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Wells Fargo ordered to repay customers who lost money on complex securities

Los Angeles Times

An investment industry regulator has ordered Wells Fargo to pay $3.4 million to brokerage customers who lost money buying complicated securities that even Wells Fargo brokers didn’t fully understand. The Financial Industry Regulatory Authority, or Finra, said Monday that some Wells Fargo representatives mistakenly thought a kind of complex security linked to the popular Vix […]

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Rave Reviews for Straus Institute’s Top Rated Investor Advocacy Clinic

Pepperdine University School of Law

In 2010, the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation awarded Pepperdine University School of Law’s Straus Institute for Dispute Resolution a grant to establish a comprehensive clinical education program in investor advocacy. The Clinic represents all of its clients on a pro-bono basis. The Investor Advocacy Clinic is the only FINRA funded Clinic […]

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FINRA to Seek Expedited Small Claim Arbitration via Phone

Bloomberg

Parties involved in FINRA arbitration with claims of $50,000 or less may soon get the option of an expedited, time-limited hearing via phone, according to a status report released Feb. 8. The proposed Special Proceeding for Simplified Arbitration was based on a recommendation by the FINRA Dispute Resolution Task Force to develop an intermediate form […]

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Private Banking Meets Cross-Selling for JPMorgan’s Wealthy Clients

Bloomberg

Salespeople of all stripes know the drill. Go to the morning pump-up sessions. Hit the revenue targets. Move product or move along. The playbook for selling everything from phones to time shares also crops up in a rarefied environment — the Manhattan offices of JPMorgan Chase & Co.’s elite wealth-management unit. There, private bankers working with […]

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S.E.C. Inertia on Paybacks Adds to Investor Harm

New York Times

In August 2015, the S.E.C. struck a settlement with Citigroup over an exotic investment strategy involving municipal bonds that the bank sold to clients from 2002 to 2008. When securities laws are broken and investors get hurt, the Securities and Exchange Commission often rides to the rescue, using its regulatory muscle to extract penalties that can be […]

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