According to the Atlanta Journal Constitution (AJC), Eldon A. Gresham, of The Gresham Company, a Peachtree City based company, has been charged with running a multimillion dollar Ponzi scheme. The U.S. Commodity Futures Trading Commission charges Gresham with soliciting more than $15 million from at least 75 investors to further his scheme. Particularly, it is…
Due to the long overdue need for investor-friendly reform in the financial services industry, the Obama administration has proposed legislation that would require broker-dealers who provide investment advice to assume fidicuary duties to their clients. In case you do not know, a fiduciary is someone that is held in a position of trust. As a…
It is alleged by the Securities and Exchange Commission (SEC) that Provident Royalties, LLC, a Dallas, Texas based company owned and controlled by Paul R. Melbye, Brendan Couglin, and Henry Harrison, has “made a series of fraudulent securities offerings involving oil and gas assets through 21 affiliated entities to more than 7,700 investors throughout the…
According to the most recent Atlanta Business Chronicle article entitled Atlanta companies lose billions in retirement funds, some of the largest Atlanta/Georgia-based companies have lost billions of dollars in their retirement and savings plans. The losses approximate $2.7 billion in 2008. The companies are listed below along with their respective 2008 decline in employee investable…
As investment values dropped due to the recent market downturn, investor lawsuits against financial advisers and their firms have been on the rise. According to today’s Wall Street Journal article entitled New and Improved Arbitration?, investor claims are up 110% this year through May compared to the same period in 2008. The main complaint is…
The Financial Industry Regulatory Authority (FINRA) offers some sound advice when it comes to Promissory Notes. Promissory notes often appear as an attractive alternative to stocks and bonds during this tough economic climate. However, investors need to beware of several problems prior to investing. A promissory note is a type of debt that a company…
According to a press release, the Securities and Exchange Commission (SEC) has charged Michael T. Rand, the former chief accounting officer of Beazer Homes, USA, Inc., with conducting a fraudulent earnings management scheme. It is alleged that this scheme took place over a period of years and that Rand mislead both internal Beazer accountants and…
According to the Securities and Exchange Commission (SEC), Prime Capital Services (PCS), a New York-Based Firm, has been charged with luring Florida senior citizens through free-lunch seminars to buy variable annuities which were unsuitable for these individuals. The SEC states that PCS is a registered broker-dealer that is a wholly-owned subsidiary of Gilman Ciocia, Inc.…
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