Receiving a subpoena from the SEC, or an 8210 Request from FINRA can be the start of a long investigative process while can ultimately lead to a Wells Notice, and an enforcement proceeding. How you handle that process can dictate the end result, and you need to retain competent securities […]
Other News
Was the Account Churned?
Churning is excessive trading in a customer’s account by a broker taken in the context of the customer’s financial situation and investment objectives. While no one test is available to determine if an account has been churned, churning requires three elements, first, excessive trading, and second, control of the account […]
FINRA, States enact new rules to fight elder abuse
FINRA is following many states in pressing forward with a rule that aims to give advisers more tools to combat elder abuse, a large and growing problem that many financial professionals are struggling to address. FINRA has developed a rule that aims to better protect elderly clients and also give […]
How To Become A Millionaire By 65
Becoming a millionaire can seem like a pretty lofty goal — or even just a fantasy — but according to financial adviser David Bach in his book “Smart Couples Finish Rich,” all it takes is a little planning.It might seem impossible, but starting off saving just $2 a day when you’re […]
Goldman Sachs Sues Two Ex-Executives Over Client Poaching – Bloomberg
Goldman Sachs Group Inc. sued two former vice presidents in the bank’s private wealth management unit in Chicago, claiming they poached clients for their own new investment advisory business. The two men, Jeffrey Friedstein and Joseph Page, gave notice on Friday they were quitting, Goldman Sachs said in a complaint […]
How Banks Are Losing Clients to Their Own Employees – Bloomberg
Morgan Stanley could do little but watch as a team of advisers overseeing $2.2 billion in assets quit last month to start their own shop, the latest in a string of departures that have shifted billions of dollars in assets away from big Wall Street banks.After months of secret and […]
Congress Still Trading On Non-Public Information?
Even a looming scandal wouldn’t deter some of Congress’ most eager stock traders.” This article from Politico details the outrageous trading patterns of some members of Congress, who despite the STOCK Act, continue to trade in the securities of companies who are the influenced by their investigations and legislation. The […]
Brokers Can Win Promissory Note Cases
We all know that defending promissory note cases for brokers is difficult. After all, those notes have been written, revised, rehashed and reworked by brokerage firm attorneys for years.As I have noted in the past, and in my near daily telephone consultations with brokers with promissory note issues, this does […]
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The information contained in this web site, and its associated web sites, is provided as a service to the Internet community, and does not constitute legal advice. We try to provide quality information, but we make no claims, promises or guarantees about the accuracy, completeness, or adequacy of the information […]
Everyone Does It Defense Falls Short
Even coupled with the ever popular “I didn’t know it was a crime” defense, an Investment Advisor loses. Lessons in securities regulation for the self-help minded. By Mark J. Astarita, Esq. Too often I hear clients, or more appropriately, potential clients, explain to me that they did not use an […]
