asset Management LLC Expelled By FINRA Over Fraudulent Private Placement
One March 18, 2010, the enforcement division of FINRA expelled Provident Asset Management LLC. It is alleged that the firm marketed a series of fraudulent private placements through an affiliate, Provident Royalties LLC, in what was a massive ponzi scheme that led to investors l. Provident Royalties sold $480 million of its offerings through an [...]
Trust Assets, Beneficiaries, Investment Advisors & Your Rights
Napoli Bern Ripka LLP continues to represent trustees in claims against financial advisors to enforce their right to be compensated for the loss of trust assets as a result of their brokers’ failure to either recommend suitable investments in accordance with the trusts purpose or failure to properly disclose the risks inherent in their investment [...]
Wachovia to Pay $160 Million in Money Laundering Settlement
Wachovia has agreed to pay $160 million to settle a federal investigation alleging that the US bank facilitated the laundering of illegal drug profits. The failure of the bank to maintain a system to monitor the transactions at issue for potential money laundering allowed millions of dollars from Mexican exchange houses to be laundered into [...]
Broker Liability For Assisted Investor “Economic Suicide”
Investors are generally unaware of the plethora of rights that both state and federal securities laws provide to protect investors from the conduct and actions of their advisors. Industry professionals are highly regulated and several duties to investors. One less known duty is that of a broker’s responsibility to refuse to execute a transaction that [...]
