Securities and Exchange Commission v. Palladino, et al., Civil Action No. 13-11024-DPW (United States District Court for the District of Massachusetts)
Commonwealth of Massachusetts v. Palladino, Crim. Action Nos. 13-10207, 13-10891; Commonwealth of Massachusetts v. Viking Financial Group, Inc., Crim. Action Nos. 13-10209, 13-10894 (Suffolk Superior Court)
Western Asset Management Company – South Florida Breach of Fiduciary Duty Cross Trading FINRA Arbitration and Litigation Attorney:
The Securities and Exchange Commission recently announced sanctions against a California-based investment adviser for concealing investor losses that resulted from a coding error and engaging in cross trading that favored some clients over others.
Western Asset Management Company, which is a subsidiary of Legg Mason, agreed to pay more than $21 million to settle the SEC’s charges as well as a related matter announced by the U.S. Department of Labor.
Extent of Elder Abuse Victimization:
We have been focusing recently or our website, www.forkeylaw.com and on this blog about various issues relating to elder, senior and retirement financial abuse and exploitation. This post is designed to provide some statistics which reflect the growing problems in this area of senior life.
Hybrid financial exploitation.
It has been determined that a relatively unrecognized situation, referred to as hybrid financial exploitation, arises when financial exploitation co-occurs with physical abuse and/or neglect. These cases typically involve financially dependent family members, particularly adult offspring, who have been cared for by the elderly person for years , if not decades. The abuse suffered by these elderly victims is frequently longstanding. Over time, however, as the elderly person’s health declines and the elderly person becomes more socially isolated, often as the result of the death of a spouse, the elderly person increasingly becomes more dependent on another family member for care, resulting in a mutual dependency, albeit with each member of the dyad experiencing a different type of dependency. Although sharing some features in common with physical abuse and neglect, hybrid financial exploitation cases are unique in many ways and tend to result in worse outcomes for elderly victims than result from other forms of elder maltreatment. These outcomes may be attributable to the additional stress associated with the financial loss that is experienced.
Securities and Exchange Commission v. Eric Aronson, Vincent Buonauro, Jr., Robert Kondratick, Fredric Aaron, PermaPave Industries, LLC, PermaPave USA Corp., PermaPave Distributions, Inc., Verigreen, LLC, and Interlink-US-Network, Ltd., Defendants, and Caroline Aronson, Deborah Buonauro, DASH Development, LLC, Aron Holdings, Inc., PermaPave Construction Corp., Dymoncrete Industries, LLC, Dymon Rock LI, LLC, and Lumi-Coat, Inc., Relief Defendants, Civil Action No. 11 Civ. 7033 (S.D.N.Y. filed Oct. 6, 2011)
District Court Finds Eric Aronson Liable for Operating a Ponzi Scheme, Issues Permanent Injunctions Against Remaining Individual Defendants and Grants Other Relief
The Securities and Exchange Commission recently announced that U.S. District Court Judge Jed S. Rakoff has ruled that Defendant Eric Aronson violated the antifraud and other provisions of the federal securities laws. In addition, the Court entered orders of permanent injunctions against Defendants Vincent Buonauro and Fredric Aaron and further imposed officer and director and penny stock bars against Aaron. Furthermore, the Court ordered Aronson’s wife, Relief Defendant Caroline Aronson, to disgorge the ill-gotten gains she received from her husband.
Florida Immediate Annuity, Deferred Annuity, Fixed Annuity and Variable Annuity Twisting or Churning FINRA Arbitration and Litigation Attorney:
There are several ways to categorize annuities, and any one annuity may fit into several categories. Immediate Annuities: With an immediate annuity, the annuant pays a single premium and immediately starts receiving payments at the end of each payment period, which is usually monthly or annually. Deferred Annuities: With a deferred annuity, the annuant pays one or more premiums over what is often called the accumulation period. The premiums paid and the interest credited to the premiums goes into a fund called an accumulation fund. There may be a minimum guaranteed interest rate at which the money will accumulate during the accumulation period. Fixed Annuities: A fixed annuity provides fixed-dollar income payments backed by the guarantees in the contract. The annuant cannot lose the investment once the income payments begin. The amount of those payments will not change. With fixed annuities, the company bears the investment risk. Variable Annuities: Variable annuity investments are securities, and fluctuate with economic conditions. The value of a variable annuity depends upon the value of the underlying investment portfolios associated with the annuity. The annuitant bears the investment risk for the value of the security. The value of the annuity will increase or decrease with the investment performance of the security.
Please keep in mind that the above information is being provided for educational purposes only. It is not designed to be complete in all material respects. Thus, it should not be relied upon as legal or investment advice. If after reading this post, you should consult with a qualified professional.
South Florida Improper and/or Unsuitable Asset Allocation FINRA Arbitration, Federal and State Court Litigation Attorney:
Asset Allocation – Asset Allociation involves dividing an investment portfolio among different asset categories, such as stocks, bonds, and cash. The process of determining which mix of assets to hold in your portfolio is a very personal one. The asset allocation that works best for you at any given point in your life will depend largely on your time horizon and your ability to tolerate risk.
Time Horizon – Your time horizon is the expected number of months, years, or decades you will be investing to achieve a particular financial goal. An investor with a longer time horizon may feel more comfortable taking on a riskier, or more volatile, investment because he or she can wait out slow economic cycles and the inevitable ups and downs of our markets. By contrast, an investor saving up for a teenager’s college education would likely take on less risk because he or she has a shorter time horizon.
Florida Investment Advisor and Broker/Dealer False and Misleading Offering and Promotional Materials Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney:
Securities and Exchange Commission v. Patrick G. Rooney and Solaris Management, LLC, Civil Action No. 11-8264 (N.D. IL)
SEC Obtains Order of Permanent Injunctions Against Chicago-Area Investment Adviser and Its Owners for Fraud
Offer and sale of securities sold in violation of the registration provisions of Section 5 of the Securities Act of 1933 – South Florida Unregistered Sale of Securities Litigation and Arbitration Attorney:
Securities and Exchange Commission v. Dawn Wright-Olivares and Daniel Olivares, Civil Action No. 3:13-CV-700
SEC Charges Woman and Stepson for Involvment in Zeekrewards Pyramid and Ponzi Scheme; Parallel Criminal Charges and Plea Agreements Also Announced:
FAQ’s Relative to the Interpretation of all Types of Insurance Contracts, Including Variable and Fixed Annuity Insurance Contracts – Florida Insurance Litigation and Arbitration Attorney:
Florida law requires that insurance contracts are construed according to their plain meaning and, if a policy provision is clear and unambiguous, it should be enforced according to its terms. When a contract of insurance is subject to multiple interpretations, the policy language should be construed liberally in favor of the insured and strictly against the insurer as author of the contract.
If, as an insured, you make a claim which is denied by your insurance carrier, it is imperative that you contact qualified counsel to make sure that the denial is justified. This is especially ture where the policy provision is subject to multiple interpretations.
South Florida Arbitration & Litigation Lawyer Blog