Published On: January 18, 2016

Stoltmann Law Offices is investigating Finance 500, a brokerage firm out of Irvine, California. The Financial Industry Regulatory Authority (FINRA) brought a regulatory action against the firm and a number of individuals who worked for it. FINRA is alleging that Finance 500 failed to establish adequate supervisory procedures regarding suspicious transactions, including the sale of penny stocks. A few months ago, FINRA brought its fourth regulatory action against Finance 500’s Delray Beach, Florida branch office. Robert E. Richards was accused of aiding and abetting stock prices and manipulating stock prices of Dolphin Digital stock (DPDM) and Fibrocell Science, Inc. (FCSC). Richards was suspended from the industry for two years and fined $25,000. FINRA also brought an action against Paul J. Savage, who allegedly failed to supervise the Delray Beach, Florida branch office for Finance 500 to ensure with anti-money laundering regulations to detect suspicious transactions. FINRA alleged that the Delray branch focused almost exclusively on penny stock transactions as a market maker, and that penny stock trading is susceptible to fraud.

If you invested money with Finance 500, please call our securities law offices based in Chicago, Illinois to speak to one of our attorneys for free. We may be able to help you bring a claim against Finance 500 to recover financial losses.

Finance-500-FINRA-AWC

Disclaimer

The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.

Chicago Investment Fraud Attorneys Offering Nationwide Representation to Investors

If you have suffered financial losses because of the negligence or fraud of your financial advisor or broker through unsuitable investment recommendations, over-concentration, churning, misrepresenting risks, conversion or selling away, you have legal rights and options to pursue recovery of those losses.

Stoltman Law Securities and Investment Fraud Attorneys