The Wall Street Legal & Regulatory Feed
Securities Industry Commentator by Bill Singer Esq
June 28, 2018
Financial Advisor Indicted on Fraud Charges for Allegedly Swindling Investors out of $4.7 Million (DOJ Press Release)
https://www.justice.gov/usao-ndil/pr/financial-advisor-indicted-fraud-charges-allegedly-swindling-investors-out-47-million
https://www.justice.gov/usao-ndil/pr/financial-advisor-indicted-fraud-charges-allegedly-swindling-investors-out-47-million
Financial Advisor Darayl Davis was indicted on six counts of money laundering, five counts of wire fraud, four counts of mail fraud, and one count of aggravated identity theft in the United States District Court for the Northern District of Illinois. Federal prosecutors alleged that Davis falsely represented to 22 victims that they were guaranteed to receive at least 6% annual interest payments through investments with his Financial Assurance Corp. or Affluent Advisory Group LLC. . Further, Davis allegedly promised that principal investments were protected against losses and that some of the purported investments were backed by a well-known multinational life insurance company. Instead of investing his clients' money, Davis allegedly diverted the funds for his own personal benefit, including $706,000 on credit card payments, $476,500 to rent a mansion in Los Angeles, $102,000 on airline tickets, $45,000 on car rentals, $42,500 on membership in an exclusive club, $42,000 on luxury hotels, and $25,000 on theater tickets; and he also made Ponzi-like payments to other investors.
READ the FULL TEXT INDICTMENT https://www.justice.gov/usao-ndil/press-release/file/1075106/download
READ the FULL TEXT INDICTMENT https://www.justice.gov/usao-ndil/press-release/file/1075106/download
The Double Edged Sword Of Facts And A FINRA Expungement (BrokeAndBroker.com Blog)
http://www.brokeandbroker.com/4053/finra-expungement-sword/
http://www.brokeandbroker.com/4053/finra-expungement-sword/
Sometimes facts are double-edged. They can prove or disprove a complaining customer's case -- or, they can defend or upend a stockbroker's explanations. All of which explains why a savvy lawyer, who knows what to look for and how to use it, can make all the difference in the outcome of litigation. And, yes, for the cynics among you, that would also explain why certain evidence is oddly lost, destroyed, or never produced. On the one hand. On the other hand. Slash and slash. In today's BrokeAndBroker.com Blog we consider a FINRA expungement arbitration in which an arbitrator's rationale provides us an opportunity to use and duck from the back-and-forth blade of facts as presented in litigation.