Securities Arbitration Lawyers Blog

Unnecessary trading leads to losses for many investors, and the elderly are especially vulnerable to churning Churning is the process of a broker or investment adviser making unnecessary trades for a client with the sole or primary purpose of generating commissions. While there is no specific test to determine if…

The agency plans to get tougher on brokers and firms throughout 2017 The SEC’s Office of Compliance Inspections and Examinations (OCIE) has a new series of goals for 2017. The agency’s department, which is responsible for examining brokers, firms, and financial products to prevent fraudulent activities, identify risks, and inform…

Allegations include non-disclosure, false statements, and being named executor of an elderly client’s estate William Stephen Smith, a broker with nearly 30 years of professional experience, was fined $10,000 and suspended for three months by the Financial Industry Regulatory Authority (FINRA). It’s reported that Smith didn’t disclose that he had…

Jacobson was sanctioned for failing to supervise a broker who is accused of executing unsuitable investments for elderly clients The Financial Industry Regulatory Authority (FINRA) suspended Minnesota broker Jeffrey Jacobson for 15 days ending on December 12th, 2016 and fined him $7,500. Jacobson is alleged to have failed to adequately…

He allegedly misrepresented information regarding both fixed and variable annuities to customers who suffered financial losses as a result While the Financial Industry Regulatory Authority (FINRA) permanently barred former NYLife Securities LLC broker Amr Mostafa Aboulmagd in October 2016, additional complaints continue to be filed against him. With a total…

The Parsippany, New Jersey broker was also hit with a $10,000 fine Up until recently, Rembert McNeer had a clean record with the Financial Industry Regulatory Authority (FINRA). A broker for over 30 years, McNeer worked for three firms: E.F. Hutton & Company Inc.; G.A. Michele, Inc. in New York…

Silver Law Group is investigating Catalyst Capital Advisors LLC (CRD# 139895/ SEC# 801-66886) (“Catalyst”) and one of its mutual funds, Catalyst Hedged Futures Strategy Fund Class I (“HFXIX”) after the fund lost approximately 30 percent of its value in the span of three months. HFXIX is a fund that seeks…

An alleged inheritance of a client’s condo led to the Florida broker’s downfall In 2001, Douglas Studer started working for Prime Capital Services, Inc. in Port Richey, Florida, which began his 15-year career. That career ended in September of 2016 after an investigation by the Financial Industry Regulatory Authority (FINRA).…

FINRA Tips for Spotting and Preventing Elder Financial Abuse Elder financial abuse is a subject that has increasingly drawn scrutiny by regulatory bodies.  The Financial Industry Regulatory Authority (“FINRA”) and the Securities Exchange Commission (the “SEC”) have published numerous investor alerts, regulatory guidance, and primers on the elder financial abuse. …

Meyers Associates, L.P. changed its name in 2016 from “Meyers Associates, L.P.” to “Windsor Street Capital, LP.” Under the moniker Meyers Associates (CRD# 34171), the firm was known for hiring brokers whose FINRA BrokerCheck reports were riddled with disclosures.  According to an InvestmentNews report in 2014, Meyers Associates “stands out…