Category Archives: Securities Fraud
Show me the Money! Recruiting Bonuses of 400% of T12 are now a reality!
According to a recent published article, firms including Wells Fargo Advisors, First Republic Bank and Steward Partners, have offered experienced high producers anywhere from 340% to 400% of trailing 12 month production due in large part to demand for advisors and increased competition. According to the article “this is like an arms race.” Most deals require… Read More »
“ARE YOU BEING TERMINATED DUE TO RULE 4111?”
Is your firm considering terminating you due to the number of disclosures on your CRD or Brokercheck? https://www.advisorhub.com/finras-one-time-offer-discharge-bad-brokers-and-avoid-restricted-designation If so, it is vital that you speak to experienced counsel who can guide you through the process, protect your interests, and if necessary help craft the language on your U5. For the last 30 years, Gregory Tendrich… Read More »
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 »
With Wild Swings, Stocks Have their Worst December Since the Great Depression
In a volatile market, is your portfolio too risky? As the bell rang to close the New York Stock Exchange (NYSE) on the afternoon of December 31st, a difficult month for stocks finally came to an end. As reported by The Street, this was the worst December for American stocks since 1931 — during… Read More »
Customers File Suits Against B. Riley & Co. For Mismanaging Accounts
Norman Joel Caris (CRD: 40535) is a registered representative of B. Riley FBR, Inc. based in Los Angeles, California. According to Caris’ Financial Industry Regulatory Authority (“FINRA”) BrokerCheck file, he was previously referenced in five customer-initiated, investment-related disputes containing allegations of sales practice violations which include suitability, account mismanagement, excessive commissions, and fraud. Those… Read More »
Customer Complaint Filed Against Ameriprise’s Michael Jay Pepe
Michael Jay Pepe (CRD: 1172861) is an Ameriprise Financial Services, Inc. broker based in the Tampa, Florida area. According to Pepe’s FINRA BrokerCheck profile, he is currently, or was previously, the subject of at least six customer-initiated, investment-related disputes (comprised of complaints or arbitrations) containing allegations of sales practice violations including unauthorized and unsuitable… Read More »