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Industry Report Cards For Stockbrokers Questioned

Naples Daily News

All licensed stockbrokers have a report card of sorts. In theory it’s supposed to give investors a place to go for some unvarnished background: criminal records, disciplinary infractions, firings, customer complaints, civil judgments and bankruptcies, to name a few. A Naples investor gave his broker and firm a big black mark in July when an […]

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Hedge Funds Can Be Headache For Broker, as CIBC Case Shows

Wall Street Journal

On Wall Street, hawking hedge funds has become hugely profitable. But a recent arbitration award against Canadian Imperial Bank of Commerce shows the downside for brokerage firms that market these lightly regulated investment vehicles. A three-person arbitration panel this month ordered the bank’s brokerage arm, CIBC World Markets, to pay almost $3.6 million to 11 […]

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NASD Arbitration Panel Finds American Express Financial Advisors Liable

PR Newswire

An NASD arbitration panel found American Express Financial Advisors, a division of American Express (NYSE: AXP), liable for $649,612 for failure to properly supervise Los Angeles area broker Edward Torres. On Friday, February 18, 2005, the NASD panel awarded $490,612 in compensatory damages and $159,000 in punitive damages to retired El Paso, Texas residents Pat […]

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Ex-Sands Bros. Clients Fear Firm Will Shirk Awards

Dow Jones Newswires

When attorney Brian McDonough won more than half a million dollars for an investor in arbitration against brokerage firm Sands Brothers & Co. a year ago, his opponent told him there was a chance that his client might not see the bulk of that money. “They told me if we didn’t accept a deeply discounted […]

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Morgan Stanley to Pay $452,034 for Broker’s Traders


NEW YORK, Nov 18 (Reuters) – An NASD arbitration panel ordered Morgan Stanley (MWD.N: Quote, Profile, Research) to pay a brokerage client $452,034 for making unauthorized margin trades that nearly wiped out the client’s account, lawyers for the plaintiff said on Thursday. Joacy Silva, a 52-year-old resident of Van Nuys, California, won the award on […]

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