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 […]
Bank Investment Consultant
A FINRA arbitration panel has ordered Wells Fargo Advisors to pay a former client more than $262,000 for failing to promptly liquidate his brokerage account, according to a recent FINRA filing and details provided by the client’s lawyer. Jeffrey Ball, a Los Angeles psychologist, gave the firm written instructions to close the account because he […]
InvestmentNews
Original Story It’s no secret that small broker-dealers are struggling to keep their doors open as technology, compliance and legal costs continue to increase, especially as they prepare to put weighty new regulations such as the Department of Labor’s fiduciary rule into place. Indeed, the decline of the broker-dealer industry continues. According to the Financial […]
Financial Advisor
Investor plaintiffs’ lawyers say the Department of Labor’s fiduciary rule will give them some extra leverage in winning damages from arbitration panels—but they don’t expect a huge windfall. The DOL rule gives investors the right to file arbitrations or class-action claims for violations of the rule, giving rise to industry concerns about increased liability. Sure […]
Financial Advisor IQ
The securities industry’s self-funded watchdog is moving forward with a rule to bump up the number of arbitrators available to be selected for panels judging claims against brokers. In a filing to the SEC earlier this month, the Financial Industry Regulatory Authority proposed to increase to 15 from 10 the number of “public” arbitrator candidates available […]