Litigation
Get the latest news and insights on litigation affecting financial advisors and the broader financial services industry.
Bogus Broker Pleads Guilty to Securities Fraud, Faces Up to 25 Years in Prison
By Jeff BermanThe scammer posed as a broker and obtained over $2.7 million from at least 19 investors, prosecutors say.
November 05, 2021
Ex-CEO Sentenced to 13 Years in Prison for Defrauding InvestorsDavid P. Godwin, who formerly led the telecom firm ContinuityX, also much pay restitution of $9.3 million.
November 04, 2021
Ex-Wells Fargo Broker Barred by FINRA Over Ponzi SchemeThe former broker and Wells Fargo were among those named in a complaint last year by disgruntled investor.
November 04, 2021
Ex-Broker Used Client Funds to Pay Taxes, Buy Race Car Items: DOJA federal grand jury returned a seven-count indictment charging the former broker with fraud.
November 03, 2021
Ex-Advisor Gets 3 Life Sentences for Bilking Senior Churchgoers in TexasWilliam Neil "Doc" Gallagher, a radio personality, ran a $32 million scam, prosecutors say.
October 29, 2021
Ex-Wells Fargo Rep Arrested, Charged With Stealing $2.9MThe former wirehouse broker allegedly used client money to pay off his credit cards, gamble and buy gold.
October 28, 2021
SEC Orders Investment Firm Owner to Pay $1.2M Over Ponzi SchemeAMV Investments owner Ann M. Vick fraudulently raised about $3.2 million from almost two dozen investors, the SEC alleges.
October 19, 2021
TIAA Sues Ex-Advisors for Allegedly Soliciting ClientsThree advisors left TIAA to start Tidewater Wealth Management and allegedly tried to take clients with them.