The securities attorneys at Morgan & Morgan’s Business Trial Group are investigating investment losses in volatility-related exchanged traded products (ETPs) sold by JP Morgan Securities LLC and other brokerage firms.
FINRA recently fined the electronic broker-dealer Interactive Brokers LLC for widespread failures in its anti-money laundering (AML) program, which persisted for more than five years.
Morgan & Morgan’s securities attorneys are investigating an alleged fraudulent scheme perpetrated by Complete Business Solutions Group Inc. (d/b/a Par Funding) that raised about $500 million from over 1,000 investors.
The Securities and Exchange Commission recently charged VALIC Financial Advisors Inc. with failing to disclose conflicts of interest regarding mutual fund investments that were more expensive for clients than other available options. By placing clients in these more expensive mutual funds, VALIC earned millions of dollars in revenues, which it never disclosed to clients.
Morgan & Morgan’s securities attorneys are investigating an alleged $23 million Ponzi scheme involving former Georgia state legislator Clarence Dean Alford. The SEC has charged Alford with defrauding about 100 investors in Allied Energy Services LLC, his energy development company that today is bankrupt.
Morgan & Morgan’s securities attorneys are investigating an alleged $14 million fraudulent scheme involving Integrity Aviation & Leasing (IAL), which allegedly victimized many San Antonio police officers and other first responders.
The Business Trial Group at Morgan & Morgan is investigating alleged theft of client funds by former registered representative and investment adviser Michael B. Carter of Morgan Stanley.
The Securities and Exchange Commission recently charged Carter with fraud based on allegations that he stole from brokerage and advisory customers. Carter worked for Morgan Stanley as a financial advisor in the firm’s McLean, Virginia office when the thefts allegedly occurred.
The Business Trial Group is investigating an alleged $60 million Ponzi scheme involving International Investment Group LLC, a former registered investment advisor.
Previously, in late 2019, the Securities and Exchange Commission charged International Investment Group with fraud and revoked its registration. In March 2020, the SEC obtained a final consent judgment requiring International Investment Group to pay over $35 million in disgorgement and interest.
The Commodity Futures Trading Commission (CFTC) recently entered an order settling charges against Cunningham Commodities, LLC, a registered futures commission merchant, for failing to properly supervise accounts brought to the firm by an introducing broker. Notably, Cunningham Commodities guaranteed the introducing broker’s activities from March to December 2019. The CFTC’s Order does not reveal the introducing broker’s identity.
Shares of Wirecard – a German payment processor company – recently crashed after nearly $2 billion in cash on its balance sheet allegedly does not exist. Wirecard’s CEO also was recently arrested. And now it has come to light that Credit Suisse allegedly sold about $1 billion in convertible bonds from Wirecard after entering into a strategic partnership with it in September 2019, according to reports.
