The Epidemic of Financial Abuse Against The Elderly in the United States

Block & Landsman by Block & Landsman

Senior citizens deserved to be protected against financial scams. And, like anybody who has been victimized by investment fraud, the elderly need the people who care for them to ensure that our nation's elderly do not have to deal with the devastating consequences caused by fraud. A pilot project initiated by Baylor College of Medicine trained physicians to detect elderly patients who were victims fo financial fraud and report their concerns to the state securities department. The project uncovered several instances of fraud, including one Ponz...Read More

SEC Charges Houston-Based John Thomas Capital Management Group with Fraud

Block & Landsman by Block & Landsman

The Securities and Exchange Commission (“SEC”) instituted a cease-and-desist proceeding against John Thomas Capital Management Group, George Jarkesy Jr., John Thomas Financial (“JTF”), and Anastasios “Tommy” Belesis. The case centers on Jarkesy, who is accused of fraudulent conduct while managing two hedge funds – John Thomas Bridge and Opportunity Fund LP I, and John Thomas Bridge and Opportunity Fund LP II. In addition to fraudulent actions in connection with these two funds, Jarkesy is accused of funneling Fund money into JTF a...Read More

Mamtek CEO Posts Bail in Missouri

Block & Landsman by Block & Landsman

Today former Mamtek CEO, Bruce Cole, was released on bail from jail in Randolph County, Missouri pending his trial on theft and securities fraud charges related to a failed artificial sweetener facility in Moberly, Missouri.  Cole was released after a $10,000 bail was paid on a $100,000 bond. The city of Moberly issued $39 million in industrial development bonds to fund construction of a sucralose plant that was to be operated by Cole’s company, Mamtek.  Cole allegedly misappropriated around $700,000 of that money and used investor funds...Read More

Ameriprise and Affiliated Clearing Firm Fined for Failing to Supervise Transfer of Customer Funds

Block & Landsman by Block & Landsman

The Financial Industry Regulatory Authority (“FINRA”) announced a fine of $750,000 against Ameriprise Financial Services, Inc (“Ameriprise”) and its affiliated clearing firm, Ameriprise Enterprise Investment Services, Inc. (“AEIS”).  The fine was levied against the firms “for failing to have reasonable supervisory systems in place to monitor wire transfer request.”   Though the fine relates to a compliance issue, the circumstances uncovering the supervisory issues involved an investment fraud perpetrated by an Ameriprise re...Read More