Merrill Lynch terminated Buck in 2015, citing “loss of confidence” in him after 34 years at the firm.
Peter Henning, a law professor and a former SEC lawyer, said it's the first fraud case involving use of social media by the CEO of a public company.
Without a big settlement, or a resounding victory at trial, victims in the fraud would be left with an underwhelming recovery—currently 11 cents on the dollar, based on distributions of $18 million in December 2015 and $5 million last October.
The effort, dubbed “Operation Cryptosweep,” is being coordinated by the North American Securities Administrators Association.
A former finance company chief with a history of securities law violations has been ordered to pay almost $850,000 in connection with the sale of shady securities based on farm loans.
Investors in the Durham-owned Fair Finance Co. are slated to receive an additional $5 million soon, boosting their recovery to $23 million—which works out to about 11 cents on the dollar for their $208 million in losses.
An entrepreneur, rapper and actor who had dreams of becoming a major Indianapolis real estate developer faces charges of securities fraud, the Indiana Secretary of State’s office said Tuesday.
In an attempt to reopen his case, Keenan Hauke says Barnes and Thornburg partner Larry Mackey—who is now married to Hauke’s ex-wife—did not adequately represent him.
Thomas. J. Buck, a former top investment broker who was fired by the local office of Merrill Lynch in 2015 after nearly 34 years with the firm, is now facing serious prison time, according to federal officials.
Authorities say the man defrauded a longtime client out of nearly $1.2 million and spent that money on vacations, golf club memberships, meals and retail purchases.
The investors, led by the Indiana Public Retirement System, urged the Supreme Court not to take up the dispute.
The state has settled with NYLife Securities LLC over the activities of an Indiana wealth manager with an extravagant lifestyle who killed himself while being investigated for operating a Ponzi scheme that took millions of dollars from dozens of investors.
George R. McKown, 65, of Indianapolis and another man are accused of taking part in a Ponzi-like scheme that robbed numerous investors of their retirement savings.
FINRA permanently banned a former stockbroker from practicing in the securities industry after he refused to testify about an ongoing civil Ponzi scheme suit.
Timothy Durham was convicted in 2012 for his role in a Ponzi scheme that defraud investors in Fair Finance Co. of more than $200 million. He is currently serving a 50-year federal prison sentence.
The Secretary of State's office said Steven Garland claimed to be the director of commodities trading at Goldman Sachs and solicited investment money from his victims, saying he would invest it on their behalf.
Robert E. Wilson of Indianapolis originally faced up to eight years in prison on 20 securities-related felony counts. Under a plea agreement, he’ll serve six months probation on one misdemeanor count.