Tag Archives: fraud

Herbert “Elias” Hafen-Former Morgan Stanley Broker-Pleads Guilty to Fraud- New York, NY

November  2019- New York, NY

The FINRA records of  Herbert “Elias” Hafen ,  a  financial advisor previously employed by  Morgan Stanley, disclose a prior regulatory event,  a pending criminal matter, a pending civil matter, a prior customer dispute and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 2/2019  Hafen failed to respond to FINRA request for information in connection with a FINRA investigation and was permanently barred from the securities industry.

In September 2019 Hafen pled guilty to investment adviser fraud. Sentencing is scheduled for January 2020.

The Securities and Exchange Commission filed a complaint against Hafen in 9/2019 alleging that from July 2011-April 2018 Hafen defrauded clients of the financial institutions he worked for at that time. VIctims were promised 6% interest in an investment that had little risk. In reality there was no investment and Hafen used the money for personal expenses. Of the $1.6 million he raised from victims only about $650,000 was returned.

In 5/2019, a Morgan Stanley Smith Barney customer was paid $430,000 to resolve allegations that Hafen  misappropriated funds.

In 8/2018 Hafen was discharged from Wells Fargo Clearing Services  after he admitted to entering into financial arrangements with clients that were not approved by the firm.

Hafen was registered with Wells Fargo Clearing Services  from March to September of 2018.  Prior to that he was employed by Morgan Stanley Smith Barney from 6/2009-4/2018.

If you have losses in an account  handled by Herbert “Elias” Hafen , contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Judy K Morehead-Former Navarre Beach Chamber CEO-Charged With Securities Fraud-Navarre Beach, AL

June 2017-Navarre Beach, Alabama

The Alabama Securities Commission announced that Judy Kay Morehead of Henry County, Alabama, turned herself in to the Henry County Jail upon an arrest warrant charging her with Conspiracy to Commit Securities Fraud, Sale of Securities by an Unregistered Agent, Fraud in Connection with the Sale of Securities and other offenses. Morehead was released on $40,000 bond.

Follow this link to see Alabama Securities Commission press release. 

Judy Morehead resigned Thursday from her position as Navarre Beach Chamber of Commerce president and CEO. She allegedly took money from investors and spent it on personal debts and expenses.

Morehead’s husband Stanley and son Benjamin were also arrested for securities fraud.

According to FINRA records, Judy Kay Morehead  (CRD# 2254549) was previously a licensed securities broker who employment includes Ameriprise Financial Services, LPL Financial and Edward Jones. She was last registered as a broker in 6/2012.

If you have questions about an account handled by Morehead, call to learn about your legal options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Nemelee Liwanag Jiao Indicted for Fraud-Philippine School Ponzi Scheme-Dallas, TX

April 2017-Dallas, TX

Nemelee Liwanag Jiao, 47, of Irving, Texas, was indicted on two counts of wire fraud for operating a Ponzi scheme that bilked 35 people out of at least $1 Million , according to a press release from the US Attorney’s Office for the Northern District of Texas. 

The indictment alleges that from 2/2009-3/2016, Jioa convinced individuals to invest in promissory notes purportedly issued by Shepherd’s Light Learning Center and Lord of Peace Learning Center, non-profit schools in the Philippines. Investors were promised returns ranging from 10% to 100% on their investment.

The indictment alleges Jioa used the funds for personal expenses, including a country club membership.

The statutory penalty for wire fraud is 20 years and a $250,000 fine.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Austin Attorney and Partner Plead Guilty to Investment Fraud

April 2017-Austin, Texas

The US Attorney’s Office for the Western District of Texas announced that Austin residents Robert Allen Helms and Janniece S. Kaelin pleaded guilty to federal charges of defrauding investors who believed they were investing in oil and gas royalties.

Helms,  52, who has been licensed to practice law in Texas since 1995, and Kaelin, age 54, pleaded guilty to one count of securities fraud and one count of conspiracy to commit securities fraud and mail fraud, admitting they committed fraud between January 2010 and December 2013 in the operation of their companies Vendetta Royalty Partners, Ltd. and Iron Rock Royalty Partners, L.P.

According to the release, more than $30 million was raised and the scheme involved forging and counterfeiting documents. Helms and Kaelin face up to 5 years in federal prison on each count.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Heidi Calonge-Bartow and Plant City Florida Insurance Agent Sentenced for Fraud

November  16, 2015-Tampa, FL

According to an FBI Press Release, Heidi Y. Calonge, 34, of Plant City, Florida,  was sentenced to 18 months in federal prison , followed by 6 months home detention for bank fraud, wire fraud and mail fraud .

She was also ordered to pay restitution of over $150,000.

Calonge was lead agent and manager of Express Insurance of Plant City and allegedly posed as the owner of the company to perpetuate the scheme. According to the FBI, Calonge defrauded owners out of bonus and commission checks from various insurance companies with whom the company did business.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870