BrokerDealer Blog » New York

International Fraud Lands New York BrokerDealer In Hot Water

admin — Fri, 22 May 2015 14:15:27 +0000

Brokerdealer.com blog update profiles New York broker dealer, Robert Depalo, being charge with several charges after a year long investigation discoverd Depalo was running a highly sophisticated international fraud scheme. Depalo schemed more than 20 wealthy London investors with the help of 37 year old associate, Joshua Gladtke. Both are being charged by the Manhattan DA as well as the SEC. This update is courtesy of the Wall Street Journal’s article, “Manhattan DA Charges NY Broker-Dealer in International Fraud“, with an excerpt below. The Manhattan district attorney’s office charged New York broker-dealer Robert Depalo with running a sophisticated investment fraud, following a yearslong investigation that the office nearly dropped after hitting a dead-end. Prosecutors alleged in court documents that Mr. Depalo duped more than 20 high-net-worth investors in London into pouring $6.5 million into a fraudulent investment vehicle called Pangaea Trading Partners LLC. The Securities and Exchange Commission filed similar civil charges Wednesday afternoon. The alleged scheme involves a complicated trail of money and sham entities that not only befuddled investors but prosecutors as well, the people said. It also highlights the efforts of the district attorney’s office to pursue increasingly complex and international cases that are more frequently handled by city prosecutors’ federal counterparts blocks away at the Manhattan U.S. attorney’s office.

To continue reading about the international fraud scheme, Depalo’s charges, click here

The post International Fraud Lands New York BrokerDealer In Hot Water appeared first on BrokerDealer Blog.

Welcome to New York: New York Full Service Investment Firm Acquires Broker Dealer Firm

admin — Fri, 13 Mar 2015 15:42:53 +0000

Brokerdealer.com blog update profiles the acquistion of Kansas broker dealer firm, VSR Group, by New York investment firm, RCS Capital Corp. Brokerdealer.com’s update is courtesy of Kansas City Business Journal’s 12 March article, NY company finalizes acquisition of OP broker-dealer firm”. The article from Kansas City Business Journal is below:

New York-based RCS Capital Corp. has finalized its acquisition of Overland Park-based VSR Group and its wholly owned subsidiary VSR Financial Services Inc.

RCS, a full-service investment firm, said VSR adds $12.3 billion in assets under administration and 264 independent financial advisers to the Cetera Financial Group platform.

“We believe VSR is positioned to contribute value to our network of firms, and we are excited to begin our partnership with VSR’s leadership team to bring industry-leading platforms and tools to their financial advisers,” Cetera Financial CEO Lawrence Roth said in a release. “The firm adds a strong family culture which complements the individual cultures of the existing Cetera Financial Group firms. VSR has an established presence, predominantly in the Midwest, and we look forward to working with their advisors to bring customized financial solutions to the growing number of Americans looking for independent financial advice.”

VSR, a broker-dealer firm, was founded more than 30 years ago and is the second-largest broker-dealer domiciled in Kansas.

For the original article from the Kansas City Business Journal, click here.

The post Welcome to New York: New York Full Service Investment Firm Acquires Broker Dealer Firm appeared first on BrokerDealer Blog.