Reuters
Wall Street’s industry-funded watchdog issued new guidance late Monday that gives arbitrators more information about their responsibilities in a process that allows securities brokers to request the removal of customer complaints from their public records. The Financial Industry Regulatory Authority (FINRA) issued the guidance just days before a group of lawyers for investors plan to […]
Reuters
A $4.3 million arbitration award to a broker who was encouraged by his former firm to sell securities that later failed could spawn similar complaints from other brokers. The unusual ruling, issued late Wednesday by a Financial Industry Regulatory Authority arbitration panel, requires Los Angeles brokerage Wedbush Securities Inc to pay the broker after nearly […]
Wall Street Journal
Wedbush Securities Inc. must pay a former broker $4.3 million in damages and legal fees for business he said he lost because of collateralized mortgage obligations he sold that went bad on clients. While many mortgage-backed securities plummeted in value after the 2008 financial crisis, those involved in this case soured years earlier, in 2003. […]
InvestmentNews
A former star Wedbush Securities Inc. broker Wednesday won a stunning $4.2 million arbitration award against his old firm in a case that dated back to sales of risky collateralized mortgage obligations before the credit crisis. At the heart of the claim by former Wedbush broker Michael Farah is the allegation that “Wedbush made misrepresentations […]
Law360
Wedbush Securities Inc. has to pay one of its former brokers nearly $4.3 million in lost income and attorneys’ fees after an arbitration panel ruled Wednesday that the broker lost clients due to the California firm’s misrepresentation of certain mortgage-backed securities. Ex-Wedbush broker Michael Farah won a lengthy battle on Wednesday against his former employer […]