Louisville investment adviser ordered to pay more than $830,000 is restitution for fraudulent activity

The Department of Financial Institutions (DFI) announced Tuesday that it has entered a Final Order to stop fraudulent activity by an investment adviser representative and his firm. The respondents have been ordered to pay more than $830,000 in restitution and $575,000 in fines. DFI stated that Louisville investment adviser representative Derek Burcham and his firm, Cornerstone Benefit Advisors LLC,...

Cyber Con artists will do anything to earn your trust; you need to be suspicious and here are some tips

In financial fraud, the con artists may not be obvious – they may look like just about anyone, and they will do anything they can to gain your trust. But in the online world, the cyber con artists have the ability to look like whoever they want – even masquerading as someone you know to trick you into falling for their attacks.   October is National Cyber Security Awareness Month. The Financial...

Gibson appointed to oversee state chartered banks, credit unions for Financial Institutions Department

The Department of Financial Institutions (DFI) announced the appointment of Marni Rock Gibson as Depository Division Director, overseeing supervision of Kentucky state-chartered banks and credit unions. Gibson brings banking and securities experience, as well as management skills, to the role. Marni Rock Gibson “Marni has a very successful record working in Securities Enforcement during the past...

Louisville-area seniors participate in Financial Institution Department’s Scam Jam

More than 170 seniors from at least five Kentucky counties learned how to recognize and avoid financial fraud at a Senior Scam Jam seminar Tuesday, an event sponsored by the state Department of Financial Institutions. The Senior Scam Jam is designed to raise awareness about the techniques con artists use, so seniors can recognize the tactics and protect themselves from fraud. Topics included cybercrime,...

Financial fraud victims should use caution if third party promises to help recover funds

The Department of Financial Institutions (DFI) joined with the Attorney General’s Office Thursday to alert financial fraud victims to use caution when approached by companies promising – for a fee – to help them recover their money or bring the perpetrator to justice. Typically, the targeted investors have already lost thousands of dollars, perhaps their entire life’s savings, to fraudulent...