Recent Blog Posts
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 »
Pay Attention to your Brokerage Account Statements
FINRA has issued an informative and important alert regarding the importance of reviewing your monthly account statements upon receipt. Even though the financial markets were up in 2019, it is vital that you continue to review your account statements to confirm that the trading in your account is accurate and conforms with your investment… Read More »
SEC Halts Ponzi scheme Targeting Seniors and Small Business Owners
Washington D.C., Nov. 19, 2019 — The Securities and Exchange Commission today announced that it has filed an emergency action and obtained a temporary restraining order and asset freeze against two individuals and two companies they control in connection with an alleged $6 million Ponzi scheme that defrauded at least 55 investors, many of whom are… Read More »
Report: Troubled Private Placement GPB Capital Holdings Paid Steep Commissions to Brokers and Broker-Dealers
According to reporting from InvestmentNews, GPB Capital Holdings — the troubled alternative investment company that is currently the subject of Ponzi scheme accusations — paid large commissions to the securities representatives as a substantial inducement to sell the private placement to investors. Specifically, commissions were paid at a rate of 9.3 percent. In total,… Read More »
