Category Archives: Stockbroker Fraud
Atria Wealth Solutions Advisors to receive Retention Bonus offers from sale to LPL Financial
According to published reports, LPL Financial has finalized a deal to acquire Atria Wealth Solutions, an independent broker-dealer. LPL has agreed to pay $805 million however, the price could rise to over $1 billion, with the retention of at least 80% of Atria’s brokers. The deal is expected to close in the second… 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 »
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 »
What to Do If You Were a Victim of Excessive Trading (Churning)?
Recently, the SEC Office of Investor Education and Advocacy released an official alert warning investors to be on the lookout for broker excessive trading. Excessive trading, also known as churning, occurs when a broker or broker-dealer make unnecessary transactions on an investor’s account, solely for the purpose of generating increased commissions and fees for… Read More »
Fraud Alert: SEC Brings Charges Against Former Brokers Targeting Retired Federal Workers
On July 31st, 2017, the Securities and Exchange Commission (SEC) announced that it was bringing fraud charges against four Atlanta, Georgia-area brokers who have been accused of exploiting federal retirees. These brokers collectively operated a company called Federal Employee Benefits. Here, our experienced Florida elder financial abuse attorney discusses these charges that have been… Read More »
SEC Files Complaint Against Brokers Christopher S. Laws, Jonathan D. Cooke, Danny S. Hood and Brandon P. Long at Keystone Capital Partners, Inc. d/b/a Federal Employee Benefit Counselors
The Securities and Exchange Commission today charged four former Atlanta-area brokers with fraudulently inducing federal employees to roll over holdings from their federal Thrift Savings Plan (TSP) retirement accounts into higher-fee, variable annuity products. The SEC’s enforcement action comes at a time when the agency has been focusing more specifically on brokers’ and advisers’… Read More »
FINRA Sanctions MetLife Securities, Inc. $25 Million for Negligent Misrepresentations and Omissions in Connection With Variable Annuity Replacements
If you invested in a MetLife variable annuity and have suffered losses or have questions regarding this investment, please call for a free consultation at 561-475-1332 today. In addition to MetLife variable annuities, we regularly handle cases involving unsuitable investments, churning, hedge funds, Ponzi schemes, securities arbitration, broker fraud, misrepresentation, exploitation of the elderly, and… Read More »
Investor Bulletin: 10 Investment Tips for 2016
Whether you are a first-time investor or have been investing for years, here are ten tips from the SEC’s Office of Investor Education and Advocacy to help you make more informed investing decisions and avoid common scams in 2016. Always check the background of an investment professional − it is easy and free. Details… Read More »
FINRA Bans Broker for “Churning” Customer Accounts
A stockbroker has an ethical and legal duty to make “suitable” investments with your money. The Financial Industry Regulatory Authority (FINRA), the self-regulatory organization for brokerage firms in the United States, explains this duty in its Rule 2111. Specifically, the rule says a broker must “have a reasonable basis to believe that a recommended… Read More »
