As The Financial Markets Recover, Stock-churning Cases Are On The Rise
With the financial markets recovering from their lows of the 2008-2009 financial crisis
, millions of investors have returned to the stock market, entrusting hard-earned monies to stock brokers and financial advisors, only to see the trust abused with the churning of their accounts. Churning involves the repeated purchase and sales of stocks for the sole purpose of generating commissions.There are a number of means of detecting and analyzing the churning of customer accounts, including the calculation of turnover ratios, cost-equity maintenance factors, margin indebtedness, and Regulation T margin calls, all of which should alert brokerage firms to the simple fact that their brokers are improperly trading customer accounts.
Brokers and financial advisors who engage in churning of customer accounts usually prey upon unsuspecting and unsophisticated investors with little or no experience of the stock market, who have no appreciation of the simple fact that their trust is being abused for the purpose of generating commissions without any concern for their own customers best financial interests.
If you think your account has been improperly churned, we offer a free initial consultation to advise you of your rights.
Former Hartford Life Insurance Company and Nationwide Life Insurance Company Appointed Agent Matthew Ryan Sentenced to 10 Years in Prison for Securities Fraud Involving Theft from Variable Annuity Contracts
On Wednesday, October 13th, Matthew John Ryan, a former Appointed Agent for The Hartford Life Insurance Company and Nationwide Life Insurance Company, was sentenced to 10 years in prison for his guilty plea relating to the theft of funds transferred into his control from Hartford and Nationwide variable annuity contracts. Ryan admitted creating fictitious companies to steal variable annuity contract assets from his customers who held variable annuity contracts issued by The Hartford and Nationwide.
Matthew Ryan previously admitted to diverting more than three million dollars in said scheme. The scam involved variable annuity contracts issued by Hartford Life Insurance Company and Nationwide Life Insurance Company in an apparent Ponzi scheme. Two other insurance companies have already settled claims of fixed variable annuity customers of Ryan, though combined claims in excess of three million dollars are pending against The Hartford and Nationwide.
We offer a free initial consultation to former customers of Mr. Ryan who have had monies wrongfully diverted out of their Hartford and Nationwide variable annuity contracts.
Variable Annuity Contract Theft
In the past several years, a number of criminal, regulatory, and civil claims have been filed by victimized investors, who have had monies and assets fraudulently diverted from their variable annuity contracts. Oftentimes, these variable annuity contracts are held in Individual Retirement Accounts and individual retirement annuity accounts maintained by trusting, unsophisticated investors, who are easily preyed upon by their trusted financial advisors. These fraudulent schemes involving theft of monies from variable annuity contracts often go undetected for a number of years, as the owners of these accounts usually do not plan on accessing the funds until many years down the road when they retire.
If you feel you have been victimized or have had monies wrongfully taken from your variable annuity contract, we offer a free initial consultation to advise you of your rights.
The Law Offices of Timothy J. O'Connor
29 Wards Lane, Albany, NY 12204
(518) 426-7700
http://stockbrokerlaw.com/
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