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Ameritrade Case Shines Light On Online 'Suitability' Claims

Wall Street Journal

Indianapolis attorney Mark Maddox says his phone has been ringing incessantly since word got out about what he calls his “unique victory” last week against online broker Ameritrade Holding. Mr. Maddox represented Lael Desmond, an Ameritrade client who lost money when the firm sold stocks from his account to cover a margin loan. Mr. Desmond […]

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Imperial Capital Group, LLC Pay $901,567 to Former CEO

PR Newswire

Judy Resnick, co-founder and former chairman and chief executive officer of Dabney Resnick Imperial, LLC, a Los Angeles based brokerage firm was awarded $901,567 by an National Association of Securities Dealers (NASD) arbitration panel. The award against Imperial Credit Industries, Inc. (Nasdaq: ICII – news) and Imperial Capital Group, LLC came after more than one […]

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Regulators' Comments Suggest More Flux at Online Brokers

One note to online brokers marching toward world domination: Be careful — regulators are watching. Online brokerages have long been immune to the legal actions dogging full-service firms that make investment recommendations. But now the electronic upstarts such as E*Trade (EGRP:Nasdaq – news), Schwab (SCH:NYSE – news) and Ameritrade (AMTD:Nasdaq – news) face the prospect […]

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Who's Responsible When Clients Take a Flier?

Registered Representative

New Internet trading programs raise liability concerns for reps. Full service firms warn that clients are accountable for unsolicited trades. Do it yourself trading blended with full service brokerage has arrived on Wall Street. With it, you face a new question: How much responsibility do you bear in protecting clients from investment pitfalls when they […]

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NASD's Bumpy Road to Justice

Los Angeles Times

Convinced that she had been defrauded by her stockbroker, Cara Marks fought back. She took her claim to the arbitration program of the National Assn. of Securities Dealers, the nation’s dominant forum for resolving legal disputes between investors and brokers. For Marks, who said the broker sent falsified financial statements to keep her in the […]

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