Blog
FINRA opens arbitration to RIA's
October 28, 2012
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
October 27, 2012
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 The U.S. Court of Appeals for the Ninth Circuit, according to an unpublished decision, rejected claims by Grant’s former brokerage, Morgan […]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
October 24, 2012
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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Former Houston based attorney pleads to Ponzi scheme
October 17, 2012
A former attorney in Houston who portrayed himself as a real estate investment tycoon has pleaded guilty in a $7.8 million Ponzi scheme. Federal prosecutors in Houston say 67-year-old Billy Frank Davis pleaded guilty Monday to wire fraud. Investigators say more than 20 investigators were scammed. Prosecutors say Davis during the past 10 years pretended […]
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SEC charges San Francisco investment adviser and its owner for fraud
October 6, 2012
The Securities and Exchange Commission brought fraud charges against San Francisco-based hedge fund manager Hausmann-Alain Banet and his firm Lion Capital Management. According to the SEC’s complaint, Banet stole more than a half-million dollars from a retired schoolteacher who thought she was investing her retirement savings in Banet’s hedge fund. According to the SEC’s complaint […]
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