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The law firm is investigating Oil Well Service Co. (“Oil Well Service”), located in Santa Fe Springs, California, on behalf of its employees, over its Employee Stock Ownership Plan (“ESOP”). Oil Well Service offered its employees a retirement plan that was invested primarily in company stock. In 2013, Oil Well […]
The law firm is investigating third-party claims for investors in the Platinum Partners Value Arbitrage Fund (“Platinum Fund”). The investigation concerns whether there were breaches of duties by the Platinum Fund’s valuation agent or auditor in connection with the fraud that was later revealed. If so, the law firm is […]
In January 2017, the U.S. Securities and Exchange Commission (“SEC”) filed for an injunction freezing the assets of Emilio Francisco and his company, PDC Capital Group LLC. The SEC accused them of defrauding investors of $72 million of funds raised from them, and diverting the money to buy a yacht. […]
We have filed several FINRA arbitrations on behalf of Wells Fargo brokerage account customers to recover losses suffered in Puerto Rican bonds. These customers were elderly or retired with conservative and low risk investment objectives who sought to preserve principal while earning income. During 2011 through 2014, these brokerage customers […]
We are investigating Matthew Maczko, the former financial advisor employed by Wells Fargo Advisors LLC from 2008 through 2016, and its branch office in Oakville, Illinois. The Financial Industry Regulatory Authority (“FINRA”) recently suspended Mr. Maczko’s stockbroker’s license and barred him permanently from conducting any securities business. According to FINRA, […]
The U.S. Virgin Islands share many of the same fiscal problems that have made Puerto Rico insolvent: high levels of debt, mounting pension obligations and a declining population. It also has lost several large private employers. The Virgin Islands have a $110 million budget deficit, and recently failed at raising $220 […]
There is a new type of variable annuity called a buffer annuity that is beginning to gain popularity among financial advisors who sell these products. It is highly complex and uses structured products — not mutual funds — in the sub account as the underlying investment. FINRA has started to […]
On November 23, 2016, Zamansky LLC filed a class action lawsuit and has been appointed lead counsel on behalf of all current and former employees of Exxon Mobil Corporation (“Exxon”) who were participants in the Exxon Mobil Savings Plan (the “Plan”). The lawsuit alleges violations of the federal Employee Retirement […]
On December 20, 2016, Blackstone Group LP, the large asset manager, announced that it was shutting down its two-year old Senfina Advisors after it lost 24 percent in 2016. The $1.8 billion Senfina Advisors was an in-house multi-manager fund that was supposed to offer a fund of the firm’s best […]
On October 17, 2016, FINRA, which regulates stock brokers and brokerage firms, announced that it fined Alex Etter and Caldwell International Securities Corp. in New Jersey, for charges that they engaged in risky speculative trading to generate commissions. FINRA charged Caldwell with generating more than $1 million in “shady commissions,” […]