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SEC Obtains TRO and Asset Freeze in Investment Scheme Involving Seniors

The Securities and Exchange Commission today announced an emergency asset freeze and temporary restraining order against a Chicago-based investment adviser and his financial management company accused of scamming elderly investors out of millions of dollars. The SEC alleges that Daniel H. Glick and his unregistered investment advisory firm Financial Management Strategies (FMS) provided clients with […]

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FINRA Dispute Resolution Issues Status Report on Arbitration Task Force Recommendations

Action Taken on 35 of 51 Recommendations to Date The Financial Industry Regulatory Authority (FINRA) today released a status report on the recommendations made in the FINRA Dispute Resolution Task Force’s Final Report issued in December 2015. In July 2014, FINRA had formed a 13-member task force composed of individuals representing a broad range of interests in securities dispute resolution to consider […]

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Morgan Stanley Financial Advisor Barry Connell Arrested for Stealing more than $5 million from Client Accounts

On January 3, 2017, Preet Bharara, the United States Attorney for the Southern District of New York, and William F. Sweeney Jr., the Assistant Director-in-Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced that former Morgan Stanley financial advisor Barry Connell had been arrested and charged with wire fraud […]

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Brian Egan; Independent Financial Group; Laguna Niguel, California

Brian Egan, a former registered broker with Independent Financial Group. Egan was recently barred from the industry by the Financial Industry Regulatory Authority (FINRA) for allegedly failing to disclose his trading activity in client accounts away from the firm. Egan was sanctioned by FINRA in August 2016 when he allegedly maintained and/or held trading authority […]

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SEC Approves Amendments to the Customer Code of Arbitration Procedure Regarding Panel Selection in Cases with Three Arbitrators

The Securities and Exchange Commission (SEC) approved amendments to FINRA Rule 12403 (Cases with Three Arbitrators) of the Code of Arbitration Procedure for Customer Disputes (Customer Code) to increase the number of arbitrators on the public arbitrator list that FINRA sends to parties during the arbitration panel selection process from 10 to 15. The amendments […]

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