Securities Arbitration Lawyers Blog

Allegations include conversion of funds from non-securities customer account After thirteen years in the securities industry, Jeffrey Pierce has been permanently barred from practicing in the securities industry in any capacity. During his career, Pierce accumulated eleven disclosure events, including regulatory events, a criminal event, customer disputes and two employer…

Wronged investors feel otherwise about ending abuse by brokers There’s a new rule being proposed by the Labor Department that will help protect average investors from brokers who don’t always act in their customer’s best interest. This rule, five years in the making, has the brokerage industry concerned that Wall…

According to one accused, they “robbed Peter to pay Paul” while living the high life Living the high life has come to an end for five Arizona who were charged with stealing millions from investors by the SEC. According to the SEC release on September 11, the participants allegedly used…

New Department of Labor rule looks to protect investors from over-zealous brokers In an effort to protect investors from conflicted investment advice, the Department of Labor is seeking to instate a new fiduciary duty rule that has left many independent brokers-dealers chafing in their suits. What is a fiduciary duty?…

President Glen Anderson sanctioned along with Rainmaker Brokerage Firm With six branches and 34 registered persons, Rainmaker Securities, LLC is in hot water with both FINRA and the SEC. Its president, Glen Anderson, is also included in the sanctions brought against the firm, according to official FINRA documents. The allegations…

FINRA arbitration panel finds bank liable in alleged fraud claim As Puerto Rico’s financial struggles continue, a FINRA arbitration panel awarded three claimants $3M in an alleged fraud claim against UBS Financial Services in early September. According to Law360.com, the claimants alleged that the bank committed fraud relating to closed-end…

Drude’s failure to disclose details surrounding fraud of elder investor drives FINRA action In response to allegations surrounding his relationship with an elderly investor, Louisiana-based broker Bradley Drude agreed to an Offer of Settlement to FINRA in which he was assessed a deferred fine of $25,000 and suspended from association…

Broker misconduct results in “substantial harm’ to elderly customers Philip Leonard Grasso Jr.’s 18-year career in the securities industry is now over due to allegations of elder fraud, where he purportedly misused funds, willfully misrepresented material facts and failed to complete on-the-record testimony requested by FINRA. According to the FINRA…

Failure to provide on-the-record testimony to FINRA results in disciplinary action After termination from employment with Morgan Stanley in 2014 following allegations surrounding his status as an executor and beneficiary in a client’s estate and his use of discretion in several client accounts, broker Justin Amaral has been permanently barred…

Failure to disclose criminal charges results in $5,000 fine and suspension During a 15-year career in the securities industry, Miami-based broker Mikell Simmons has seen a total of six disclosure events on his official record, the most recent of which includes a one-month suspension and a $5,000 fine. According to…