Recent Blog Posts
Did you invest in UBS’s Yield Enhancement Strategy known as YES?
If so, you may be able to participate in the $17.4 million civil penalty which UBS has agree to pay to distribute to harmed investors. If you have lost money by investing in the YES program, contact Gregory Tendrich at (561) 417-8777 for a review of your case and a discussion of your legal options…. Read More »
FINRA cracks down on unapproved WhatsApp communications
Published reports indicate that FINRA has begun to crackdown on advisors (and the firms who they are affiliated with) who use this popular app to communicate with customers. It is especially popular with foreign clients. The problem stems from the fact that most firms are unable to capture or monitor these communications thereby creating compliance… Read More »
Outside Business Activities – Duty to Disclose and Obtain Firm Approval
According to published reports, FINRA recently took action against an advisor for failing to disclose an outside business he established while at the firm. In addition to establishing the new company, the advisor, Patrick R. Murray, while associated with UBS Wealth Management USA, made capital contributions to the business, paid a vendor in excess of… Read More »
Brokers Beware! Firms are starting to terminate brokers with “significant history of misconduct”
In order to comply with new FINRA Rule 4111, and not be designated a “Restricted Firm,” firms are starting to terminate brokers and advisors who have multiple “disclosure events” and/or have a history of being associated with expelled broker dealers. According to a recent published report, many firms are making a concerted effort to cull… Read More »
UBS files arbitration claim against one of its former advisors, Robert E. Turner, seeking to recover $17mm in customer losses from “sham” investment, Fairfax Financial Corporation.
According to published reports, UBS has filed a FINRA arbitration seeking to recover losses it expects to pay to customers of the firm who were duped into purchasing a “sham outside investment” Fairfax Financial Corporation. According to the article, Turner allegedly persuaded 23 clients to purchase Fairfax Financial Corporation between 1997 and 2021 and generated… Read More »
FINRA gets tough on Private Securities Transactions
In a published article, FINRA suspended a former independent advisor with Ameriprise Financial, Jonathan M. Turner, for three months and imposed a $5,000 fine for failing to provide written notice to the firm that he participated in a private securities transaction in violation of FINRA Rules 3280 and 2010. According to the article, Turner accepted… Read More »
Gregory Tendrich, PA Investigating Deferred Compensation Claims of Former Morgan Stanley Brokers and Advisors
Recently, Morgan Stanley was sued by former brokers and advisors in both Federal Court and in FINRA arbitration who are seeking to recoup deferred compensation they were forced to give up when they transitioned to another firm. In short, in both the FINRA arbitration and the federal court case (which is seeking class action… Read More »
Edward Jones Aims to Hire 1,500 Brokers in 2022
Edward Jones has announced it has restarted its hiring efforts setting a target of hiring 1500 experienced brokers and trainees in 2022. For those experienced brokers, its always a good idea to consult with an experienced securities employment attorney prior to signing an offer letter or agreement. If you have an established book of… Read More »
LPL Financial Is In The Process Of Terminating A “Swath Of Brokers” In Connection With The Purported Improper Use Of DocuSign By The Brokers On Behalf Of Their Clients.
A published report indicates that LPL Financial is in the process of terminating a “swath of brokers” in connection with the purported improper use of DocuSign by the brokers on behalf of their clients. It appears some brokers were under the mistaken impression that they could electronically sign the documents for their clients. DocuSign… Read More »
SEC Obtains Emergency Asset in Freeze in Florida Ponzi Scheme Case
On August 13th, 2021, the Securities and Exchange Commission (SEC) announced Ponzi scheme charges against Florida resident Johanna M. Garcia and two companies that she owned and controlled (MJ Capital Funding LLC and MJ Taxes and More Inc.). In doing so, the federal agency obtained an emergency asset freeze. The SEC alleges that Ms…. Read More »
