Securities Law Related Blogs

In the world of corporate governance, large institutional investors wield power. But for many, that power comes from using their “voice” to call for changes within the firm because voting with their feet by selling their stake is not realistic. How can these investors amplify their voices? In a recent study, we explore a novel strategy employed by one of the world’s largest investors: announcing ahead of annual meetings how it intends to vote on management and shareholder proposals. Norges Bank Investment Management (NBIM) manages Norway’s Government Pension Fund Global, valued at over $1.85 trillion (as of May 2025). Historically, large investors like NBIM disclosed how they voted at shareholder meetings only afterward. However, starting in 2021, NBIM began publicly releasing its voting decisions five days before the annual shareholder meetings of its portfolio companies. We investigate whether this early-release strategy acts as a signal that amplifies…

As part of an effort to provide greater clarity on the application of the federal securities laws to crypto assets,[1] the Division of Corporation Finance, Division of Investment Management, and Division of Trading and Markets are providing their views[2] on the taxonomies associated with tokenized securities.[3] A tokenized security is a financial instrument enumerated in the definition of “security”[4] under the federal securities laws that is formatted as or represented by a crypto asset, where the record of ownership is maintained in whole or in part on or through one or more crypto networks. There are a variety of models used to tokenize securities and they vary in terms of structure and the rights afforded to holders. Tokenized securities generally fall into two categories: (1) securities tokenized by or on behalf of the issuers of such securities; and (2) securities tokenized by third parties unaffiliated with the issuers of such securities.[5] This statement…

Beginning February 1, 2026, all California employers must provide to all new hires and each existing employee on an annual basis written notice of employee’s workplace and constitutional rights. Prompted by the recent enforcement actions by United States Immigration and Customs Enforcement personnel in California, the notice specifies that labor laws apply to all workers in the state regardless of immigration status. It also requires employers to request from employees a designated special emergency contact (separate from the customary emergency contact) in case they are arrested at the workplace, Cal. Labor Code § 1555. Additionally, the notice includes an anti-retaliation clause to protect employees from being retaliated against based on their immigration status.The law comes out of California Senate Bill 294, the Workplace Know Your Rights Act, which aims to ensure transparency surrounding employee…

Alexander Capital LP Regulatory Review and Investor Concerns The White Law Group reviews the regulatory history of Alexander Capital LP, (CRD #40077) The firm has faced multiple regulatory actions by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) stemming from supervisory failures, excessive trading, and misconduct by affiliated brokers. These actions raise serious concerns for investors who may have suffered losses due to churning, unsuitable recommendations, and inadequate compliance systems. Firm Overview Alexander Capital LP is a New York–based broker-dealer that has been the subject of repeated regulatory scrutiny. Regulators have found that the firm failed to implement and enforce supervisory systems reasonably designed to detect and prevent broker misconduct, including excessive trading and other red flags indicative of customer harm. Key Regulatory Sanctions and Findings Failure to Supervise Both the SEC…

Herbert J. Sims & Co., Inc. Regulatory Review and Investor Concerns Herbert J. Sims & Co., Inc. (CRD # 3420) is a long-standing FINRA-registered broker-dealer headquartered in Fairfield, Connecticut. Founded in 1946, the firm provides wealth management and investment banking services and operates multiple branch offices nationwide. Like many regional brokerage firms, Herbert J. Sims & Co. has historically been active in the sale of private placements and other complex investment products, which carry heightened risks for retail investors. Public records show that the firm has been the subject of multiple regulatory actions, including sanctions by both FINRA and the U.S. Securities and Exchange Commission (SEC), raising questions about supervision, compliance systems, and investor protection. Firm Overview Firm Name: Herbert J. Sims & Co., Inc. CRD Number: 3420 SEC Number: 8-3315 FINRA Membership: Since 1946 …

WestPark Capital, Inc. Review: Regulatory Sanctions, FINRA Violations, and Investor Claims WestPark Capital, Inc. is a Los Angeles–based brokerage firm and investment adviser regulated by the Financial Industry Regulatory Authority (FINRA). The firm has faced multiple regulatory sanctions, including censures, fines, rescission undertakings, and findings involving private placements, AML failures, supervisory breakdowns, and Regulation Best Interest violations. This review summarizes WestPark Capital’s regulatory history, recent FINRA enforcement actions, and broker misconduct allegations that may be relevant to investors who suffered losses. Firm Overview Firm Name: WestPark Capital, Inc. CRD#: 39914 SEC#: 801-108275 / 8-48898 Headquarters: Los Angeles, California FINRA District: Los Angeles Registrations: Broker-Dealer and Investment Adviser Disclosures: 16 total (14 regulatory events, 2…

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Nicholas Wolanyk (Wolanyk), previously associated with Osaic Wealth, INC., has at least one disclosable event. These events include one customer complaint, alleging that Wolanyk recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a final customer complaint with a damage request of $850,000.00 on August 06, 2021. CLAIMANTS ALLEGE MISPRESENTATION AND INSUFFICIENT INFORMATION IN RECOMMENDATION OF PRODUCT in or about 2019. Continue Reading

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Russell Thompson (Thompson), currently associated with Regulus Financial Group, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Thompson recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a settled customer complaint on August 12, 2021. Customer Alleges that the rep did not fully disclose all the facts regarding surrender charges and improper application handling. Continue Reading

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Mark Feliciano (Feliciano), currently associated with Bankers Life Securities, INC., has at least 2 disclosable events. These events include 2 customer complaints, alleging that Feliciano recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a settled customer complaint on August 10, 2021. In a written complaint, dated March 11, 2021, addressed to Bankers Life and Casualty Company (BLC) an affiliated insurance company, clients expressed dissatisfaction with the performance of the Bonus Indexed Annuities (PBIAs) purchased from BLC in November of 2019. BLC denied the complaint based on the performance of the PBIAs as consistent with the client’s allocation decisions. On August 10, 2021, clients requested reconsideration of BLC’s determination. BLC determined to settle…

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Daryle Coppedge (Coppedge), currently associated with Edward Jones, has at least one disclosable event. These events include one customer complaint, alleging that Coppedge recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a settled customer complaint with a damage request of $18,000.00 on August 10, 2021. The client alleges his financial advisor advised him improperly in October 2020 which resulted in him owing $18,000 in taxes. Continue Reading

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Primo Bushati (Bushati), currently associated with Bankers Life Securities, INC., has at least one disclosable event. These events include one customer complaint, alleging that Bushati recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a settled customer complaint with a damage request of $179,000.00 on August 11, 2021. The Firm received a letter, dated August 5, 2021, from an attorney representing clients of the Firm, addressed to Bankers Life and Casualty Company (BLC), an insurance company affiliate of the Firm and the Florida Department of Financial Services. The letter was sent in response to BLC’s disposition of a previous complaint in which BLC found the clients’ allegations to be without merit and denied the clients’ request for reimbursement and…

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jack Michaletz (Michaletz), currently associated with Dai Securities, LLC, has at least 2 disclosable events. These events include 2 customer complaints, alleging that Michaletz recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a settled customer complaint with a damage request of $70,000.00 on August 10, 2021. Claimant alleges the representative recommended an investment that was unsuitable. Continue Reading

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Nicholas Kraiko (Kraiko), previously associated with National Securities Corporation, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Kraiko recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a final customer complaint on August 11, 2021. Respondent Kraiko failed to respond to FINRA requests for information. Continue Reading

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Troy Wada (Wada), currently associated with Dfpg Investments, LLC, has at least one disclosable event. These events include one customer complaint, alleging that Wada recommended unsuitable investments in different investment products including debt securities among other allegations and complaints. FINRA BrokerCheck shows a settled customer complaint with a damage request of $180,000.00 on August 05, 2021. Claimants allege the representative recommended investments that were unsuitable. Continue Reading

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Michael Valdini (Valdini), previously associated with Joseph Stone Capital L.l.c., has been subject to at least one disclosable event. These events include one customer complaint. Several of those complaints against Valdini  concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations. FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,277,631.00 on August 09, 2021. Churning and violations of SEC Rule 10b-5; qualitative and quantitative unsuitability; breach of fiduciary contract; negligent misrepresentations and omissions; and violations of FINRA Rule 2010. Alleged activity occurred between September 2015 and September 2019. Continue Reading

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Broker Nicholas Mcmahan (Mcmahan), currently employed by Cetera Investment Services LLC has been subject to at least one disclosable event. These events include one customer complaint. According to records kept by The Financial Industry Regulatory Authority (FINRA), Mcmahan’s most recent customer complaint alleges that Mcmahan recommended unsuitable investments in structured products and makes allegations concerning misconduct relating to the handling of the customer’s accounts. FINRA BrokerCheck shows a settled customer complaint with a damage request of $18,588.00 on August 09, 2021. Customer purchased non-principal protected structured notes in July, 2018.  the notes matured in August, 2021. The structured notes had reached the principal barrier at maturity resulting in a loss to the customer. In a verbal complaint, the customer claims that the rep told him he would…

If there’s a common theme I’m hearing out here at the Northwestern Pritzker School of Law Securities Regulation Institute, it’s to “think big” about modernizing the public company experience. That includes the infrastructure for trading and voting. If you’ve been ignoring the digital revolution, now’s a good time to start paying attention. There’s strong sentiment that blockchain will completely change the game – for example, we could see instantaneous trade settlement and peer-to-peer trading. It could also resolve longstanding “proxy plumbing” issues that make it hard to know who owns and votes stock – and make it much easier for retail investors to vote. I’ll concede that we’ve been talking about this since at least 2016 – including Nasdaq’s practice run for blockchain voting in Estonia! But at this point it seems much closer to becoming reality. As one sign that things are…

We last blogged about the Clarity Act back in June. It would be significant for the crypto industry as well as the SEC – among other things, it would establish the SEC’s role in regulating digital assets alongside the CFTC. The legislation was on the verge of advancing earlier this month, but it fell apart at the 11th hour. This CoinDesk article says that people think the bill will still move forward eventually, but it could be a few months: One of the individuals following the process said they would not be concerned if the Banking Committee still passed its version of the bill by Memorial Day in late March, and the overall Senate passed the legislation by around July 4. This timeline would still give the House of Representatives enough time to pass the legislation in September or during the lame duck session after this year’s midterm election. In this blog, the team at Baker McKenzie explains the impact of the delay: For lawmakers, the choice is unenviable:…

It was clear when former SEC Chair Gary Gensler departed the agency last year that we would see an about-face on crypto. A new Cornerstone Research report shows how that softer touch played out on the enforcement front. This press release highlights a few key findings: · Of the 13 actions initiated in 2025, five were brought under Chair Gensler before his departure in January. Eight actions were initiated under Chair Atkins, all of which contained allegations of fraud. · A total of 29 actions were resolved in 2025, seven of which were dismissed by the SEC under Chair Atkins. · Monetary penalties imposed against digital-asset market participants totaled $142 million in 2025, representing less than 3% of the monetary penalties imposed in 2024. As I noted elsewhere today, enforcement may be the main hook for crypto until a comprehensive regulatory framework is in place, but it doesn’t seem like the SEC is out to surprise anyone with…

Firms need data to ensure core business functions. Yet, as we discuss in a new paper, many  do not pay enough attention to data sources, tending instead to focus on how data are used.  Most regulations address downstream uses – how data are processed, shared, or deployed –but complying with these regulations is not the only challenge that data create for firms.  Instead, data can also create upstream risks that originate from how data is obtained. If unaddressed, these risks can expose firms to operational, legal, regulatory, and reputational costs. Companies do not simply “have” data. Instead, they obtain data through their “data supply chain:” networks of transactions that transfer data as an intermediate good between individuals, organizations, and technology to create a product or service for an end user.  As a supply chain, data create risks familiar to board members and corporate managers: operational, environmental,…