Articles Posted in News Releases

GPB Capital Holdings is being scrutinized by the SEC, FINRA and the FBI.  The focus of the inquiry is whether proper disclosures were made in connection with GPB Capital raising $1.8 billion from investors through private placement funds.  The funds ostensibly invest in auto dealerships and the waste management industry. However, there have been allegations that…

Lawsuit Filed on Behalf of Victims of the Simple Health Insurance Scam MIAMI June 12, 2019 — As health insurance fraud penetrates America’s healthcare industry to target vulnerable consumers, Miami-based law firm Levine Kellogg Lehman Schneider + Grossman (LKLSG) and Atlanta-based The Doss Firm filed a class action complaint against Health Insurance Innovations (HIIQ), Inc. and Health Plan Intermediaries Holdings, LLC (HPIH) for their role in…

Our firm has already filed many individual lawsuits alleging, among other things, investment fraud against Leavitt Sanders and the firms that he traded through.  Those firms include Invest Financial, Triad Advisors, Capital Asset Advisory Services, Sanders Yearian Advisory Group and Leavitt Financial Group. We have developed direct evidence that supports the allegations that these firms…

On September 29, 2015, the North American Securities Administrators Association (NASAA) released for public comment a proposed model to help broker-dealers, investment firms, and employees to better recognize if a senior or other vulnerable adult is being financially exploited. Judith Shaw, the NASAA President and Maine Securities Administrator, said, “Working together we can and will…

On January 6, 2015, the Financial Industry Regulatory Authority (FINRA) published its tenth annual Regulatory and Examinations Priorities Letter. In that letter, FINRA identified five areas, which it described as “recurring challenges,” that have harmed investors and resulted in compliance and supervisory breakdowns at member firms. At the top of FINRA’s list of problem areas is…

According to a recent news release, the Financial Industry Regulatory Authority (FINRA) has fined Stifel, Nicolaus & Company, Incorporated and an affiliate $550,000 ordered them to pay approximately $475,000 in restitution to 65 customers for making unsuitable recommendations of leveraged and inverse exchange-traded funds (ETFs). The affiliate is Century Securities Associates, Inc., which is owned by…

Each year, the Financial Industry Regulatory Authority (FINRA) publishes a letter to the financial services industry identifying its regulatory and examination priorities. FINRA is the industry’s “self-regulatory organization,” which is charged with policing sales practice violations by its member broker-dealer firms, among other things. According to FINRA, its letter highlights important risks and problem areas in the…

Banking giant J. P. Morgan Chase has reached a deal with federal prosecutors to avoid criminal prosecution for its role in the Bernard Madoff Ponzi scheme. According to the prosecutors, J. P. Morgan, which had custody of Madoff accounts, witnessed suspicious money transfers, too-good-to-be-true investment returns, unverifiable trading activity, and the use of a one-man…

On April 22, 2013, George Canellos and Andrew Ceresney were named as SEC’s Division of Enforcement co-directors. Both have ties to SEC’s new chairman Mary Jo White. Canellos worked as an assistant attorney to Ms. White while she was the U.S. Attorney for the Southern District of New York in the 1990s to early 2000s. Then…

On April 19, 2013, the FINRA Board of Governors approved several proposed rule changes that now will be submitted to the SEC for review and approval. Two that center on the FINRA arbitration process are detailed below: First, the Board authorized FINRA to file with the SEC proposed amendments to FINRA Rule 12403 which would simplify securities…