Articles Tagged with CFO

Shares of Energy Tranfer Equity plunged after the company disclosed that it was making a change to the Chief Financial Officer of its general partner. Meanwhile, master limited partnerships (MLPs) and other peers were downgraded by research firm Robert W. Baird. MLPs are publicly traded partnerships that receive tax benefits and often own oil assets. The downgrade comes because of the bankruptcy of exploration and productions companies, fund outflows and macroeconomic conditions. Other companies that were downgraded include EnLink Midstream (ENLC) ONEOK Partners (OKS), Plains All American (PAA) and Plains GP Holdings. Thomas Long will replace Jamie Welch as CFO of Energy Transfer Equity. Long is currently the CFO of Energy Transfer Partners, LLC which owns Energy Transfer Partners, LP, another MLP. Please call our law offices is you have experienced losses in MLPs.

Stoltmann Law Offices is investigating Marcia Kucher, the CFO and Chief Compliance Officer (CCO) of Sunrise Securities. According to her Financial Industry Regulatory Authority (FINRA) Letter of Acceptance, Waiver and Consent (AWC), Kucher and the firm failed to establish, maintain and implement anti-money laundering procedures reasonably designed to detect and cause the reporting of suspicious transactions related to low-priced stock liquidations in DVP accounts. Sunrise Securities allegedly failed to have systems and procedures in place to investigate the identity of the ultimate customers of the Firm’s institutional customers who beneficially owned the securities in certain DVP accounts, investigate how those customers’ customers acquired low-priced securities, or review or investigate the account activity to determine whether to file a suspicious activity report. During the review period, at least five of the Firm’s DVP accounts engaged in potentially suspicious trading activity in approximately 17 low-priced securities, liquidating 366 million shares for proceeds of approximately $31 million. These are violations of securities laws and regulations.

Kucher was registered with Brimberg & Co. in New York, New York from June 1984 until August 1993, Invemed Associates Inc. in New York, New York from May 1994 until February 1997 and is currently registered with Sunrise Securities Corp in New York, New York since February 1998. If you lost money with Marcia Kucher or her firm, Sunrise Securities, you may be able to sue the firm in the FINRA arbitration process by calling our securities law firm in Chicago. We try cases on a contingency fee basis to recover money for investors. Please call soon as time is of the essence.

The former CFO of Ovation Audio-Visual Solutions was arrested and charged with more than 20 counts of theft last week. Alfred Talons allegedly misappropriated $600,000 in company funds for his own use. He faces charges of tax evasion, corrupt business influence and money laundering. He has been the CFO of the company since 2011. Since then, he used company money for personal appliances, technology and home improvement materials, as well as a sports club membership, airline tickets and sports tickets and cars. Talens was also a partner at Ascension Wealth Management LLC in Indianapolis. He allegedly talked an Ascension client into loaning Ovation $400,000 from his retirement account. The client was promised 7 percent annual interest over 3 years. The client never received payments on the loan and Talens used the money for personal use.

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