L.A.'s Wedbush charged with failing to supervise stockbroker who SEC says was involved in penny-stock scam
March 27, 2018
Los Angeles Times
James Koren
L.A.’s biggest stockbrokerage ignored or didn’t properly investigate warning signs that one of its brokers was pushing clients to invest in a pump-and-dump scheme, the Securities and Exchange Commission alleged Tuesday. The commission charged Wedbush Inc., based in downtown Los Angeles, with failing to properly supervise a former broker who it alleges received kickbacks from […]
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Finra's Proposed Ban On Expungements No Surprise
December 11, 2017
Financial Advisor
Dan Jamieson
This week, Finra proposed a rule that would prohibit brokers from removing customer complaints and certain arbitrations that are more than a year old. The action by Finra addresses a growing number of brokers who are asking to have old complaints erased. As Financial Advisor reported in July, the number of brokers seeking to clean up old disciplinary records has […]
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Wedbush Securities, once again, in trouble with regulators
October 25, 2017
InvestmentNews
Bruce Kelly
From time to time, this column focuses on firms and individuals in the investment advice business who continue to screw up — those who seem destined to repeat the past and harm investors, damage their own reputations or both. It can be maddening. Watch the financial advice business long enough, and the same questions arise […]
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Wells Fargo ordered to repay customers who lost money on complex securities
October 17, 2017
Los Angeles Times
James Rufus Koren
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
May 8, 2017
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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