FINRA Investor News
October 15, 2009 |
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Investor Alert: Beware of Auction Rate Securities Settlement "Phishing" Scam
Read the Full Alert | About ARS Regulatory Actions | More Alerts |
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News: FINRA Bars Former New York Broker for Defrauding Elderly Investor of More Than $500,000
The Financial Industry Regulatory Authority (FINRA) announced that it has barred former New York broker Sergio M. Del Toro from the securities industry for defrauding a 90-year-old Minnesota man of $511,000. Del Toro's customer was living in a nursing home with his 87-year-old wife at the time. The customer died in 2006, before the customer's daughter brought Del Toro's activities to FINRA's attention.
10/12/09 – FINRA Fines Citigroup $600,000 for Failing to Supervise Tax-Related Stock Transactions 10/05/09 – FINRA to Expand Program Evaluating All-Public Arbitration Panels 10/01/09 – FINRA Proposes Expanding TRACE Reporting to Asset-Backed Securities 9/29/09 – TRACE Bond Reporting to Now Cover Government Agency Debt
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FINRA recently issued an Investor Alert warning investors about a recent auction rate securities (ARS) "phishing" scam that promises compensation from ARS settlements in exchange for personal information. The email looks like it originated from FINRA—although it did not. It purports to inform the recipient of regulatory actions, including fines imposed by FINRA related to ARS, and states that the recipient is due $1.5 million regardless of the amount of their ARS investment or loss. The email then "phishes" for personal information, including occupation, address and phone number.
