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Thomas James Baumann, Formerly of Spartan Capital Securities, Under Investigation by FINRA Following Allegations of Churning

By |2022-07-18T11:40:04-04:00July 11th, 2022|Broker / Advisor Investigations|

INVESTORS: Former Spartan Capital broker Thomas James Baumann is under investigation by FINRA following allegations of churning, excessive trading, and unsuitable investment recommendations. Thomas James Baumann (CRD: 5254392) was registered as a broker with Spartan Capital Securities from 2013 until 2022.  Baumann has twelve disclosures on his BrokerCheck report. Two customer disputes filed against Baumann [...]

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SEC Charges Western International Securities and Several Registered Representatives with Violating Regulation Best Interest Standards

By |2022-09-05T11:23:31-04:00July 10th, 2022|Investment Loss Investigations|

INVESTORS: The SEC charged Western International Securities and several of its registered representatives with allegedly violating Regulation Best Interest standards when they sold $13.3M of GWG L Bonds. The SEC announced charges against Western International Securities and several of its registered representatives with allegedly violating Regulation Best Interest standards when they sold $13.3M of GWG [...]

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Craig Lee Carson, Broker with Intervest International Equities Corporation, Ordered by SEC to Cease and Desist Following Allegations of Breaching Fiduciary Duty

By |2022-07-12T15:02:07-04:00July 10th, 2022|Broker / Advisor Investigations|

INVESTORS: Intervest International Equities Corporation broker Craig Lee Carson was ordered to cease and desist by the SEC in connection with breaches of fiduciary duties. Craig Lee Carson (CRD#: 41892) is registered as a broker with Intervest International Equities Corporation, Inc., where she has been employed since 2021. Previously, Carson was registered as a broker [...]

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Ann Louise Werts, Broker with Madison Avenue Securities, Named in Customer Disputes Alleging Unsuitable Investment Recommendations

By |2022-07-12T15:02:36-04:00July 9th, 2022|Broker / Advisor Investigations|

INVESTORS: Madison Avenue Securities broker Ann Louise Werts was named in two customer disputes alleging unsuitable investment recommendations. Ann Louise Werts (CRD#: 5057784) is registered as a broker with Madison Avenue Securities, Inc., where she has been employed since 2021. Previously, Werts was registered as a broker and investment adviser with Cabot Lodge Securities from [...]

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SEC Names Terry Nikopoulos and Other Defendants in Action Alleging Operation of $3 Million Ponzi Scheme

By |2022-12-09T12:27:07-05:00July 8th, 2022|Investment Loss Investigations|

INVESTORS: The SEC named multiple defendants in complaint alleging operation of $3M Ponzi scheme. On July 1, 2022, the SEC charged Terry Nikopoulos of Aurora, Ontario, Canada and four entities he controlled, TKJ Investments Corp., TKJ Holdings Corp., Preeminent Trade Group Inc., and The Elyte Group Corp., and Justin R. Kimbrough of Plano, Texas and [...]

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SEC Names Multiple Defendants in Action Alleging $450 Million Ponzi Scheme

By |2022-07-12T14:50:57-04:00July 7th, 2022|Investment Loss Investigations|

INVESTORS: The SEC filed charges against multiple individuals for promoting investments in a $450M Ponzi scheme. On June 29, 2022, the Securities and Exchange Commission filed charges against eight additional individuals-Larry Jeffery, Jason A. Jenne, Seth Johnson, Christopher M. Madsen, Richard R. Madsen, Mark A. Murphy, Cameron Rohner, and Warren Rosegreen-for allegedly promoting investments in [...]

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Eric Shea Hollifield, Formerly of LPL Financial, Charged by SEC with Misappropriating Over $1.7M

By |2022-07-12T14:51:27-04:00July 6th, 2022|Broker / Advisor Investigations|

INVESTORS: Former LPL Financial broker Eric Shea Hollifield was charged by the SEC with misappropriating at least $1.7M from two advisory clients and one brokerage customer.  Eric Shea Hollifield (CRD: 3091319) was registered as a broker with LPL Financial, Inc. from 2016 until 2021.  On July 1, 2022, the SEC charged Eric Hollifield with misappropriating [...]

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Penny Gail Flippen, Formerly of H.D. Vest Investment Services, Charged in SEC Complaint Alleging Operation of a Ponzi Scheme

By |2022-07-06T13:53:25-04:00July 6th, 2022|Broker / Advisor Investigations|

INVESTORS: Former H.D. Vest Investment Services broker Penny Gail Flippen was named in a complaint filed by the SEC alleging operation of a massive Ponzi scheme.  Penny Gail Flippen (CRD#: 2742088) was registered as a broker with H.D. Vest Investment Services from 1998 until 2013. Flippen does not have any other securities experience. Flippen has [...]

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Britt Franklin Wright, Formerly of Edward Jones, Charged in SEC Complaint Alleging Operation of a Ponzi Scheme

By |2022-07-06T13:39:57-04:00July 6th, 2022|Broker / Advisor Investigations|

INVESTORS: Former Edward Jones broker Britt Franklin Wright was named in a complaint filed by the SEC alleging operation of a massive Ponzi scheme.  Britt Franklin Wright (CRD#: 4275139) was registered as a broker with Edward Jones from 2009 until 2013. Previously, Wright was registered as a broker with Bank of America Investment Services from [...]

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