Industry

Fraud Friday: Scammers of the week

Want to know what not to do when running your business and serving your clients? Here’s our roundup of this week’s scammers and scoundrels:

By Staff |June 22, 2012

2 min read

Do your clients own stolen art?

Your wealthy client wants to buy art. But he reads the papers and sees stories about recent high-profile theft cases. So, he wonders, how can he protect himself from purchasing stolen goods? Tell him start by checking free federal databases, including Interpol and the FBI, which keep tallies of what they call “stolen cultural property,” […]

By Suzanne Sharma |June 22, 2012

2 min read

Broker charged in astrology-based Ponzi scheme

A former broker from Orlando, Fla. is being charged with defrauding 14 investors of more than $1 million in an astrology-based Ponzi scheme. The SEC alleges Gurudeo “Buddy” Persaud lured family, friends, and others into investing in his firm, White Elephant Trading Company, by guaranteeing their money would yield lofty returns of between 6% and […]

By Staff |June 22, 2012

2 min read

Broker makes 9 unauthorized sales

Daniel Micha, a broker with RBC Capital Markets in 2009 has been fined and suspended by FINRA because he made trades that were unauthorized by his client and then failed to report her complaints. On August 18, 2009, Micha sold nine securities positions with a total worth of $326,000 without his client’s consent. Soon after, […]

By Staff |June 22, 2012

1 min read