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- SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm May 16, 2013FOR IMMEDIATE RELEASE2013-90 Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations. Addition […]
- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
- SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use May 15, 2013FOR IMMEDIATE RELEASE2013-87 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use. Additional Materials SEC Complaint The SEC alleges that RIN […]
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8
Provident Private Placement Paper Trail Lands on Fidelity’s Doorstep
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In an article from InvestmentNews.com, June 7, 2011, Bruce Kelly writes that the litigation stemming from a series of oil and gas private placements that failed two years ago have now ensnared a giant in the clearing and custody business, National Financial Services LLC, a unit of Fidelity Investments.
The trustee overseeing the liquidation of assets of Provident Royalties LLC, which the Securities and Exchange Commission charged with fraud in 2009, last month requested that a federal judge in Dallas issue a subpoena to National Financial. In the court filing, the trustee wants access to retirement account documents of clients of four broker-dealers that sold preferred stock of Provident and used National Financial as a clearing firm.
Bruce Kelly writes that dozens of broker-dealers sold the Provident offerings from September 2006 to January 2009, raising $485 million. Regarding National Financial records, the trustee wants documents of 579 clients who bought $39.1 million of Provident from four firms: J.P. Turner & Co. LLC, Milkie/Ferguson Investments Inc.,National Securities Corp. and Securities America, Inc.
A spokesman for National Financial, said the firm typically does not comment on matters involving its correspondent clearing, broker-dealer clients. Clearing firms do not sell securities but rather hold them for broker-dealers and their clients.
The InvestmentNews.com article goes on to say that calling Provident a “massive Ponzi scheme,” the trustee claimed that the “trustee is entitled to information concerning the relationship between the broker-dealers and their respective clearing houses, and how those funds were transferred, paid for and accounted for by the clearing houses,” the court filing stated.
“As custodial fiduciary, [National Financial] should have agreements with the various broker-dealers they did business with and records for every dollar that went through their controlled account,” according to the filing.
Last year the trustee sued dozens of broker-dealers to claw back revenue and commissions from the sale of Provident.
If you feel you have been an alleged victim of these or other broker-dealers and were sold Provident Royalties private placements, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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20
List of the Broker-Dealers that Sold Provident Royalties Private Placements
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The following is a list of the Broker-dealers that sold Provident Royalties private placements.
| Firm name | Total sales | Total commission paid to BD |
|---|---|---|
| Advisory Group Equity Services Ltd. | $110,000 | $70,650 |
| AFA Financial Group LLC | $2,455,000 | $456,150 |
| American Portfolios Financial Services Inc. | $585,000 | $66,650 |
| Asset Management Strategies LLC | $220,000 | $2,250 |
| Ausdal Financial Partners Inc. | $100,000 | $2,250 |
| Barron Moore Inc. | $250,000 | $96,750 |
| Boogie Investment Group Inc. | $410,000 | $110,150 |
| Brookstone Securities Inc. | $460,000 | $76,500 |
| Callaway Financial Services Inc. | - | $22,500 |
| Calton & Associates Inc. | $300,000 | $40,750 |
| Capital Financial Services Inc. | $33,655,000 | $5,510,725 |
| CapWest Securities Inc. | $21,745,000 | $3,058,700 |
| Chester Harris & Co. | $340,000 | $297,500 |
| Community Bankers Securities LLC | $2,780,000 | $355,950 |
| Crescent Securities Group | - | $9,375 |
| David Harris & Co. Inc. | $850,000 | $94,000 |
| DeWaay Financial Network LLC | $850,000 | $134,525 |
| Eagle One Investments LLC | $360,000 | $42,500 |
| Empire Financial Group Inc. | $2,750,000 | $234,200 |
| Empire Securities Corp. | $205,000 | - |
| E-Planning.com Securities Inc. | $3,765,000 | $483,925 |
| First Allied Securities Inc. | $380,000 | $11,250 |
| Gk Securities LLC | $50,000 | - |
| Grant Bettingen Inc. | $215,000 | $19,350 |
| GunnAllen Financial Inc. | $22,255,000 | - |
| Harrison Douglas Inc. | $1,830,000 | $569,900 |
| Independent Financial Group | $495,000 | - |
| INVEST Financial Corp. | $100,000 | - |
| Investlinc Securities LLC | $2,095,000 | $183,275 |
| Investors Capital Corp. | $3,400,000 | $427,975 |
| J.P. Turner & Co. LLC | $11,600,000 | - |
| Jesup & Lamont Securities Corp. | $100,000 | $13,500 |
| Kaiser & Co. | $100,000 | $160,650 |
| Lighthouse Capital Corp. | $250,000 | $33,750 |
| Main Street Securities LLC | $205,000 | $45,450 |
| Matheson Securities LLC | $100,000 | $37,800 |
| Milkie Ferguson Investments Inc. | $4,145,000 | $480,350 |
| Morrow Wealth Management | $30,000 | - |
| National Securities Corp. | $3,665,000 | $437,250 |
| Newbridge Securities Corp. | $25,000 | $15,750 |
| NEXT Financial Group Inc. | $33,485,000 | $3,190,200 |
| Okoboji Financial Services Inc, | $21,910,000 | $2,261,225 |
| Private Asset Group Inc. | $2,015,000 | $204,150 |
| Provident Asset Management | $50,000 | - |
| QA3 Financial Corp. | $32,585,000 | $6,974,450 |
| Questar Capital Corp. | $250,000 | $24,125 |
| Securian Financial Services Inc. | $50,000 | - |
| Securities America Inc. | $17,995,000 | $3,723,475 |
| Securities Network LLC | $215,000 | $89,550 |
| SII Investments Inc. | $100,000 | - |
| Sterling Enterprises Group Inc. | $100,000 | $13,000 |
| Summit Brokerage Services Inc. | $560,000 | $81,000 |
| Unaffiliated Broker-Dealer | $150,000 | - |
| United Equity Securities LLC | $660,000 | $173,200 |
| United Securities Alliance Inc. | $550,000 | $401,850 |
| Waterford Investor Services Inc. | - | $2,250 |
| Wedbush Morgan Securities Inc. | $325,000 | - |
| WestPark Capital Inc. | $785,000 | $114,250 |
| WFP Securities Corp. | $6,755,000 | $1,286,775 |
| Williams Financial Group Inc. | $175,000 | - |
| Workman Securities Corp. | $9,045,000 | $1,239,025 |
| $250,990,000 | $33,380,775 |
Source: U.S. Bankruptcy court filings, Northern District of Texas, case # 09-33886
If you feel you have been an alleged victim of these broker-dealers and were sold Provident Royalties private placements, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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16
National Securities Corporation Faces Disciplinary Action From FINRA’s Private Placement Crackdown
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Yesterday, Bruce Kelly’s article from InvestmentNews stated that National Securities Corp. is the latest broker-dealer to face disciplinary action from Finra over the sale of private placements gone bust.
According to National Securities’ profile on Finra’s BrokerCheck system, the firm received a Wells notice last month from the Financial Industry Regulatory Authority Inc. A Wells notice indicates that the regulator intends to bring an enforcement action against an individual or a firm.
Kelly goes on to say that National Securities reps sold investors about $3.7 million of notes issued by Provident Royalties LLC, according to the latter’s bankruptcy court filings. The Regulation D offering from Provident involved a series of oil and gas private placements that the Securities and Exchange Commission in 2009 claimed were fraudulent,Mark Roth, the firm’s general counsel for National Holdings Corp., the parent of National Securities, did not return phone calls Tuesday seeking comment.
In the Investment News article they say that National Securities received the Wells notice regarding violations of product suitability rules, e-mail supervision rules, and standards of commercial honor and principles-of-trade rules, according to the BrokerCheck report. The product mentioned in the report was a “private placement.”
The Finra officials have made broker-dealers’ sale of private placements that failed during the market collapse their No. 1 enforcement priority this year.
Broker-dealers have begun to feel the pinch. Workman Securities Corp. this month reached an agreement with Finra to pay $700,000 for partial restitution to more than a dozen clients who had sued the firm over investments in Medical Capital Holdings Inc. and Provident Royalties. Like Provident, the SEC charged Medical Capital with fraud in 2009.
In a meeting of brokerage executives this month in Phoenix, James Shorris, executive vice president and executive director of enforcement with Finra, said Reg D private placements and non-traded real estate investment trusts are listed as the first and second areas of focus for Finra, respectively.
If you feel you have been a victim of the alleged broker-dealer private placement fraudulent schemes of the brokerages listed above , National Securities Corp., Medical Capital Holdings, Workman’s Securities Corp.,or Provident Royalties,call a Securities Arbitration Lawyer for a free consultation on how to recover your losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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