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Ruling could help reps get rid of BrokerCheck blemishes


A California appeals court ruling that makes it easier for brokers to expunge customer complaints and disciplinary actions from their records could have far-reaching implications for brokers everywhere. In an Aug. 23 decision, the California Court of Appeal for the First Appellate District in San Francisco ruled that brokers may expunge their records under a […]

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FINRA reinstates 3 arbitrators axed after Merrill ruling


The Financial Industry Regulatory Authority has reinstated three securities arbitrators that it crossed off its roster following a 2011 decision they made against Merrill Lynch, according to a letter reviewed by Reuters on Wednesday. FINRA’s removal of the three arbitrators between mid-2011 and early 2012 raised questions among lawyers and others about whether the influence […]

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New Suitability Rule Seen Complicating Arbitrations

Dow Jones Compliance Watch

New rules on what makes a suitable recommendation for clients may also make it tougher for brokers who find themselves in arbitration over a client complaint. Brokers will have to take into account more details about each investor’s circumstances when making a recommendation, and that could give investors more legal ammunition–and arbitrators more issues to […]

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Two Provident execs hit with fines, bans

Investment News

Two co-founders of Provident Royalties LLC, which turned out to be a $485 million Ponzi scheme that caused severe losses for investors and wiped out dozens of independent broker-dealers, have been fined $50,000 each and suspended from the securities industry for two years, according to a settlement with the Financial Industry Regulatory Authority Inc. The […]

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Keeping Score: Investor Advocates Push for More Broker Disclosure, Including Grades on Exams

Wall Street Journal

When Michael Goldfeder took an exam in 1994 that allows brokers to sell securities, he says his goal was simple: pass the test. The Melville, N.Y.-based adviser succeeded—not by much, he concedes—but never dreamed his clients, or future prospects, might one day see his actual grade. “I’m not ashamed by any means, but it’s preposterous […]

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