Category: Fraud


SEC Conducts Financial Literacy Study

Study Regarding Financial Literacy Among Investors As Required by Section 917 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act.

Highlights of the information gathered from the research include:
• Existing Level of Financial Literacy. Studies reviewed by the Library of Congress indicate that U.S. retail investors lack basic financial literacy. The studies demonstrate that investors have a weak grasp of elementary financial concepts and lack critical knowledge of ways to avoid investment fraud.

 

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The Thieves Are Smarter Than We Are

Bernie Madoff was a legend on Wall Street. He was an icon, regarded by many as one of the smartest investment minds on The Street. He was the Vice Chairman of the NASD—head of the regulatory oversight committee, a Member of the NASDAQ Board of Governors and on the Executive Committee of the NASDAQ OMX Group (Whatever that is). His clients numbered the most prestigious Foundations and Endowments and the best Corporations, along with some of the finest investment management firms in the country

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Enforcement Roundup Advice from the Heavens

Recent enforcement actions included charges by the SEC in a stock-lending scheme and an astrology-based Ponzi scheme, the recovery of funds for 401(k) accounts from an electrical contractor by the Department of Labor and numerous FINRA actions on everything from short sales to data breaches in client accounts.

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Once a Crook

Bernie Madoff didn’t invent it, Gordon Gecko didn’t perfect the “Greed is Good”  philosophy and the regulators won’t end it. Scams, fraud and fat cat greed have been with us for millenia.

The South Sea Bubble
In 1711, the English government was wallowing in debt, so an enterprising group of merchants (read: crooks) calling themselves the South Sea Trading

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Fiduciary Mistakes

The fiduciaries of a retirement plan have a legal responsibility to manage all aspects of the plan in the best interest of the plan’s participants. This means adhering to four core fiduciary standards, established by ERISA: to act prudently and with loyalty to the plan participant, diversifying plan investments, and carrying out plan duties in accordance with plan documents and all relevant laws and regulations.

Before the issue of fiduciary responsibility can be meaningfully addressed,, each of
these four core fiduciary ...

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Tips for Protecting your Financial Information

Your brokerage firm has an obligation to safeguard your personal financial information. But even the best procedures cannot prevent all instances of identity theft—especially if the vulnerability lies with you, the customer. This brochure describes the critical steps you can take to safeguard your financial accounts and help prevent identity theft.

 

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Life Insurance Life Settlements

Lately, more and more seniors are hearing about opportunities to sell their existing life insurance for cash in transactions known as life settlements. A life settlement, or senior settlement, as they are sometimes called, involves selling an existing life insurance policy to a third party—a person or an entity other than the company that issued the policy—for more than the policy’s cash surrender value, but less than the net death benefit.

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