In a reversal of the typical story that grabs the headlines, former NFL linebacker Mychal Kendricks and former Goldman Sachs banker Damilare Sonoiki have been charged with insider trading over profits totally approximately $1.2 million.
FINRA Disciplinary Action Report for September 2017.
FINRA Disciplinary Action Report for brokers and brokerage firms for August 2017
Financial Industry Regulatory Authority's October 2016 disciplinary action report for the financial industry and brokers.
Professional athletes offer fraudulent advisors, brokers, friends, and family an irresistible target for their schemes. The typical pro athlete is young and, as an investor, woefully unsophisticated. They also have a lot of money which needs investing. No wonder every few months or even weeks, we read another story about pro athletes getting swindled.
FINRA Broker Disciplinary Action Report March 2016
Each month and again on a quarterly basis, the agency that regulates the financial industry, FINRA (Financial Industry Regulatory Authority), produces a detailed report that runs down all disciplinary actions recently taken against brokerage firms and brokers. This long list of alleged wrongdoing and misconduct reads a lot like a police blotter. We strongly encourage any investor who suspects their broker and/or broker-dealer of having lost them money on dubious terms to at least skim this report to see if you recognize any names, schemes, products, or securities.
The Financial Industry Regulatory Authority (FINRA), the watchdog for the securities industry, operates a Yelp or Angie’s List-style database called BrokerCheck. This powerful resource compiles accreditation, work history, and perhaps most importantly customer dispute history on all 650,000 or so registered financial advisors in this country.
A recent lawsuit by San Francisco Giants hurler Barry Zito alleges that his friend used their relationship to mislead Zito into making a $3M investment on a fitness software startup that never materialized. We've seen misrepresentation like this before, and we're pretty sure we'll see it again. Unfortunately, pro athletes with large salaries and limited investment knowledge are highly susceptible to manipulation by stock brokers and friends alike. Precisely because they have a lot of money, they tend to be over-trusting of friends who they believe have their best interests in mind. Not always the case. And it's important to keep in mind that perpetrators of securities fraud are not always stock brokers or financial advisors--they can be anyone who enters upon a securities contract.
f you or someone you know think you've been the victim of securities fraud or misrepresentation, please The Green Firm immediately for a free consultation.