Tuesday, February 19, 2019

The 10 worst states for clients to retire | On Wall Street

Maryland and New Jersey are among the least-appealing places for employees to spend their post-work years, due in part to affordability, health costs and overall quality of life.



Monday, February 18, 2019

Family affair: Uncle and three nephews quit UBS for Ameriprise | On Wall Street

The $314 million team made the change after deciding it was a better fit culturally

https://onwallstreet.financial-planning.com/news/family-affair-uncle-and-three-nephews-quit-ubs-for-ameriprise


Sunday, February 17, 2019

NYTimes.com: Filing Taxes on Your Phone? Insert Frustrated-Face Emoji Here

From The New York Times:

Filing Taxes on Your Phone? Insert Frustrated-Face Emoji Here

Millions of people are expected to submit their returns via mobile platforms this year. I won't be one of them.



Tuesday, February 12, 2019

SEC Charges Founder of Online Gaming Company Defrauding Investors

The SEC charged Robert Alexander with fraudulently raising approximately $9 million from more than 50 individuals by selling investments in Kizzang LLC, a purported online gaming business. Alexander misled investors to believe they would make at least 10 times their investment, and also stated that he had put millions of dollars into the business himself - when in reality, he stole at least $1.3 million, a lot of which was spent on gambling sprees, credit card bills, and luxury cars.
The SEC's complaint, filed in the U.S. District Court for the Southern District of New York, charges Alexander and Kizzang with violating the anti-fraud provisions of the Securities Act and Exchange Act and seeks permanent injunctions, civil monetary penalties, and disgorgement of ill-gotten monetary gains plus interest.
In a parallel action, the U.S. Attorney's Office for the Southern District of New York today announced criminal charges against Alexander.
Read more about the investigation here.

---The attorneys at Sallah Astarita & Cox include veteran securities litigators and former SEC Enforcement Attorneys. We have decades of experience in securities litigation matters, including the defense of enforcement actions. We represent investors, financial professionals and investment firms, nationwide. For more information call 212-509-6544 or send an email to mja@sallahlaw.com.

Wednesday, February 6, 2019

These non-essential costs are probably getting in the way of your financial goals | On Wall Street

Millennials lag behind in terms of credit card debt and retirement savings, but they spend the most on vacation, dining out and other unnecessary expenses, according to a new study.

https://onwallstreet.financial-planning.com/news/these-non-essential-costs-are-probably-getting-in-the-way-of-your-financial-goals


Tuesday, February 5, 2019

SEC News - Fraud, a Ponzi Scheme, and ICFR Failures

SEC Emergency Action Charges Texas Real Estate Developer for Multi-Million Dollar Offering Fraud
The SEC filed charges against a Texas resident and real estate developer, two other individuals, and several related entities for conducting a multi-million dollar offering fraud. The SEC's complaint alleges that they raised almost $45 million from over 270 investors across the United States by selling short-term, high-yield promissory notes issued by a number of shell companies intentionally named to confuse investors.

Court Orders $1 Billion Judgment Against Operators of Woodbridge Ponzi Scheme Targeting Retail Investors
A federal court in Florida ordered Woodbridge Group of Companies LLC and its former owner to pay $1 billion in penalties and disgorgement for operating a Ponzi scheme that targeted retail investors.

Four Public Companies Charged With Longstanding ICFR Failures
Charges have been settled against four public companies for failing to maintain internal control over financial reporting (ICFR) for seven to 10 consecutive annual reporting periods. Two of the charged companies also failed to complete the required evaluation of the effectiveness of ICFR for two consecutive annual reporting periods.

---The attorneys at Sallah Astarita & Cox include veteran securities litigators and former SEC Enforcement Attorneys. We have decades of experience in securities litigation matters, including the defense of enforcement actions. We represent investors, financial professionals and investment firms, nationwide. For more information call 212-509-6544 or send an email to mja@sallahlaw.com.