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Newport Broker to Pay $3.8 Million

Orange County Register

Wedbush Morgan found liable in suit filed by 22 clients who said they were sold riskier securities than represented. By MARY ANN MILBOURN THE ORANGE COUNTY REGISTER Wedbush Morgan Securities Inc. in Newport Beach must pay $3.8 million in damages and legal fees in the first of several cases involving its sale of a form […]

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NASD Arbitration Panel Finds Wedbush Morgan Securities, Inc. Liable to Investors

PR Newswire

NASD ARBITRATION PANEL FINDS WEDBUSH MORGAN SECURITIES, INC. LIABLE TO INVESTORS FOR $3.8 MILLION IN DAMAGES BEVERLY HILLS, CALIFORNIA, May 31,2006 /PRNewswire/ – The following was released today by Aidikoff, Uhl & Bakhtiari: An NASD arbitration panel found Wedbush Morgan Securities, Inc. liable for $3.8 million in connection with the sale of collateralized mortgage obligations […]

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Heightened Supervision Standards Vary

Dow Jones Compliance Watch

NEW YORK (Dow Jones)–You can’t please all the people all the time, but in the financial advisory world, not pleasing the clients a lot of the time can trigger “heightened supervision.” Regulators expect firms to conduct their own heightened supervision but will sanction them if they don’t. And while these regulators leave the criteria for […]

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The Argument Over Arbitration

Registered Representative

Dallas attorney David Dyer spends about two months each year in arbitration hearings, representing brokers and institutions. That doesn’t count the additional hours that he logs in hearing rooms as an NASD arbitrator. Dyer, a partner at Dallas-based Secore & Waller, has been doing this for 15 years, and lately he has been struck by […]

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Broker to Repay Investor

The Business Press

Stock brokerage A.G. Edwards, Inc. has been ordered by the National Association of Securities Dealers to pay an Indio widow $339,974 for failing to properly supervise a broker who made risky investments with her savings in 1999. NASD arbitrators awarded $142,839 in compensatory damages, $100,000 in punitive damages and $97,135 in legal fees to Delores […]

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