Blog Home

Massachusetts Securities Regulators Have Sued Securities America, Inc.
Posted by: Jeffrey B. Kaplan
January 26, 2010
Topic: Medical Capital Investment Fraud

Massachusetts Securities Regulators Have Sued Securities America, Inc. for Securities Fraud Associated with the Recommendation and Sale of Medical Capital Notes

On January 26, 2010, the Enforcement Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth ("Massachusetts Regulators") sued Securities America, Inc., accusing the brokerage firm of committing securities fraud on a massive scale in course of recommending and selling Medical Capital notes.

Continue Reading

FINRA Bars New York Broker
Posted by: Jeffrey B. Kaplan
January 19, 2010
Topic: General Securities Fraud

FINRA barred New York broker Michael Lewis Axel for stealing customers' money and making unauthorized trades.

Continue Reading

Medical Capital Investors Still Owed $1.7 Billion
Posted by: Jeffrey B. Kaplan
January 19, 2010
Topic: Medical Capital Investment Fraud

The court-appointed receiver for the Medical Capital fraud filed his sixth status report on January 11, 2010. As with the receiver's earlier reports, this report outlines the various fraudulent aspects of the Medical Capital entities. The report also reveals the unchanging fact that investors are unlikely to recover much money from the receivership. Specifically, the report discloses that Medical Capital investors are owed $1.7 billion, which is far greater than the assets available to pay the investors. The receiver's report further states that Medical Capital's lending activities were unprofitable beginning with the creation of its first notes, which purportedly were backed by medical receivables.

Continue Reading

FINRA Bars Miami, Florida Broker
Posted by: Jeffrey B. Kaplan
January 18, 2010
Topic: General Securities Fraud

In January 2010, FINRA barred Miami, Florida broker Thailia Alisa Tucker from association with any FINRA member brokerage firm in any capacity.

Continue Reading

SEC Halts Fraudulent Scheme Targeting Iranian-American Community in Los Angeles
Posted by: Jeffrey B. Kaplan
January 18, 2010
Topic: General Securities Fraud

The Securities and Exchange Commission ("SEC") announced on January 11, 2010 that it has charged Beverly Hills, California-based NewPoint Financial Services, Inc. and its co-owners and controller for conducting an unregistered securities offering fraud aimed at Iranian-Americans in the Los Angeles area. The SEC obtained an emergency court order to freeze their assets and preserve remaining funds that were collected from investors.

Continue Reading