Businesses and start ups are on their way to selling ownership stakes in their companies by soliciting investors over the Internet under a proposal advanced by the Securities and Exchange Commission. The plan would set rules for equity crowdfunding, which lawmakers said would spur growth by easing financing when they mandated it in the 2012 Jumpstart […]
Aidikoff, Uhl & Bakhtiari continues to investigate the sales practices of Wall Street firms in recommending bond funds to it’s clients. In May 2012 the SEC issued a Cease-and-Desist Order against UBS Puerto Rico. Pursuant to the order, UBS Puerto Rico agreed to pay $26 million in disgorgement and settle charges that it sold allegedly mispriced closed end funds to […]
A federal grand jury has indicted Richard Shusterman, age 50, of Highland Beach, Florida, and Jonathan E. Rosenberg, age 44, of West Orange, New Jersey, on charges of conspiracy and wire fraud, in connection with a scheme to defraud equity investors and asset-based lenders in medical accounts receivable of more than $275 million. The indictment […]
The SEC approved a FINRA rule proposal which simplifies the way investors select arbitrators in disputes with their brokerage firms. Arbitrations, rather than court proceedings, are mandatory in disputes between investors and their brokers, who are regulated by FINRA — the Financial Industry Regulatory Authority. Clients and brokers have some options to chose the arbitrators from a pool of […]
The Department of Labor timeline for releasing the proposal for an expanded fiduciary duty for advisors who work with retirement plans has been delayed. Speaking at the Financial Services Institute’s Financial Advisor Summit, Phyllis Borzi, the Labor Department’s assistant secretary for the Employee Benefit Security Administration, said that her agency is continuing to revise its proposal, and that […]