Litigation
Get the latest news and insights on litigation affecting financial advisors and the broader financial services industry.
DOJ, SEC Charge Ex-Advisor With Bilking 3 Older Clients
By Jeff BermanThe ex-broker used the money to pay for luxury cars, vacations, private school tuition and a gold necklace, according to the authorities.
September 24, 2021
Ex-OppenheimerFunds Analyst Charged With $8.5M Insider Trading SchemeThe former analyst and current CEO of healthcare tech firm WellAI is accused of front-running trades.
September 24, 2021
Ex-Broker Gets 35 Years in Prison for $25M Scam Targeting SeniorsThe ex-rep and his co-conspirators sold speculative securities and pocketed much of the proceeds, prosecutors said.
September 21, 2021
Barred Advisor Charged With Bilking Veterans' NonprofitBrian McQuade took $750,000 while claiming to be a registered advisor despite being barred, DOJ alleges.
September 20, 2021
Madoff Scheme Victims Get New $568M DistributionThe new distribution, prosecutors said, will bring overall recovery in the case to over $3.7 billion.
September 14, 2021
Schwab Faces Class-Action Suit Over Cash SweepsThe firm violated its fiduciary duties by "wrongfully overconcentrating" Schwab Intelligent Portfolios accounts in cash, the plaintiffs allege.
September 13, 2021
Barred Broker Admits Orchestrating $100M Ponzi SchemeShe faces up to 20 years in prison and a $5 million fine after pleading guilty to securities fraud.
September 10, 2021
Ex-Advisor Loses Appeal, Gets 40 Years in Prison for Ponzi SchemeThe former advisor, broker and owner of a Raleigh, North Carolina, financial services firm had been convicted in 2019.