Articles Tagged with Bolton Global Capital

According to a complaint filed in the U.S. District Court in Philadelphia, Pennsylvania, between 2001 and 2016, Paul W. Smith raised $2.35 million from 30 investors by telling them he would invest their money in publicly traded securities through The Haverford Group. This was an outside partnership that Smith formed and did not disclose to his broker-dealer employers. Many of his victims were retired and/or elderly. The Securities and Exchange Commission (SEC) alleged that Smith made very few securities investments and instead largely used the money to repay other investors and for his own personal use. He allegedly fabricated phony account statements that reflected fictitious balances and gains and used money from investors to repay others to avoid suspicion. Smith was misappropriating investors’ money and lying about it. The Financial Industry Regulatory Authority (FINRA) permanently barred him from industry last June for failing to provide requested documents.

According to his online, FINRA BrokerCheck report, Paul W. Smith was previously registered with Prudential-Bache Securities from December 1982 until February 1987, E.F. Hutton from January 1987 until April 1988, Shearson Lehman Hutton in New York, New York from April 1988 until January 1990, Janney Montgomery Scott in Philadelphia, Pennsylvania from January 1990 until July 2000, Tucker Anthony Inc. in Boston, Massachusetts from June 2000 until February 2002, Philadelphia Brokerage Corp in Wayne, Pennsylvania from January 2002 until May 2007 and Bolton Global Capital in Wayne from May 2007 until February 2017. He has 11 customer disputes against him, eight of which are currently pending. He has been permanently barred from the industry.

Stoltmann Law Offices is investigating Paul Wescoe Smith, who was a former broker with Bolton Global Capital. Smith was barred from the industry by the Financial Industry Regulatory Authority (FINRA) for allegedly failing to provide documents and information concerning private securities transactions. It is alleged that from 2009 until 2017, Smith sold securities in the Haverford Group, which was a fraudulent, unregistered security. Misconduct like this is sometimes referred to as “selling away,” and is when a broker recommends or sells a security that is not held or offered by his member firm. It is against securities rules, and is a tactic most often used to generate large commissions for the broker himself. Firms like Bolton Global Capital are required to properly supervise the actions of their brokers, and, if they do not, can be held liable for investment losses in the FINRA arbitration forum on a contingency fee basis. To find out how to sue Bolton Global Capital, please contact our securities law firm in Chicago today at 312-332-4200. Attorneys are standing by.
Paul Smith was previously registered with Prudential-Bache Securities, E.F. Hutton & Company, Shearson Lehman Hutton Inc., Janney Montgomery Scott, Tucker Anthony Inc., Philadelphia Brokerage Corp, and Bolton Global Capital in Wayne, Pennsylvania from May 2007 until February 2017. He has 10 customer disputes against him, eight of which are currently pending. He has been barred from the industry, according to his BrokerCheck report with FINRA.

The Financial Industry Regulatory Authority (FINRA) is investigating Bolton Global Capital for failing to provide prospectuses to customers who purchased exchange-traded funds (ETFs) from May 31, 2011 through May 13, 2012. The regulatory body is also investigating the firm for failing to establish, maintain and enforce an adequate supervisory system relating to the delivery of the ETF prospectuses. According to FINRA rule, the delivery of certain securities, including ETFs, must be accompanied by or preceded by a copy of a Securities and Exchange Commission (SEC) approved prospectus. FINRA also requires firms to establish, maintain and enforce a supervisory system that is reasonably designed to cooperate with securities rules. Bolton Global Capital was censured and fined $35,000 for failing to do so. Because they failed to do so, the firm may be liable for money losses. If you invested money with Bolton Global Capital, please call us at 312-332-4200 to speak to an attorney. We sue firms such as Bolton in the FINRA arbitration forum to recover money for retail investors.

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