The so-called advance-fee scam is becoming a common rip-off scheme.
Where did all those millions go? Dodakian and Wu spent hundreds of thousands of dollars of the proceeds from their criminal acts on personal purchases. Specifically, Dodakian used victims' money for mortgage and college tuition payments, and Wu bought luxury goods and diamond jewelry worth $17,000. In addition, Dodakian withdrew over $600,000 of victims' money in cash, and Wu withdrew nearly $200,000.
As a result of the fraudulent schemes perpetrated by Dodakian and Wu some victims lost their life savings and their homes, and two victims were unable to afford healthcare expenses related to chronic illnesses. This idiocy is far more than a financial crime. This is a human tragedy.
READ THE ENTIRE ARTICLE AT:
At a bare minimum, we have the right to expect sufficient content and context in a FINRA Arbitration Award so as to render the published document inte... Read On
In a recent federal case, Morgan Stanley raised a number of serious questions about a former employee, but those questions didn't help the firm win a ... Read On
Stockbroker and investment advisor Leon C. Vaccarelli got into the ring with the United States Government and thought he could go the distance against... Read On
FINRA, FinCen, Networks, Authorities, Priorities, Statements, Guidance, AML, CFT, BSA, and NBFI (BrokeAndBroker.com Blog)http://www.brokeandbroker.com... Read On
I'm told that Wall Street is a highly regulated place although I'm not quite sure just what constitutes Wall Street these days. The old Financial Dist... Read On
Sometimes you're wrong. Frankly, we're all wrong sometimes. In a recent FINRA arbitration, we have a registered representative who was wrong. To his c... Read On