A true financial professional wants you to be comfortable and invest in what is best for you in your time. A scam artist wants you to invest in what is best for him or her as quickly as possible. Any pressure to invest immediately because the golden opportunity will be gone in a flash is a huge red flag that the investment may be a scam. Take your time when making investment decisions and do not succumb to pressure to make spur of the moment, uninformed investment decisions.
In releasing a report on the National Senior Investor Initiative, the SEC and FINRA have reaffirmed the paramount importance of protecting senior investors.
Andrew J. Bowden, OCIE’s Director, said, “Seniors are more dependent than ever on their own investments for retirement. Broker-dealers are developing and offering a variety of new products and services that are intended to generate higher yields in a low interest rate environment. It is imperative that firms are recommending suitable investments and providing proper disclosures regarding the related terms and risks.”
“With the dramatic increase in the population of our nation’s seniors, it is critical that securities regulators work collaboratively to make sure that senior investors are treated fairly. The culture of compliance at firms is key to ensuring that seniors receive suitable recommendations and proper disclosures of the risks, benefits and costs of any investments they are purchasing,” said Susan Axelrod, FINRA Executive Vice President, Regulatory Operations.
For a link to the announcement of this initiative click here. If you are a senior who may have been a victim of investment fraud or unethical practices by your stockbroker contact the attorneys at West & West, LLC by calling 410-296-4655 for a free initial consultation.
Old aphorisms are often helpful in ferreting out fraudulent advice. One such aphorism is: “if it sounds too good to be true, it is.” One unchangeable law of investing is that the higher the rate of return on an investment, the higher the risk of the investment. Anyone who claims that a high rate of return or large payout is “guaranteed,” “very low risk,” or a “sure thing” is trying to defraud you. If you believe you may have fallen victim to investment fraud, West & West in Baltimore, Maryland for a free, no-obligation, initial consultation.
George Wayne Hoffman from Parkville, Maryland, a former registered representative with H. Beck, Inc., was barred from association with any FINRA member in any capacity. That sanction was based upon, among other findings, that Hoffman converted $17,000 from an elderly client for his own benefit and improperly accepted a $36,000 dollar personal loan from that same client, which he never repaid. (FINRA Case #2012032922101)
Constance Marie Larsen of Centreville, Virginia, a former registered representative with Pruco Securities, LLC was suspended from association with any capacity for two years for, among other misdeeds, accepting a loan from an elderly client. (FINRA Case #2013038483201)
To see a summary of all Disciplinary and Other FINRA Actions reported for January 2015, please click here.
If you believe that you may have been victimized by George Wayne Hoffman, Constance Marie Larsen, H. Beck, Inc. Pruco Securities, LLC or any other firms or brokers disciplined by FINRA as reported in January 2015, please contact the Maryland investment fraud recovery law firm of West & West, LLC.
Welcome to the West & West Investment and Stock Market Fraud Law Blog. The securities fraud litigation lawyers at West & West have decades of combined experience representing victims of investment and stock market fraud.
One of the main purposes for this blog is to help educate investors so that they never have to become our clients. We plan to post explanations of tactics and scams used by fraudsters and rogue stockbrokers, as well as common sense tips about how to avoid falling prey to these scams.
We also will post updates on specific firms, products and individuals who may have come under criminal indictment, or regulatory scrutiny, or had large FINRA arbitration awards rendered against them.
If, while reading our blog, you come to believe that you may have fallen victim to a highlighted individual, firm, product, or type of scam, you can contact West & West for a free, no obligation initial consultation.
We hope that readers find our blog to be educational and that we manage to save some investors from falling victim to any of the hundreds, if not thousands, of rogue stockbrokers, self-dealing investment advisors and scam artists who spend each day prowling for new victims.