Search Results for: elia
FINRA Proposes Rule Change Calling For More Transparent Pricing of Non-Traded REITs
The Financial Industry Regulatory Authority (“FINRA”) has proposed a change to NASD Rule 2340 (Customer Account Statements) which would remove a firm’s requirement to include per share estimated values for non-traded real estate investment trusts (“REITs”) on its customers’ account statements. If the firm chooses to list the estimated per share values of non-traded… Read More »
S&P Downgrades Puerto Rico Municipal Bonds to Junk Status
In a long expected move, Standard & Poor’s (“S&P”) announced that it has downgraded general obligation municipal bonds issued by Puerto Rico to speculative grade or junk status. Many are now expecting a similar credit downgrade by ratings services Fitch and Moody’s. In its announcement, S&P stated that its decision is partially based on… Read More »
Nuclear Energy Product Provider Settles in Qui Tam Case
General Electric Hitachi Nuclear Energy Americas LLC (“GE Hitachi”) has agreed to settle allegations of False Claims Act violations contained in a qui tam case filed by a whistleblower in North Carolina. North Carolina-based GE Hitachi is a subsidiary of General Electric Company, headquartered in Connecticut, and is partially owned by Hitachi, Ltd., based… Read More »
Florida Resident Accused of Recruiting Ponzi Scheme Victims
A 69 year old Florida man, James F. Ellis of Wilton Manors, has been charged by the Securities and Exchange Commission (“SEC”) with securities fraud for making fraudulent statements to investors to induce them to invest with alleged Ponzi schemer George Elia. According to the SEC’s Complaint, Ellis made knowingly false statements to at… Read More »
UPDATED 3.30.12: Broward Man Accused of Running a Ponzi Scheme Arrested
A Ft. Lauderdale man, George Elia, currently under investigation by the Florida Office of Financial Regulation, is also facing a $4 million lawsuit alleging that he has been running a Ponzi scheme. In October 2011, Michael Imbesi of San Diego, along with his father, step-mother and sister, filed the Broward Circuit Court lawsuit against… Read More »
Broward Man Accused of Running a Ponzi Scheme
A Ft. Lauderdale man, George Elia, who is currently under investigation by the Florida Office of Financial Regulation, is also facing a $4 million lawsuit alleging that he has been running a Ponzi scheme. In October 2011, Michael Imbesi of San Diego, along with his father, step-mother and sister, filed the Broward Circuit Court… Read More »
LOSSES CAUSED BY INVESTMENTS IN CHURCH BONDS
Rabin Kammerer Johnson is investigating losses caused by investments in church bonds pitched by various brokerage firms to religious-minded investors. The church bonds were purportedly used to provide various Christian mega-churches with financing for construction projects and other large expenses. Financial advisors preyed on the churches’ own congregations and other religious supporters in selling… Read More »
NFL Players – Targets of Broker Abuse
NFL players are finding themselves abused by brokers with bad investments in Ponzi and other fraudulent schemes. Hall of Fame Quarterback, John Elway, recently disclosed that he and his partner gave $15 million to a hedge fund manager, who was allegedly running a Ponzi scheme. New Orleans Saint, Alex Brown, sued his financial advisors… Read More »