Securities Arbitration Lawyers Blog

In July 2013, the U.S. Securities and Exchange Commission (“SEC”) issued a lifetime ban upon Carl Birkelbach, the founder and principal of Birkelbach Investment Securities (headquartered in Chicago, Illinois), which prevents him from participating in any working capacity in the securities industry.  Mr. Birkelbach appealed the SEC’s ban, claiming in…

The Financial Industry Regulatory Authority (FINRA) announced a fine against Merrill Lynch, Pierce, Fenner & Smith, Inc. for $8 million for charging excessive mutual fund sales charges for retirement accounts. FINRA also ordered Merrill Lynch to pay $24.4 million in restitution to damaged customers on top of $64 million Merrill…

The U.S. Securities and Exchange Commission (“SEC”) continued its onslaught against Scott Rothstein associates earlier this month when it filed suit in federal court against Barry R. Bekkedam (“Bekkedam”), Chairman and Chief Executive Officer of investment advisory firm Ballamor Capital Management (“Ballamor”).  The SEC suit follows a growing number of…

If the Connecticut Department of Banking (the “Department”) has its way, Meyers Associates and its owner, Bruce Meyers, will be barred from selling securities in Connecticut. A February 2014 Order to Cease and Desist issued by the Department, charges Meyers Associates and Bruce Meyers (“Respondents”) with numerous violations of Connecticut…

A former UBS broker recently won a FINRA arbitration claim against UBS Financial Services for misleading him and his clients about the risks associated with structured notes tied to Lehman Brothers Holdings, which suffered significant losses in 2008.  Silver Law Group primarily represents investors in claims against UBS and other…

The Government Development Bank for Puerto Rico, the Puerto Rican government agency responsible for its debt deals has hired a well-known debt restructuring firm leading many in the financial industry to speculate that Puerto Rico is preparing to revamp its municipal debt. According to news reports, Puerto Rico officials refused…

The U.S. Securities and Exchange Commission (“SEC”) has formed a new group to increase oversight of private equity and hedge funds.  The SEC has assigned two former industry veterans to oversee the unit.  The SEC frequently creates these units when it sees increased activity in a particular type of investment…

FINRA rules establish the core supervisory system procedures which all broker-dealers must follow to protect investors.  A broker-dealer or other FINRA member may be sanctioned by FINRA for violating these rules and an investor may bring a FINRA arbitration claim against a brokerage firm for failing to properly supervise a…

In March 2014, the U.S. Commodity Futures Trading Commission (CFTC) obtained a supplemental Federal Court Order against Queen Shoals Consultants, LLC (“QSC”) and others to jointly pay in excess of five million dollars in penalties for defrauding customers in a currency or Forex trading scheme.  None of the Defendants were registered…

In February 2014, Bond Buyer magazine featured a story about Silver Law Group’s representation of many Puerto Rico investors in FINRA arbitration claims against UBS of Puerto Rico for losses in leveraged bond funds.  The article concluded by highlighting Silver Law Group Managing Partner Scott Silver’s concerns that FINRA was…