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Warning: FINRA’s BrokerCheck Reports about Financial Advisors Omit Crucial Facts that Would Help Protect Investors from Bad Brokers
A major study by the Public Investors Arbitration Bar Association (PIABA) has revealed that brokers and brokerage firms are able to shield from public view the truth about crucial aspects of their personal and professional history. A link to the…
FINRA Moves Forward with Plans on “Expungement” and Arbitrator Classification
FINRA, the Financial Industry Regulatory Authority, is moving forward with plans on two little-noticed fronts that could offer substantial improvements to mandatory arbitration of disputes over investment losses. In a venue many think is stacked against investors, these changes are…
Investors in Puerto Rico Bonds and Bond Funds Slammed After Credit Rating Slashed to “Junk” Status by S&P
Standard & Poors has cut the credit rating on Puerto Rico’s general obligation bonds to “junk” status. The downgrade to junk was a long time coming, with many investors viewing Puerto Rican debt as speculative for months. Nonetheless, the continuing…
Wrap Fees and “Reverse Churning” – Are You Paying Big Fees for No Good Reason?
Over the past several years, many brokerage firms have edged away from the traditional commission-based compensation model. Burned by claims of churning—trading their clients’ accounts at high velocity to generate big commissions—the firms have embraced a fee-based model instead. The…
The Wolves of Wall Street May Be Endangered, But They’re Not Extinct Yet
The Wolf of Wall Street is poised to take home some precious hardware at the Oscars, but disciples of the real-life Jordan Belfort have fallen on hard times. The chief securities regulator of Massachusetts, William Galvin, is taking aim at…
SEC Bars Tommy Belesis, Former Chief of John Thomas Financial and Orders Disgorgement and Restitution
The Securities Exchange Commission (SEC) has barred from the brokerage business former John Thomas Financial chief Tommy Belesis for his role in steering customers into hedge funds and influencing the fund manager and advisor to breach their fiduciary duties. In…
FINRA Fines Oppenheimer for Overcharging Its Municipal Bond Customers
The Financial Industry Regulatory Authority (FINRA) has fined brokerage firm Oppenheimer & Co., Inc. $675,000 and has ordered it to pay restitution of over $246,000 to customers who were overcharged by Oppenheimer in their municipal bond purchases. In addition to…
FINRA Crackdown on “High-Risk” Brokers May Go Too Easy on Their Firms
FINRA has been touting its get-tough credentials lately, and the financial press has begun paying attention. The Wall Street Journal (subscription required) recently reported that: Under pressure from Washington to crack down on rogue stockbrokers, the Financial Industry Regulatory Authority is…
The Galbraith Law Firm Has Filed a New FINRA Claim against UBS Financial Services Alleging Unsuitable Recommendations and Overconcentration
The Galbraith Law Firm has filed a new FINRA claim on behalf of an investor who lost over $500,000 due to his brokerage firm’s unsuitable recommendations and overconcentration. A longtime customer of UBS Financial Services, our client has been retired…