On Jul. 18, SEC charged advisor on risky investments for clients. Temenos Advisory, George Taylor, steered clients into illiquid private offerings. Alleged Violations Used $19mn of clients’ money from elderly investors’, savings, pension plans. Concealed from clients high commissions they took from risky and unsuitable investment recommendations, including cash, ownership in private companies. Fraudulently misled clients…
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Recent Posts by ILG
CAL INS Bill To Protect Seniors
On Jul. 17, CAL INS said bill to protect seniors signed into law. Commissioner-Dave Jones, had sponsored the bill to protect California seniors Impact of Law Law improves long-term care insurance and accelerated death benefit statutes. Assembly Bill 2180, facilitates policy review process for more insurance choice. California is home to the largest number of…
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FINRA Fine for VA Redemptions
On Jul. 16, FINRA fined Cambridge $150k on redemption of VAs. Cambridge Investment Research fined for redemption of VA, leveraged ETFs. Alleged Violations Customers redeemed VAs, and moved their proceeds to an advisory account. Employees were involved with, and recommended some of the transactions. No systematic supervision or record of redemption or procedures for doing.…
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FINRA Fines for Unsuitable Trading
On Jul. 16, FINRA fined Capitol $100k for unsuitable fund advice. Capitol Securities Management, fined $100k, with $44.7k restitution to clients. For conducting unsuitable short-term trading, in unit investment trusts (UITs). Unsuitable Trades Failed to establish supervisory system to prevent unsuitable short-term trades. Did not enforced UIT switch form per policy, to detect premature sales…
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CFTC Pay Foreign Whistleblower
On Jul. 16, CFTC issued first award for a foreign whistle-blower. First payment by CFTC whistleblower program to person in a foreign country. $70k has been awarded for a significant contribution leading to a settlement. This is sixth award for information on violations of Commodity Exchange Act.
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DoJ Integrity Elder Fraud Group
On 11 July, DoJ, SEC, CFPB, FTRC task force on elder fraud. Follows President Trump July 11, 2018 signing executive order against fraud. Order established a new task force on market integrity and consumer fraud. Scope Focus on fraud vs. consumers-especially elderly, service members, veterans. As well as corporate fraud that victimizes general public or the…
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