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Wall Street Investment Fraud Lawyer Blog

Morgan Stanley Penalized $7 Million for Failing to Adequately Supervise Brokers
The Doss Firm

According to the Associated Press, Morgan Stanley has agreed to pay more than $7 million to settle regulatory claims of misconduct, arising from the actions of two former brokers, Michael J. Kazacos and David M. Isabella. These brokers were employees of Morgan Stanley’s Rochester branch office. It is said that the settlement resolves claims that Morgan…

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Avoiding Investment Fraud: Watch Out for Red Flags!
The Doss Firm

The Financial Industry Regulatory Authority (FINRA) has issued an alert warning investors to look out for several red flags of fraud. To avoid becoming a victim of investment fraud be on the lookout for the following red flags: 1) Guarantees: Always remember that all investments have a certain degree of risk. Beware of anyone who guarantees performance of an investment. 2)…

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Atlanta Investment Manager Admits Defrauding Alzheimer’s Patient
The Doss Firm

According to the Atlanta Journal Constitution (AJC), Frederick Barton pled guilty today to defrauding a 90-year-old woman, who has Alzheimer’s disease, of almost her entire life savings.  Barton will be sentenced for wire fraud on June 23rd. Barton was fired in 2002 from a national brokerage firm. Thereafter, he began his own investment firms, Barton Asset Management…

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Georgia Man, Wendell Ray Spell, Pleads Guilty in Ponzi Scheme
The Doss Firm

According to the Atlanta Journal Constitution, Wendell Ray Spell, of Gainesville, Georgia, pled guilty Tuesday to federal charges relating to a Ponzi scheme. Authorities say that the scheme defrauded investors out of more than $60 million dollars. It was alleged by authorities that Spell, who ran a construction equipment company, lured more than 50 individuals to invest their…

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The Commodities Futures Trading Commission (CFTC) Allowed Ponzimonium to Happen
The Doss Firm

In a telephone conference today, Bart Chilton, the commissioner of the Washington-based Commodity Futures Trading Commission (CFTC) referred to the recent discovery of unprecedented numbers of ponzi schemes as “rampant Ponzimonium.” According to a Reuters article published today, Mr. Childers was making a play on the word “Lollapalooza,” a popular music festival. In that article, Mr. Chilton was…

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Attention Ponzi Scheme Victims: It Is Not Your Fault!
The Doss Firm

On March 19th, Bloomberg published an article entitled, Ponzi Scheme Victims All Missed an Easy Clue: Bogus Auditors.  The article discussed how victims could have easily discovered that they were investing in ponzi schemes simply by calling the accounting firms that purported audited the financial of the bogus investments sold by Bernie Madoff, Allen Stanford and…

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The IRS Aids Taxpayers Who Are Victims of Investment Fraud Schemes
The Doss Firm

Thousands of U.S. taxpayers have fallen victim to investment fraud schemes, often losing their entire life savings, and now the Internal Revenue Service (IRS) wants to assist taxpayers by articulating  how to handle the complex issues facing these taxpayers when filing their taxes. On March 17, 2009, the Commissioner of the IRS, Doug Shulman, testified before the Senate Finance Committee on Tax…

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