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JP Morgan charged in connection with RMBS offerings

In coordination with the federal-state Residential Mortgage-Backed Securities Working Group, the Securities and Exchange Commission today charged J.P. Morgan Securities LLC and affiliated entities with misleading investors in offerings of residential mortgage-backed securities (RMBS). The firm agreed to a settlement in which it will pay $296.9 million. The SEC plans to distribute the money to […]

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FINRA Statistics thru September 2012

Summary Arbitration Statistics September 2012   New Case Filings through September: 2010 2011 2012 2012 vs 2011 4,279 3,705 3,394 -8%   Number of Cases Closed through September: 2010 2011 2012 2012 vs 2011 4,709 4,489 3,747 -17%   Turnaround Time* (in months) through September:   2010 2011 2012 2012 vs 2011 Overall 12.4 14.2 14.5 […]

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FINRA opens arbitration to RIA's

InvestmentNews reports: The Financial Industry Regulatory Authority Inc. has opened up its arbitration system to registered investment advisers.  Finra arbitration has been used in investor or industry complaints involving securities firms and broker-dealers. RIAs now can use the system, according to Linda Feinberg, president of Finra’s office of dispute resolution. Ms. Feinberg disclosed the change […]

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Appellate Court decides in favor of Horace Grant

An U.S. appeals court has upheld a $1.45 million arbitration award in favor of retired NBA basketball player Horace Grant, who sought reimbursement for losses from risky bond funds that were marketed as safe. The U.S. Court of Appeals for the Ninth Circuit, according to an unpublished decision, rejected claims by Grant’s former brokerage, Morgan […]

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FINRA sanctions David Lerner $14 million for unfair practices in sale of REIT

The Financial Industry Regulatory Authority (FINRA) announced today that it has ordered David Lerner Associates, Inc. (DLA) of Syosset, NY, to pay approximately $12 million in restitution to affected customers who purchased shares in Apple REIT Ten, a non-traded $2 billion Real Estate Investment Trust (REIT) DLA sold, and to customers who were charged excessive […]

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