CRD, Your Permanent Record, and Your Future By Mark J. Astarita, Esq. Note: CRD disclosures can be removed in limited circumstances. To learn more, read Expungement of Customer Complaints, and call Sallah Astarita & Cox, LLC at 212-509-6544 When you were young and in high school, a big threat from […]
Brokers
Commentary, news and links of interest to financial advisers.
Can I Take My Client Information When I Leave My Firm?
When changing firms, and moving between two firms that are part of the Broker Recruiting Protocol, can the broker take client account numbers with her. We get that question a lot. Under the Protocol a broker may take only the client name, address, phone number, email address, and account title […]
How Long Does an SEC Investigation Take?
SEC investigations can be a harrowing experience for the witness as well as the targets. One of the first questions my clients ask when faced with a subpoena from the SEC is how long is this going to take? While I hate to give the typical lawyer answer, that answer […]
Responding to a Wells Notice
By Mark Astarita Being the subject, target, or even a witness in an SEC or a FINRA investigation is not a pleasant experience. As I discussed in my column “When the SEC Comes Calling” a financial professional’s involvement in a regulatory investigation or proceeding is extremely serious, and can be […]
Brokers Say Moving to RIA Was Positive
A new report from TD Ameritrade Institutional, which gathered data from current and former brokerage reps, illustrates a generally positive attitude toward the RIA channel and signals a continuation of the migration trend.The findings from the 2019 Benchmarking and Independence report showed that 44% of brokers surveyed said the likelihood […]
Insider Trading Attorney
Insider trading is a serious securities fraud violation, which has significant civil, and criminal, penalties. In recent years, the SEC and the Courts have expanded the definition of insider trading, which can now include trading insiders, and those who get information from insiders and even the random man in the […]
Criminal Probe Into Trading in Fannie, Freddie Bonds
The U.S. has opened a criminal investigation into whether traders manipulated prices in the $550 billion market for unsecured bonds issued by Fannie Mae and Freddie Mac, according to people familiar with the matter.The probe, parts of which were described by four people familiar with it, shows that investigations by […]
UBS Pulls a Fast One on its Own Employees
Only a few months after withdrawing from the Protocol, UBS Financial Services is requiring brokers waiting for their 2017 bonuses to sign agreements that open them to lawsuits and arbitration complaints if they try to contact former clients within 12 months of leaving the U.S. broker-dealer unit of the Swiss bank. […]
Rule 8210 – How You Respond Makes a Difference
For FINRA member firms, and employees of FINRA firms (even those who are not registered) FINRA Rule 8210 (Provision of Information and Testimony and Inspection and Copying of Books) gives FINRA the authority to request documents and testimony from firms, registered persons, and, in FINRA’s view, other persons and entities […]
Why advisors will feel freer to make career moves in 2018
Many financial advisers are shaking off the uncertainties of 2017 and getting ready to consider making the moves that they had put on hold. In my view, this means more advisors will be making strategic moves in the next year even as packages remain off the stratospheric highs of 2015-16. […]