Cadaret Grant & Co. Inc. (Cadaret Grant) is an independent broker-dealer headquartered in Syracuse, New York and reportedly has over 1000 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!
Churning is a violation of Federal and state securities statutes, industry rules and regulations and a breach of fiduciary duty to investors under common law. Churning can occur if a Cadaret Grant broker exercises control over the investment decisions in your account and purchases stocks or recommends that you purchase and sell stocks for his benefit, i.e., commissions not yours! These trades rarely, if ever, make the investor any money. In fact, the additional commissions raise the break-even point for the investor to the level where the stock must perform at an extremely high level in order for the investor to make any money.
In every broker-investor relationship, the broker must assess what the investor's goals are as well as his or her risk tolerance. This assessment is based on a number of key factors, including the investor's stated objectives, risk tolerance, financial condition and tax status. It is the broker's responsibility to only pursue investments suitable for that investor based on these factors. A stockbroker is obligated to only recommend suitable investments and investment strategies. If a Cadaret Grant broker recommends unsuitable investments and unsuitable investment strategies, it can leave you vulnerable to unnecessary risk and losses.
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors' rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor's compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these independent broker-dealers.
There is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to excessive purchases and sales of securities and securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. Generally, no manager is onsite to detect the placement of inaccurate information about a client's investment objectives and financial condition to document the suitability of a particular investment recommendation. There is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, there may be only one compliance audit visit per year at many of these offices. These independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms.
Have you suffered losses in your Cadaret Grant brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Cadaret Grant stockbrokers who engaged in churning, recommended unsuitable investments and unsuitable investment strategies that caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Saturday, August 31, 2013
Friday, August 30, 2013
AXA ADVISORS INVESTOR ALERT - WATCH OUT FOR CHURNING AND UNSUITABLE INVESTMENTS!
AXA Advisors LLC (AXA Advisors), a subsidiary of AXA Financial Inc., is an independent broker-dealer headquartered in New York City and reportedly has over 5000 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!
Churning is a violation of Federal and state securities statutes, industry rules and regulations and a breach of fiduciary duty to investors under common law. Churning can occur if an AXA Advisors broker exercises control over the investment decisions in your account and purchases stocks or recommends that you purchase and sell stocks for his benefit, i.e., commissions not yours! These trades rarely, if ever, make the investor any money. In fact, the additional commissions raise the break-even point for the investor to the level where the stock must perform at an extremely high level in order for the investor to make any money.
In every broker-investor relationship, the broker must assess what the investor's goals are as well as his or her risk tolerance. This assessment is based on a number of key factors, including the investor's stated objectives, risk tolerance, financial condition and tax status. It is the broker's responsibility to only pursue investments suitable for that investor based on these factors. A stockbroker is obligated to only recommend suitable investments and investment strategies. If an AXA Advisors broker recommends unsuitable investments and unsuitable investment strategies, it can leave you vulnerable to unnecessary risk and losses.
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors' rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor's compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these independent broker-dealers.
There is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to excessive purchases and sales of securities and securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. Generally, no manager is onsite to detect the placement of inaccurate information about a client's investment objectives and financial condition to document the suitability of a particular investment recommendation. There is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, there may be only one compliance audit visit per year at many of these offices. These independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms.
Have you suffered losses in your AXA Advisors brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against AXA Advisors stockbrokers who engaged in churning, recommended unsuitable investments and unsuitable investment strategies that caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Churning is a violation of Federal and state securities statutes, industry rules and regulations and a breach of fiduciary duty to investors under common law. Churning can occur if an AXA Advisors broker exercises control over the investment decisions in your account and purchases stocks or recommends that you purchase and sell stocks for his benefit, i.e., commissions not yours! These trades rarely, if ever, make the investor any money. In fact, the additional commissions raise the break-even point for the investor to the level where the stock must perform at an extremely high level in order for the investor to make any money.
In every broker-investor relationship, the broker must assess what the investor's goals are as well as his or her risk tolerance. This assessment is based on a number of key factors, including the investor's stated objectives, risk tolerance, financial condition and tax status. It is the broker's responsibility to only pursue investments suitable for that investor based on these factors. A stockbroker is obligated to only recommend suitable investments and investment strategies. If an AXA Advisors broker recommends unsuitable investments and unsuitable investment strategies, it can leave you vulnerable to unnecessary risk and losses.
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors' rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor's compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these independent broker-dealers.
There is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to excessive purchases and sales of securities and securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. Generally, no manager is onsite to detect the placement of inaccurate information about a client's investment objectives and financial condition to document the suitability of a particular investment recommendation. There is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, there may be only one compliance audit visit per year at many of these offices. These independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms.
Have you suffered losses in your AXA Advisors brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against AXA Advisors stockbrokers who engaged in churning, recommended unsuitable investments and unsuitable investment strategies that caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Thursday, August 29, 2013
BERTHEL FISHER INVESTOR ALERT - WATCH OUT FOR CHURNING AND UNSUITABLE INVESTMENTS!
Berthel Fisher & Co. Financial Services, Inc. (Berthel Fisher) is an independent broker-dealer headquartered in Marion, Iowa and reportedly has over 400 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!
Churning is a violation of Federal and state securities statutes, industry rules and regulations and a breach of fiduciary duty to investors under common law. Churning can occur if a Berthel Fisher broker exercises control over the investment decisions in your account and purchases stocks or recommends that you purchase and sell stocks for his benefit, i.e., commissions not yours! These trades rarely, if ever, make the investor any money. In fact, the additional commissions raise the break-even point for the investor to the level where the stock must perform at an extremely high level in order for the investor to make any money.
In every broker-investor relationship, the broker must assess what the investor's goals are as well as his or her risk tolerance. This assessment is based on a number of key factors, including the investor's stated objectives, risk tolerance, financial condition and tax status. It is the broker's responsibility to only pursue investments suitable for that investor based on these factors. A stockbroker is obligated to only recommend suitable investments and investment strategies. If a Berthel Fisher broker recommends unsuitable investments and unsuitable investment strategies, it can leave you vulnerable to unnecessary risk and losses.
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors' rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor's compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these independent broker-dealers.
There is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to excessive purchases and sales of securities and securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. Generally, no manager is onsite to detect the placement of inaccurate information about a client's investment objectives and financial condition to document the suitability of a particular investment recommendation. There is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, there may be only one compliance audit visit per year at many of these offices. These independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms.
Have you suffered losses in your Berthel Fisher brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Berthel Fisher stockbrokers who engaged in churning, recommended unsuitable investments and unsuitable investment strategies that caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Churning is a violation of Federal and state securities statutes, industry rules and regulations and a breach of fiduciary duty to investors under common law. Churning can occur if a Berthel Fisher broker exercises control over the investment decisions in your account and purchases stocks or recommends that you purchase and sell stocks for his benefit, i.e., commissions not yours! These trades rarely, if ever, make the investor any money. In fact, the additional commissions raise the break-even point for the investor to the level where the stock must perform at an extremely high level in order for the investor to make any money.
In every broker-investor relationship, the broker must assess what the investor's goals are as well as his or her risk tolerance. This assessment is based on a number of key factors, including the investor's stated objectives, risk tolerance, financial condition and tax status. It is the broker's responsibility to only pursue investments suitable for that investor based on these factors. A stockbroker is obligated to only recommend suitable investments and investment strategies. If a Berthel Fisher broker recommends unsuitable investments and unsuitable investment strategies, it can leave you vulnerable to unnecessary risk and losses.
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors' rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor's compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these independent broker-dealers.
There is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to excessive purchases and sales of securities and securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. Generally, no manager is onsite to detect the placement of inaccurate information about a client's investment objectives and financial condition to document the suitability of a particular investment recommendation. There is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, there may be only one compliance audit visit per year at many of these offices. These independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms.
Have you suffered losses in your Berthel Fisher brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Berthel Fisher stockbrokers who engaged in churning, recommended unsuitable investments and unsuitable investment strategies that caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Wednesday, August 28, 2013
AMERITAS INVESTMENT INVESTOR ALERT - WATCH OUT FOR CHURNING AND UNSUITABLE INVESTMENTS!
Ameritas Investment Corp. (Ameritas), a subsidiary of the Ameritas Life Insurance Company, is an independent broker-dealer headquartered in Lincoln, Nebraska and reportedly has over 1700 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!
Churning is a violation of Federal and state securities statutes, industry rules and regulations and a breach of fiduciary duty to investors under common law. Churning can occur if an Ameritas broker exercises control over the investment decisions in your account and purchases stocks or recommends that you purchase and sell stocks for his benefit, i.e., commissions not yours! These trades rarely, if ever, make the investor any money. In fact, the additional commissions raise the break-even point for the investor to the level where the stock must perform at an extremely high level in order for the investor to make any money.
In every broker-investor relationship, the broker must assess what the investor's goals are as well as his or her risk tolerance. This assessment is based on a number of key factors, including the investor's stated objectives, risk tolerance, financial condition and tax status. It is the broker's responsibility to only pursue investments suitable for that investor based on these factors. A stockbroker is obligated to only recommend suitable investments and investment strategies. If an Ameritas broker recommends unsuitable investments and unsuitable investment strategies, it can leave you vulnerable to unnecessary risk and losses.
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors' rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor's compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these independent broker-dealers.
There is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to excessive purchases and sales of securities and securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. Generally, no manager is onsite to detect the placement of inaccurate information about a client's investment objectives and financial condition to document the suitability of a particular investment recommendation. There is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, there may be only one compliance audit visit per year at many of these offices. These independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms.
Have you suffered losses in your Ameritas brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Ameritas stockbrokers who engaged in churning, recommended unsuitable investments and unsuitable investment strategies that caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Churning is a violation of Federal and state securities statutes, industry rules and regulations and a breach of fiduciary duty to investors under common law. Churning can occur if an Ameritas broker exercises control over the investment decisions in your account and purchases stocks or recommends that you purchase and sell stocks for his benefit, i.e., commissions not yours! These trades rarely, if ever, make the investor any money. In fact, the additional commissions raise the break-even point for the investor to the level where the stock must perform at an extremely high level in order for the investor to make any money.
In every broker-investor relationship, the broker must assess what the investor's goals are as well as his or her risk tolerance. This assessment is based on a number of key factors, including the investor's stated objectives, risk tolerance, financial condition and tax status. It is the broker's responsibility to only pursue investments suitable for that investor based on these factors. A stockbroker is obligated to only recommend suitable investments and investment strategies. If an Ameritas broker recommends unsuitable investments and unsuitable investment strategies, it can leave you vulnerable to unnecessary risk and losses.
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors' rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor's compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these independent broker-dealers.
There is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to excessive purchases and sales of securities and securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. Generally, no manager is onsite to detect the placement of inaccurate information about a client's investment objectives and financial condition to document the suitability of a particular investment recommendation. There is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, there may be only one compliance audit visit per year at many of these offices. These independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms.
Have you suffered losses in your Ameritas brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Ameritas stockbrokers who engaged in churning, recommended unsuitable investments and unsuitable investment strategies that caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Tuesday, August 27, 2013
AMERIPRISE FINANCIAL INVESTOR ALERT - WATCH OUT FOR CHURNING AND UNSUITABLE INVESTMENTS!
Ameriprise Financial Services, Inc. (Ameriprise) is a subsidiary of Ameriprise, which is owned by the American Express Company. It is one of the largest independent broker-dealers, headquartered in Minneapolis, Minnesota and reportedly has over 7500 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!
Churning is a violation of Federal and state securities statutes, industry rules and regulations and a breach of fiduciary duty to investors under common law. Churning can occur if an Ameriprise Financial broker exercises control over the investment decisions in your account and purchases stocks or recommends that you purchase and sell stocks for his benefit, i.e., commissions not yours! These trades rarely, if ever, make the investor any money. In fact, the additional commissions raise the break-even point for the investor to the level where the stock must perform at an extremely high level in order for the investor to make any money.
In every broker-investor relationship, the broker must assess what the investor's goals are as well as his or her risk tolerance. This assessment is based on a number of key factors, including the investor's stated objectives, risk tolerance, financial condition and tax status. It is the broker's responsibility to only pursue investments suitable for that investor based on these factors. A stockbroker is obligated to only recommend suitable investments and investment strategies. If an Ameriprise Financial broker recommends unsuitable investments and unsuitable investment strategies, it can leave you vulnerable to unnecessary risk and losses.
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors' rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor's compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these independent broker-dealers.
There is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to excessive purchases and sales of securities and securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. Generally, no manager is onsite to detect the placement of inaccurate information about a client's investment objectives and financial condition to document the suitability of a particular investment recommendation. There is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, there may be only one compliance audit visit per year at many of these offices. These independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms.
Have you suffered losses in your Ameriprise Financial brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Ameriprise Financial stockbrokers who engaged in churning, recommended unsuitable investments and unsuitable investment strategies that caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Churning is a violation of Federal and state securities statutes, industry rules and regulations and a breach of fiduciary duty to investors under common law. Churning can occur if an Ameriprise Financial broker exercises control over the investment decisions in your account and purchases stocks or recommends that you purchase and sell stocks for his benefit, i.e., commissions not yours! These trades rarely, if ever, make the investor any money. In fact, the additional commissions raise the break-even point for the investor to the level where the stock must perform at an extremely high level in order for the investor to make any money.
In every broker-investor relationship, the broker must assess what the investor's goals are as well as his or her risk tolerance. This assessment is based on a number of key factors, including the investor's stated objectives, risk tolerance, financial condition and tax status. It is the broker's responsibility to only pursue investments suitable for that investor based on these factors. A stockbroker is obligated to only recommend suitable investments and investment strategies. If an Ameriprise Financial broker recommends unsuitable investments and unsuitable investment strategies, it can leave you vulnerable to unnecessary risk and losses.
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors' rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor's compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these independent broker-dealers.
There is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to excessive purchases and sales of securities and securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. Generally, no manager is onsite to detect the placement of inaccurate information about a client's investment objectives and financial condition to document the suitability of a particular investment recommendation. There is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, there may be only one compliance audit visit per year at many of these offices. These independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms.
Have you suffered losses in your Ameriprise Financial brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Ameriprise Financial stockbrokers who engaged in churning, recommended unsuitable investments and unsuitable investment strategies that caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Sunday, August 25, 2013
ROYAL ALLIANCE INVESTOR ALERT - WATCH OUT FOR CHURNING AND UNSUITABLE INVESTMENTS!
Royal Alliance Associates, Inc. is a subsidiary of the Advisor Group, which is owned by the AIG Insurance Company. It is one of the largest independent broker-dealers, headquartered in New York City and reportedly has over 2300 registered representatives across the United States operating in one or two person offices. Its branch offices are largely comprised of small producers earning commissions at higher pay out rates than the major full-service brokerage firms, a recipe for disaster when it comes to protecting investors from churning and unsuitable investments and unsuitable investment strategies!
Churning is a violation of Federal and state securities statutes, industry rules and regulations and a breach of fiduciary duty to investors under common law. Churning can occur if a Royal Alliance broker exercises control over the investment decisions in your account and purchases stocks or recommends that you purchase and sell stocks for his benefit, i.e., commissions not yours! These trades rarely, if ever, make the investor any money. In fact, the additional commissions raise the break-even point for the investor to the level where the stock must perform at an extremely high level in order for the investor to make any money.
In every broker-investor relationship, the broker must assess what the investor's goals are as well as his or her risk tolerance. This assessment is based on a number of key factors, including the investor's stated objectives, risk tolerance, financial condition and tax status. It is the broker's responsibility to only pursue investments suitable for that investor based on these factors. A stockbroker is obligated to only recommend suitable investments and investment strategies. If a Royal Alliance broker recommends unsuitable investments and unsuitable investment strategies, it can leave you vulnerable to unnecessary risk and losses.
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors' rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor's compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these Independent broker-dealers.
There is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to excessive purchases and sales of securities and securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. Generally, no manager is onsite to detect the placement of inaccurate information about a client's investment objectives and financial condition to document the suitability of a particular investment recommendation. There is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, there may be only one compliance audit visit per year at many of these offices. These Independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms.
Have you suffered losses in your Royal Alliance brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Royal Alliance stockbrokers who engaged in churning, recommended unsuitable investments and unsuitable investment strategies that caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Churning is a violation of Federal and state securities statutes, industry rules and regulations and a breach of fiduciary duty to investors under common law. Churning can occur if a Royal Alliance broker exercises control over the investment decisions in your account and purchases stocks or recommends that you purchase and sell stocks for his benefit, i.e., commissions not yours! These trades rarely, if ever, make the investor any money. In fact, the additional commissions raise the break-even point for the investor to the level where the stock must perform at an extremely high level in order for the investor to make any money.
In every broker-investor relationship, the broker must assess what the investor's goals are as well as his or her risk tolerance. This assessment is based on a number of key factors, including the investor's stated objectives, risk tolerance, financial condition and tax status. It is the broker's responsibility to only pursue investments suitable for that investor based on these factors. A stockbroker is obligated to only recommend suitable investments and investment strategies. If a Royal Alliance broker recommends unsuitable investments and unsuitable investment strategies, it can leave you vulnerable to unnecessary risk and losses.
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors' rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor's compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these Independent broker-dealers.
There is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to excessive purchases and sales of securities and securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. Generally, no manager is onsite to detect the placement of inaccurate information about a client's investment objectives and financial condition to document the suitability of a particular investment recommendation. There is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, there may be only one compliance audit visit per year at many of these offices. These Independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms.
Have you suffered losses in your Royal Alliance brokerage account? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Royal Alliance stockbrokers who engaged in churning, recommended unsuitable investments and unsuitable investment strategies that caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Saturday, August 24, 2013
GREGORY PETER HAHN FINED AND SUSPENDED BY FINRA FOR TRANSACTING WITH BLANK FORMS SIGNED BY CUSTOMERS
Gregory Peter Hahn, a former broker with Chicago, Illinois based Chase Investment Services Corp., submitted a Letter of Acceptance, Waiver and Consent in which he consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that he had customers sign certain documents, such as risk disclosure forms, that were otherwise incomplete because the forms were missing information such as the date and dollar amount of the securities transaction. FINRA stated that Mr. Hahn maintained those forms in his files for future use, and on several occasions, Mr. Hahn used one of those blank pre-signed forms in connection with a transaction or transfer authorized by a customer. For example, Mr. Hahn inserted the dollar amount of the transaction and other information on a risk disclosure form that the customer had previously signed, and then he submitted the form to his member firm. FINRA also stated that the firm detected Mr. Hahn's use of blank pre-signed forms and subsequently warned him about engaging in such conduct in the future. Following the warnings, Mr. Hahn used a blank pre-signed form in connection with one other authorized transaction. Mr. Hahn, of Webster, New York, was fined $7,500 and suspended from association with any FINRA member in any capacity for six months. The fine must be paid either immediately upon Mr. Hahn's re-association with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Mr. Hahn's suspension is in effect from March 18, 2013 through September 17, 2013.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages due to broker misconduct can bring forth claims to recover losses against broker-dealers like Chase Investment Services, which should have prevented the above described illegal activity. Have you suffered losses in your Chase Investment Services Corp. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages due to broker misconduct can bring forth claims to recover losses against broker-dealers like Chase Investment Services, which should have prevented the above described illegal activity. Have you suffered losses in your Chase Investment Services Corp. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Friday, August 23, 2013
JAMES HARMAN MCNEILL FINED AND SUSPENDED BY FINRA FOR UNAUTHORIZED TRADES
James Harman McNeill, a former broker with Purchase, New York based Morgan Stanley Smith Barney LLC, submitted a Letter of Acceptance, Waiver and Consent in which he consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that he exercised discretionary power in the accounts of his firm's customers without the customers' written authorization to place discretionary trades and without his firm's written acceptance of the accounts as discretionary. FINRA stated that Mr. McNeill entered orders for purchase transactions and falsely indicated that the transactions were unsolicited when in fact the trades were solicited. The transactions for the customers' accounts were purchases of a non-traditional exchange traded fund, which caused the firm's books and records to be inaccurate. Mr. McNeill, of McKinney, Texas, was fined $15,000 and suspended from association with any FINRA member in any capacity for nine months. The fine must be paid either immediately upon Mr. McNeill's re-association with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Mr. McNeill's suspension is in effect from March 18, 2013 through December 17, 2013.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages due to unauthorized trades can bring forth claims to recover losses against broker-dealers like Morgan Stanley Smith Barney, which should have prevented the above described illegal activity. Have you suffered losses in your Morgan Stanley Smith Barney LLC account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages due to unauthorized trades can bring forth claims to recover losses against broker-dealers like Morgan Stanley Smith Barney, which should have prevented the above described illegal activity. Have you suffered losses in your Morgan Stanley Smith Barney LLC account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Thursday, August 22, 2013
THEODORE EDWARD WILLIAMS JR. FINED AND SUSPENDED BY FINRA FOR UNAUTHORIZED TRADES
Theodore Edward Williams Jr., a broker with St. Petersburg, Florida based Raymond James & Associates, Inc. and formerly with Chicago, Illinois based Howe Barnes Hoefer & Arnett, Inc., submitted a Letter of Acceptance, Waiver and Consent in which he consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that he effected trades on a discretionary basis in a joint account his customer controlled without the customer's prior written authorization and his firms' prior written acceptance of the account as discretionary. FINRA stated that Mr. Williams engaged in discretionary trading within the customer's account despite the fact that his firms' procedures did not permit discretionary trading in brokerage accounts. Mr. Williams, of Lake Forest, Illinois, was fined $5,000 and suspended from association with any FINRA member in any capacity for 10 business days.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages due to unauthorized trades can bring forth claims to recover losses against broker-dealers like Howe Barnes Hoefer & Arnett and Raymond James, which should have prevented the above described illegal activity. Have you suffered losses in your Howe Barnes Hoefer & Arnett, Inc. and/or Raymond James & Associates, Inc. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Wednesday, August 21, 2013
GEORGE JOHN LINCON FINED AND SUSPENDED BY FINRA FOR GUARANTEEING AGAINST LOSSES
George John Lincon, a former broker with Melville, New York based EKN Financial Services Inc., submitted a Letter of Acceptance, Waiver and Consent in which he consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that he provided customers with written guarantees against losses in their securities accounts. Mr. Lincon, of Glen Cove, New York, was fined $5,000 and suspended from association with any FINRA member in any capacity for 10 business days. The fine must be paid either immediately upon Lincon's re-association with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier, and the suspension was in effect from March 18, 2013 through April 1, 2013.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages due to unwarranted investment guarantees can bring forth claims to recover losses against broker-dealers like EKN Financial Services, which should have prevented the above described illegal activity. Have you suffered losses in your EKN Financial Services Inc. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages due to unwarranted investment guarantees can bring forth claims to recover losses against broker-dealers like EKN Financial Services, which should have prevented the above described illegal activity. Have you suffered losses in your EKN Financial Services Inc. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Tuesday, August 20, 2013
RAPHAEL HUAMAN BARRED FROM THE SECURITIES INDUSTRY BY FINRA FOR MISAPPROPRIATING FUNDS
Raphael Huaman, a former broker with Atlanta, Georgia based Suntrust Investment Services, Inc., submitted a Letter of Acceptance, Waiver and Consent in which he consented to the entry of the Financial Industry Regulatory Authority's (FINRA) that he misappropriated a total of $134,047.65 from different bank trust accounts at his member firm's affiliate. The findings stated that Mr. Huaman misappropriated the funds by having a colleague transfer money from the bank trust accounts to a separate affiliate account. Mr. Huaman requested and obtained checks drawn on these accounts made out to third-party payees and deposited the checks into his personal bank account. When the Suntrust Investment Services' affiliate confronted Mr. Huaman regarding the transactions, he admitted his misconduct, and Suntrust Investment Services terminated his employment. FINRA also stated that Mr. Huaman failed to respond to FINRA requests for information. Mr. Huaman, of Miami, Florida, was barred from association with any FINRA member in any capacity.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages can bring forth claims to recover losses due to misappropriation against broker-dealers like Suntrust Investment Services, which should have prevented the above described illegal activity. Have you suffered losses in your Suntrust Investment Services, Inc account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages can bring forth claims to recover losses due to misappropriation against broker-dealers like Suntrust Investment Services, which should have prevented the above described illegal activity. Have you suffered losses in your Suntrust Investment Services, Inc account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Sunday, August 18, 2013
JEFFREY STEPHEN GERACI FINED AND SUSPENDED BY FINRA FOR MAKING UNSUITABLE RECOMMENDATION
Jeffrey Stephen Geraci, a broker formerly with Newport News, Virginia based MICG Investment Management, LLC, was sanctioned by the Financial Industry Regulatory Authority (FINRA) based on findings that Mr. Geraci made an unsuitable recommendation to a customer in that a bond offering's high-risk, speculative nature was fundamentally inconsistent with the customer's profile and the remainder of her portfolio. FINRA stated that the bond, a Series A 9% Convertible Note issued by MICG Wealth Management, was illiquid and left the customer without the ability to sell if she needed funds. FINRA also stated that Mr. Geraci ignored red flags visible in the circumstances regarding the offering; and although he read the PPM, he failed to heed its warnings of risk. Mr. Geraci, of Virginia Beach, Virginia, was suspended from association with any FINRA member in any capacity for two business days and ordered to pay $50,000, plus interest, in restitution to a customer. The suspension was in effect from March 18, 2013 through March 19, 2013.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages can bring forth claims to recover losses against broker-dealers like MICG Investment Management, which should have prevented the above described illegal activity. Have you suffered losses in your MICG Investment Management, LLC account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages can bring forth claims to recover losses against broker-dealers like MICG Investment Management, which should have prevented the above described illegal activity. Have you suffered losses in your MICG Investment Management, LLC account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Saturday, August 17, 2013
MATT DAVID DEGENHART BARRED FROM THE SECURITIES INDUSTRY BY FINRA FOR CONVERTING CUSTOMER'S FUNDS
Matt David Degenhart, a former broker with New York, New York based MetLife Securities, Inc., submitted a Letter of Acceptance, Waiver and Consent in which consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that a client gave him a $2,500 check to earn more interest than what she was currently receiving to cover upcoming legal expenses. Mr. Degenhart requested the client leave the payee line of the check blank, made the check payable to himself, deposited it into his personal checking account, and used the client's funds for his personal expenses, thereby converting her funds, without the client's knowledge or authorization. FINRA stated that when the client informed Mr. Degenhart that she had received the bill from the attorney, Mr. Degenhart gave her a $2,597.09 cashier's check, which represented a return of $2,500 plus interest of approximately 1.6 percent. Mr. Degenhart, of Orefield, Pennsylvania, was barred from association with any FINRA member in any capacity.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages can bring forth claims to recover losses against broker-dealers like MetLife Securities, which should have prevented the above described illegal activity. Have you suffered losses in your MetLife Securities, Inc. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages can bring forth claims to recover losses against broker-dealers like MetLife Securities, which should have prevented the above described illegal activity. Have you suffered losses in your MetLife Securities, Inc. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Friday, August 16, 2013
ANDREW FREDERICK CLARK FINED AND SUSPENDED FOR ILLEGALLY OBTAINING LOAN PROCEEDS FROM HIS FAMILY'S INSURANCE POLICY
Andrew Frederick Clark, a former broker with New York, New York based MetLife Securities, Inc., submitted a Letter of Acceptance, Waiver and Consent in which he consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that he applied for a $45,000 loan against a whole life, non-variable insurance policy, which he and immediate family members were joint owners of, without his family knowing; one of the family members was a firm customer. Mr. Clark signed the names of the family members on the loan application without their knowledge or consent. The loan was granted and the life insurance company disbursed a $45,000 check to Mr. Clark and his family members. FINRA also stated that Mr. Clark endorsed the check in his personal capacity and by signing the names of the family members without their knowledge or consent. Mr. Clark used the loan proceeds for personal purposes, which constituted the misuse of customer funds as to the family member who was a firm customer, and the misuse of non-customer funds as to the remaining family member. The findings also included that Mr. Clark repaid the loan in full with interest. Mr. Clark, of Englewood, Colorado, was fined $10,000 and suspended from association with any FINRA member in any capacity for two years. The fine must be paid either immediately upon Clark's re-association with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages can bring forth claims to recover losses against broker-dealers like MetLife Securities, which should have prevented the described illegal activity. Have you suffered losses in your MetLife Securities, Inc. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered damages can bring forth claims to recover losses against broker-dealers like MetLife Securities, which should have prevented the described illegal activity. Have you suffered losses in your MetLife Securities, Inc. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Thursday, August 15, 2013
THOMAS WEISEL PARTNERS, LLC FINED BY FINRA FOR FAILING TO ESTABLISH AND MAINTAIN SUPERVISORY SYSTEM AND PROCEDURES
The Financial Industry Regulatory Authority (FINRA) has fined San Francisco, California based Thomas Weisel Partners, LLC based on findings that the firm failed to establish and maintain a supervisory system and procedures governing principal transactions. As a result, the firm effected transactions that had the potential to, and in fact did, pose a serious conflict of interest. FINRA concluded that the principal transactions were not subject to effective supervisory review. Thomas Weisel Partners was fined a total of $200,000.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from conflicts of interest and other forms of broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from illegal activity. Therefore, investors who have suffered damages can bring forth claims to recover losses against broker-dealers like Thomas Weisel Partners, which should have overseen its principal transaction activity. Have you suffered losses in your Thomas Weisel Partners, LLC account due to a conflict of interest? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from conflicts of interest and other forms of broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from illegal activity. Therefore, investors who have suffered damages can bring forth claims to recover losses against broker-dealers like Thomas Weisel Partners, which should have overseen its principal transaction activity. Have you suffered losses in your Thomas Weisel Partners, LLC account due to a conflict of interest? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Wednesday, August 14, 2013
CENTARA CAPITAL SECURITIES, INC. CENSURED AND FINED FOR MISREPRESENTING PRIVATE PLACEMENT FUND
Centara Capital Securities, Inc., a San Diego, California based firm, submitted a Letter of Acceptance, Waiver and Consent in which the firm consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that it distributed various pieces of sales literature concerning a private placement fund called The EquityKey S&P/Case-Shiller Enhanced Growth Fund, which violated the content standards set forth in FINRA advertising rules. FINRA stated that each of the sales literature communications failed to balance the described benefits of a fund with the specific risks associated with the fund, including the potential loss of capital; limited liquidity, including the lack of a secondary market; the restricted redemption program; lack of initial dividends; and the small and non-diverse nature of the portfolio. FINRA also stated that each of the sales literature communications contained various false, exaggerated, unwarranted and/or misleading statements. FINRA further stated that the PowerPoint presentation and the fund snapshot included statements that constituted impermissible predictions, projections, claims, opinions and/or forecasts of future performance. Centara Capital was censured and fined $20,000.
FINRA requires broker-dealer advertisements and other communications with the public to be fair, balanced and not misleading. If advertisements and other communications are not fair and balanced, and are misleading, broker-dealers may be liable to investors for damages flowing from their misrepresentations. As a result, investors who have suffered losses in The EquityKey S&P/Case-Shiller Enhanced Growth Fund or any other misrepresented investment can bring forth claims against Centara Capital Securities to recover damages. Have you suffered losses in your Centara Capital Securities, Inc. account due to misrepresented investments? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
FINRA requires broker-dealer advertisements and other communications with the public to be fair, balanced and not misleading. If advertisements and other communications are not fair and balanced, and are misleading, broker-dealers may be liable to investors for damages flowing from their misrepresentations. As a result, investors who have suffered losses in The EquityKey S&P/Case-Shiller Enhanced Growth Fund or any other misrepresented investment can bring forth claims against Centara Capital Securities to recover damages. Have you suffered losses in your Centara Capital Securities, Inc. account due to misrepresented investments? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Tuesday, August 13, 2013
JUAN CARLOS PARETS NAMED IN A FINRA COMPLAINT FOR ALLEGEDLY VIOLATING A SLEW OF SECURITIES INDUSTRY RULES
Juan Carlos Parets, of New York, New York, was named in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he violated his suitability obligations, made material misstatements, and omitted material facts in connection with the sale of promissory notes issued by his firm's, New York, New York based Westrock Advisors, Inc., parent company, Westrock Group, Inc., which defaulted on the payments it owed to retail investors. FINRA alleges that Mr. Parets did not have a reasonable basis for recommending the promissory notes to any customer and did not take any meaningful steps to understand Westrock Group's financial condition prior to selling the notes, such as reviewing financial statements or other financial information. Mr. Parets allegedly recommended the notes to specific customers for whom the speculative investment was unsuitable. FINRA further alleges that Mr. Parets made misstatements and omissions concerning material facts, including the actual financial condition of the Westrock Group, his lack of understanding of the financial condition of Westrock Group, and the safety of the promissory note investments. In addition, the complaint alleges that Mr. Parets failed to conduct a reasonable investigation of Westrock Group to determine whether the securities being offered were suitable for recommendation to any customer. Moreover, the complaint alleges that Mr. Parets did not have reasonable grounds to believe that his recommendations to customers were suitable on the basis of the facts the customers disclosed as to the customers' other securities holdings and financial situation and needs. Furthermore, the complaint alleges that Mr. Parets sold unregistered promissory notes, as there was no registration statement in effect under the Securities Act of 1933 when the sales occurred. The alleged sales constituted an unregistered distribution of securities and did not qualify for an exemption from registration. In connection with the alleged sales, FINRA alleges that Parets sold the notes to unaccredited investors in spite of red flags indicating that this would constitute taking part in an illegal unregistered distribution.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to a violation of the above mentioned duties, obligations, and industry rules can bring forth claims to recover losses against broker-dealers like Westrock Advisors, which should prevent its brokers from committing the above described illegal acts. Have you suffered losses in your Westrock Advisors, Inc. and/or Westrock Group, Inc. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to a violation of the above mentioned duties, obligations, and industry rules can bring forth claims to recover losses against broker-dealers like Westrock Advisors, which should prevent its brokers from committing the above described illegal acts. Have you suffered losses in your Westrock Advisors, Inc. and/or Westrock Group, Inc. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Monday, August 12, 2013
FINRA CENSURES AND FINES LAMPOST CAPITAL, L.C. AND SUSPENDS AND FINES GREG ALLAN POLLACK FOR FAILING TO ADEQUATELY IMPLEMENT ANTI-MONEY LAUNDERING PROGRAM
Lampost Capital, L.C., of Boca Raton, Florida, and Gregg Allan Pollack submitted a Letter of Acceptance, Waiver and Consent in which the firm and Mr. Pollack consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that the firm, acting through Mr. Pollack, failed to adequately implement its anti-money laundering (AML) program allowing suspicious trading activity to occur in two accounts. The firm's AML program required Mr. Pollack, its chief compliance officer (CCO), to monitor for potentially suspicious activity and AML "red flags," investigate potentially suspicious activity, and report suspicious activity by filing a suspicious activity report (SAR) form as appropriate. The customer's accounts and the trading in those accounts raised a number of red flags identified in the firm's procedures, but the firm, through Mr. Pollack, did not adequately investigate and respond to them. FINRA stated that the firm failed to ensure that an adequate independent AML test was conducted one year because the test failed to adequately assess the firm's compliance with its AML procedures. Despite the fact that numerous AML red flags associated with both accounts were apparent in the received and delivered blotter and wire order log, the tester did not note the red flags or explore whether the firm detected the red flags or conducted due diligence in response to such activity, both of which were required by the firm's procedures. Lampost Capital was censured and fined $50,000, and Mr. Pollack, of Boca Raton, FL, was fined $5,000 and suspended from association with any FINRA member in any principal capacity for two months; the suspension is in effect from February 19, 2013 through April 18, 2013.
Broker-dealers must establish and implement an anti-money laundering program as a part of its reasonable supervisory system. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from illegal activity. Therefore, investors who have suffered losses can bring forth claims against Lampost Capital due to its failure to closely monitor for suspicious and/or illegal activity. Have you suffered losses in your Lampost Capital, L.C. account due to illegal activity? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement an anti-money laundering program as a part of its reasonable supervisory system. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from illegal activity. Therefore, investors who have suffered losses can bring forth claims against Lampost Capital due to its failure to closely monitor for suspicious and/or illegal activity. Have you suffered losses in your Lampost Capital, L.C. account due to illegal activity? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Sunday, August 11, 2013
JAOSHIANG LUO AKA RUDY LUO NAMED IN A FINRA COMPLAINT FOR ALLEGEDLY VIOLATING A SLEW OF SECURITIES INDUSTRY RULES
Jaoshiang Luo aka Rudy Luo, of Flushing, New York, was named in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he violated his suitability obligations, made material misstatements, and omitted material facts in connection with the sale of promissory notes issued by his firm's, New York, New York based Westrock Advisors, Inc., parent company, Westrock Group, Inc., which defaulted on the payments it owed to retail investors. FINRA alleges that Mr. Luo did not have a reasonable basis for recommending the promissory notes to any customer and did not take any meaningful steps to understand Westrock Group's financial condition prior to selling the notes, such as reviewing financial statements or other financial information. Mr. Luo allegedly recommended the notes to specific customers for whom the speculative investment was unsuitable. FINRA further alleges that Mr. Luo made misstatements and omissions concerning material facts, including the actual financial condition of the Westrock Group, his lack of understanding of the financial condition of Westrock Group, and the safety of the promissory note investments. In addition, the complaint alleges that Mr. Luo failed to conduct a reasonable investigation of Westrock Group to determine whether the securities being offered were suitable for recommendation to any customer. Moreover, the complaint alleges that Mr. Luo did not have reasonable grounds to believe that his recommendations to customers were suitable on the basis of the facts the customers disclosed as to the customers' other securities holdings and financial situation and needs.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to a violation of the above mentioned duties, obligations, and industry rules can bring forth claims to recover losses against broker-dealers like Westrock Advisors, which should prevent its brokers from committing the above described illegal acts. Have you suffered losses in your Westrock Advisors, Inc. and/or Westrock Group, Inc. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to a violation of the above mentioned duties, obligations, and industry rules can bring forth claims to recover losses against broker-dealers like Westrock Advisors, which should prevent its brokers from committing the above described illegal acts. Have you suffered losses in your Westrock Advisors, Inc. and/or Westrock Group, Inc. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Saturday, August 10, 2013
SHAWN CHARLES HAYNES NAMED IN A FINRA COMPLAINT FOR ALLEGEDLY VIOLATING A SLEW OF SECURITIES INDUSTRY RULES
Shawn Charles Haynes, of Roosevelt, New York, was named in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he violated his suitability obligations, made material misstatements, and omitted material facts in connection with the sale of promissory notes issued by his firm's, New York, New York based Westrock Advisors, Inc., parent company, Westrock Group, Inc., which defaulted on the payments it owed to retail investors. FINRA alleges that Mr. Haynes did not have a reasonable basis for recommending the promissory notes to any customer and did not take any meaningful steps to understand Westrock Group's financial condition prior to selling the notes, such as reviewing financial statements or other financial information. Mr. Haynes allegedly recommended the notes to specific customers for whom the speculative investment was unsuitable. FINRA further alleges that Mr. Haynes made misstatements and omissions concerning material facts, including the actual financial condition of the Westrock Group, his lack of understanding of the financial condition of Westrock Group, and the safety of the promissory note investments. In addition, the complaint alleges that Mr. Haynes failed to conduct a reasonable investigation of Westrock Group to determine whether the securities being offered were suitable for recommendation to any customer. Moreover, the complaint alleges that Mr. Haynes did not have reasonable grounds to believe that his recommendations to customers were suitable on the basis of the facts the customers disclosed as to the customers' other securities holdings and financial situation and needs. On top of all this, FINRA alleges that Mr. Haynes signed a customer account form he knew contained false information about a customer's investment objective and risk tolerance and caused the account form to be maintained as a record by his firm.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to a violation of the above mentioned duties, obligations, and industry rules can bring forth claims to recover losses against broker-dealers like Westrock Advisors, which should prevent its brokers from committing the above described illegal acts. Have you suffered losses in your Westrock Advisors, Inc. and/or Westrock Group, Inc. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to a violation of the above mentioned duties, obligations, and industry rules can bring forth claims to recover losses against broker-dealers like Westrock Advisors, which should prevent its brokers from committing the above described illegal acts. Have you suffered losses in your Westrock Advisors, Inc. and/or Westrock Group, Inc. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Friday, August 9, 2013
MARK TIMOTHY YOUNGS FINED AND SUSPENDED BY FINRA FOR GIVING A CLIENT A FICTITIOUS BOND REDEMPTION CONFIRMATION
Mark Timothy Youngs, a broker formerly with New York, New York based RBC Capital Markets, LLC, submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000, suspended, and consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that he recommended to a brokerage customer that he sell a municipal bond and purchase a unit investment trust (UIT) comprised of certain international bonds, which was subsequently contested by the customer. FINRA said that having understood the customer to have authorized the transactions, Mr. Youngs sold the bond and purchased the UIT in the customer's account. After having received transaction confirmations, the customer approached Mr. Youngs questioning the sell transaction in his account and claiming that it had not been authorized. After this confrontation, Mr. Youngs created and provided to the customer a document that made it appear that the municipal bond had been redeemed by the issuer rather than sold. FINRA also said that when Mr. Youngs' manager questioned him about the transactions in the customer's account, Mr. Youngs immediately admitted that he had created and provided to the customer a sham redemption notice. Mr. Young, of Annapolis, Maryland, was terminated by RBC Capital Markets, and he was suspended from association with any FINRA member in any capacity for four months.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to the above described prohibited activity or other forms of similar misconduct can bring forth claims to recover losses against RBC Capital Markets, which should have prevented Mr. Youngs from committing the described illegal acts. Have you suffered losses in your RBC Capital Markets, LLC account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to the above described prohibited activity or other forms of similar misconduct can bring forth claims to recover losses against RBC Capital Markets, which should have prevented Mr. Youngs from committing the described illegal acts. Have you suffered losses in your RBC Capital Markets, LLC account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Thursday, August 8, 2013
EDWARD EUGENE WILLIAMS BARRED FROM THE SECURITIES INDUSTRY BY FINRA FOR MISAPPROPRIATING FUNDS
Edward Eugene Williams, a former broker with Des Moines, Iowa based Princor Financial Services Corporation, has been sanctioned by the Financial Industry Regulatory Authority (FINRA) based on findings that Mr. Williams misappropriated a total of $2,548.83 from his adult sons' IRAs by utilizing a mutual fund's website to electronically request early distribution checks made out to the sons. When Mr. Williams received the checks, he forged his sons' signatures and endorsed most of them for deposit in his own bank account without his sons' knowledge or consent. Mr. Williams, of Loganville, Georgia, was barred from association with any FINRA member in any capacity.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to the above described prohibited activity or other forms of similar misconduct can bring forth claims to recover losses against Princor Financial Services, which should have prevented Mr. Williams from committing the described illegal acts. Have you suffered losses in your Princor Financial Services Corporation account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to the above described prohibited activity or other forms of similar misconduct can bring forth claims to recover losses against Princor Financial Services, which should have prevented Mr. Williams from committing the described illegal acts. Have you suffered losses in your Princor Financial Services Corporation account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Tuesday, August 6, 2013
ROMAN JERZY SLEDZIEJOWSKI BARRED FROM THE SECURITIES INDUSTRY BY FINRA FOR STEALING CUSTOMERS' FUNDS
Roman Jerzy Sledziejowski, a former broker with Brooklyn, New York based TWS Financial, LLC, submitted an Offer of Settlement in which he consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that as part of a fraudulent scheme, he converted and/or misused funds of his firm's customers and provided false account statements to some of those customers in an attempt to hide the misconduct. FINRA said that during the course of Mr. Sledziejowski's fraudulent scheme, a total of approximately $4.8 million was wired to a company that Mr. Sledziejowski owned from the bank and brokerage accounts of firm customers. FINRA also said that Mr. Sledziejowski provided some of the customers with account statements and snapshots that displayed account balances consistent with what the customers believed to be in their firm brokerage account. Based on the actual account statements provided by the firm's clearing firms, the statements Mr. Sledziejowski provided were fabrications and the values and holdings in the customers' firm brokerage accounts differed significantly from what Mr. Sledziejowski led them to believe were in their brokerage accounts. As of April 2013, Mr. Sledziejowski had only returned approximately $1.5 million of those funds to the customers. FINRA further included that Mr. Sledziejowski failed to cooperate with FINRA's investigation and failed to appear for an on-the-record interview. Mr. Sledziejowski, of Ossining, New York, was barred from association with any FINRA member in any capacity.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to Mr. Sledziejowski's fraudulent scheme can bring forth claims to recover losses against TWS Financial, which should have prevented Mr. Sledziejowski from committing the described illegal acts. Have you suffered losses in your TWS Financial account due to Roman Jerzy Sledziejowski's fraudulent scheme? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to Mr. Sledziejowski's fraudulent scheme can bring forth claims to recover losses against TWS Financial, which should have prevented Mr. Sledziejowski from committing the described illegal acts. Have you suffered losses in your TWS Financial account due to Roman Jerzy Sledziejowski's fraudulent scheme? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Monday, August 5, 2013
SEAN FRANCIS SHERIDAN BARRED FROM THE SECURITIES INDUSTRY BY FINRA FOR MUTUAL FUND ABUSE
Sean Francis Sheridan, a former broker with Atlanta, Georgia based J.P Turner & Company, L.L.C., submitted an Offer of Settlement in which he consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that he recommended and effected unsuitable mutual fund switches in customers' accounts. FINRA said that Mr. Sheridan only recommended Class A mutual fund shares to the customers, which resulted in them having to pay additional sales charges with each new purchase. In addition, Mr. Sheridan engaged in the short-term trading of mutual fund positions in the customers' accounts. FINRA also said that Mr. Sheridan recommended and effected the transactions in the customers' accounts without having reasonable grounds to believe that such transactions were suitable for the customers in view of the size and frequency of the transactions, the transaction costs incurred, and in light of the customers' financial situations, their investment objectives and needs. The customers lost a total of approximately $1,048,856, and Mr. Sheridan received commissions of approximately $267,000. FINRA further stated Mr. Sheridan failed to disclose to the customers that they could avoid a sales charge for each new Class A mutual purchase through the use of a free exchange, which was material information. Because Mr. Sheridan failed to provide the customers with the option of utilizing free exchanges, the customers paid front-end sales loads of approximately 4 to 5 percent for each mutual fund transaction. Mr. Sheridan, of Oakhurst, New Jersey, was barred from association with any FINRA member in any capacity.
In addition to the above described activity, FINRA found that Mr. Sheridan provided false information to J.P Turner & Company regarding the mutual fund transactions involving the customers. Mr. Sheridan had solicited the mutual funds, but he falsely identified those sales as unsolicited when placing the trades through the firm's electronic order entry system, which caused inaccuracies in the firm's records.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to Mr. Sheridan's mutual fund abuse activities can bring forth claims to recover losses against J.P Turner & Company, which should have prevented Mr. Sheridan from committing the described illegal acts. Have you suffered losses in your J.P Turner & Company, L.L.C. account due to mutual fund abuse? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
In addition to the above described activity, FINRA found that Mr. Sheridan provided false information to J.P Turner & Company regarding the mutual fund transactions involving the customers. Mr. Sheridan had solicited the mutual funds, but he falsely identified those sales as unsolicited when placing the trades through the firm's electronic order entry system, which caused inaccuracies in the firm's records.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to Mr. Sheridan's mutual fund abuse activities can bring forth claims to recover losses against J.P Turner & Company, which should have prevented Mr. Sheridan from committing the described illegal acts. Have you suffered losses in your J.P Turner & Company, L.L.C. account due to mutual fund abuse? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Sunday, August 4, 2013
THERESA I. REYES BARRED FROM THE SECURITIES INDUSTRY BY FINRA FOR CONVERTING CUSTOMER'S FUNDS
Theresa I. Reyes, a former registered representative with Chicago, Illinois based Chase Investment Services Corp. (JPMorgan Chase Bank NA), submitted an Offer of Settlement in which she consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that she repeatedly used her capacity as a personal banker at JPMorgan Chase Bank to engage in activity in a customer's business credit card account without the customer's knowledge or authorization. FINRA said that Ms. Reyes' unauthorized actions included adding her husband as an authorized user, requesting that a credit card be issued on the account in her husband's name, and increasing the customer's credit limit. Ms. Reyes also set up an online credit card account profile for the customer, enrolled the customer in the bank's online payment service, and made a payment to the credit card account. After JPMorgan Chase Bank removed Ms. Reyes' husband from the credit card account at the customer's request, Ms. Reyes arranged for her husband to be added back as an authorized user and also requested that another card be issued in her husband's name and sent to her branch bank location. FINRA also said that over a period of more than two months, Ms. Reyes and her husband converted approximately $15,277.35 of the customer's funds by charging several unauthorized personal expenses to the customer's credit card account. FINRA further included that Ms. Reyes failed to appear for testimony FINRA requested. Ms. Reyes, of San Diego, California, was barred from association with any FINRA member in any capacity.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered losses due to acts of misconduct similar to Ms. Reyes' can bring forth claims to recover losses against Chase Investment Services, which should have prevented Ms. Reyes from conducting the above described illegal activity. Have you suffered losses in your Chase Investment Services Corp. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered losses due to acts of misconduct similar to Ms. Reyes' can bring forth claims to recover losses against Chase Investment Services, which should have prevented Ms. Reyes from conducting the above described illegal activity. Have you suffered losses in your Chase Investment Services Corp. account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Saturday, August 3, 2013
AZIM NAKHOODA FINED AND SUSPENDED FOR FALSE AND MISLEADING STATEMENTS IN CONNECTION WITH PRIVATE PLACEMENT OFFERINGS
Azim Nakhooda, a former broker with La Vista, Nebraska based Securities America, Inc., submitted a Letter of Acceptance, Waiver and Consent in which he consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that he sent emails to Securities America customers in connection with their purchases of units in the IMH Secured Loan Fund (IMH) and Medical Provider Funding Corporation V (Med Cap V) promissory notes that contained false and misleading statements, including material misrepresentations regarding the liquidity and safety of IMH and the safety of Med Cap V notes. FINRA said that Mr. Nakhooda's statements to customers relating to the IMH's liquidity directly contradicted the disclosures in IMH's private placement memorandum (PPM) about the illiquidity of IMH and the significant limitations on redemptions. Mr. Nakhooda's statements regarding the safety of IMH also directly contradicted the disclosures of significant risks in IMH's PPM. Mr. Nakhooda, of Chagrin Falls, Ohio, was fined $50,000 and suspended from association with any FINRA member in any capacity for nine months - the suspension is in effect from March 18, 2013 through December 17, 2013.
Mr. Nakhooda's representations to the customers regarding the liquidity and safety of IMH and the principal protection afforded by the Med Cap V notes were false and misleading. FINRA said that the Med Cap V notes executive summary that Mr. Nakhooda emailed stated that the notes provided principal protection, which was directly contrary to disclosures in Med Cap V's PPM about the potential risks to principal. FINRA also found that Mr. Nakhooda sent the Med Cap V note's executive summary to customers who did not purchase the notes. FINRA also said that the IMH executive summary that Mr. Nakhooda emailed stated that IMH was completely liquid after 60 days or completely liquid after 90 days, which were false statements. Other statements in IMH's executive summary exaggerated the safety of the fund in light of the risks presented by the fund's PPM. Consequently, Mr. Nakhooda's representations to customers regarding the safety of the fund were misleading.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. In this case, Securities America should have overseen and prevented Mr. Nakhooda's communications, which omitted any discussion of the significant risks associated with an investment in IMH and Med Cap V. As a result, investors who have suffered damages due to Mr. Nakhooda's false and misleading communications can bring forth claims to recover losses against Securities America, which should have prevented Mr. Nakhooda from committing the described prohibited acts. Have you suffered losses in your Securities America, Inc. account due to private placements or any other investments your broker sold you? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Mr. Nakhooda's representations to the customers regarding the liquidity and safety of IMH and the principal protection afforded by the Med Cap V notes were false and misleading. FINRA said that the Med Cap V notes executive summary that Mr. Nakhooda emailed stated that the notes provided principal protection, which was directly contrary to disclosures in Med Cap V's PPM about the potential risks to principal. FINRA also found that Mr. Nakhooda sent the Med Cap V note's executive summary to customers who did not purchase the notes. FINRA also said that the IMH executive summary that Mr. Nakhooda emailed stated that IMH was completely liquid after 60 days or completely liquid after 90 days, which were false statements. Other statements in IMH's executive summary exaggerated the safety of the fund in light of the risks presented by the fund's PPM. Consequently, Mr. Nakhooda's representations to customers regarding the safety of the fund were misleading.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. In this case, Securities America should have overseen and prevented Mr. Nakhooda's communications, which omitted any discussion of the significant risks associated with an investment in IMH and Med Cap V. As a result, investors who have suffered damages due to Mr. Nakhooda's false and misleading communications can bring forth claims to recover losses against Securities America, which should have prevented Mr. Nakhooda from committing the described prohibited acts. Have you suffered losses in your Securities America, Inc. account due to private placements or any other investments your broker sold you? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Friday, August 2, 2013
FORREST NOLAN JACKSON BARRED FROM THE SECURITIES INDUSTRY BY FINRA FOR SELLING AWAY INVESTMENTS
Forrest Nolan Jackson, a former broker with Carpinteria, California based PlanMember Securities Corporation, submitted an Offer of Settlement in which he consented to the entry of the Financial Industry Regulatory Authority's findings that, acting outside the normal course and scope of his employment with PlanMember Securities, he participated in private securities transactions from which he received compensation without providing prior written notice to his firm of his proposed role or the selling compensation that he might receive from the transactions. FINRA found that Mr. Jackson never received PlanMember Securities' written approval to participate in private securities transactions. Mr. Jackson, of Austin, Texas, was barred from association with any FINRA member in any capacity.
Selling away is the inappropriate practice of an investment professional who sells or solicits securities or investments not held, approved, or authorized by the brokerage firm with which the professional is associated. Under NASD and FINRA rules, brokerage firms must approve investments offered by their investment professionals and supervise its sales.
FINRA found that through Mr. Jackson's firm, Your Platinum Distributors Insurance Marketing, Inc., Mr. Jackson and his associates participated in the sale of at least $60 million of securities in the form of Diversified Lending Group (DLG) notes, which were sold away from PlanMember Securities. Applied Equities, Inc. was a wholly owned subsidiary of DLG, which purportedly functioned as DLG's investment servicing division, contracted with agents and other entities, and offered and sold DLG notes in exchange for various sales commissions. Your Platinum generated at least $6 million in gross revenues from the sales, and Mr. Jackson received at least $400,000 of those gross commission revenues. FINRA also found that in connection with the marketing and distribution of notes, Mr. Jackson attended several meetings at the offerer's offices and attended sales training sessions that the offerer required for all individuals and other entities involved in the sale of notes. Moreover, FINRA said that Mr. Jackson participated in the sales of the notes by investing $76,000 of his own funds in the notes and referred family members to the offerer, who invested a total of $100,000 in the notes. Futhermore, FINRA said that even though Mr. Jackson prepared and provided his firm with an outside business disclosure form disclosing the entity, which stated the nature of its business as wholesaling fixed annuities, the form did not refer to the offerer, the notes, securities, or any investment products other than fixed annuities.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to Mr. Jackson's selling away activities can bring forth claims to recover losses against PlanMember Securities, which should have prevented Mr. Jackson from committing the described illegal acts. Have you suffered losses in your PlanMember Securities Corporation account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Selling away is the inappropriate practice of an investment professional who sells or solicits securities or investments not held, approved, or authorized by the brokerage firm with which the professional is associated. Under NASD and FINRA rules, brokerage firms must approve investments offered by their investment professionals and supervise its sales.
FINRA found that through Mr. Jackson's firm, Your Platinum Distributors Insurance Marketing, Inc., Mr. Jackson and his associates participated in the sale of at least $60 million of securities in the form of Diversified Lending Group (DLG) notes, which were sold away from PlanMember Securities. Applied Equities, Inc. was a wholly owned subsidiary of DLG, which purportedly functioned as DLG's investment servicing division, contracted with agents and other entities, and offered and sold DLG notes in exchange for various sales commissions. Your Platinum generated at least $6 million in gross revenues from the sales, and Mr. Jackson received at least $400,000 of those gross commission revenues. FINRA also found that in connection with the marketing and distribution of notes, Mr. Jackson attended several meetings at the offerer's offices and attended sales training sessions that the offerer required for all individuals and other entities involved in the sale of notes. Moreover, FINRA said that Mr. Jackson participated in the sales of the notes by investing $76,000 of his own funds in the notes and referred family members to the offerer, who invested a total of $100,000 in the notes. Futhermore, FINRA said that even though Mr. Jackson prepared and provided his firm with an outside business disclosure form disclosing the entity, which stated the nature of its business as wholesaling fixed annuities, the form did not refer to the offerer, the notes, securities, or any investment products other than fixed annuities.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to Mr. Jackson's selling away activities can bring forth claims to recover losses against PlanMember Securities, which should have prevented Mr. Jackson from committing the described illegal acts. Have you suffered losses in your PlanMember Securities Corporation account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Thursday, August 1, 2013
DONALD WAYNE HASTINGS BARRED BY FINRA FOR LYING TO A CUSTOMER ABOUT AN ACCOUNT OPENING AND SUBSEQUENTLY COMMINGLING THE CUSTOMER'S FUNDS
Donald Wayne Hastings, a former broker with Lincoln, Nebraska based Allstate Financial Services, LLC, submitted a Letter of Acceptance, Waiver and Consent in which he consented to the entry of the Financial Industry Regulatory Authority's (FINRA) findings that a customer provided Mr. Hastings with a check for $12,000 to open an IRA. The customer believed the funds would be invested on his behalf and that he would receive 5 percent interest on his investment. Mr. Hastings neither created the IRA nor opened an account for the customer. The customer was 73 years-old, therefore an IRA could not be opened. FINRA's findings stated that Mr. Hastings deposited the customer's funds into a business account under his direction and control. Mr. Hastings paid interest to the customer using his own funds at prevailing interest rates. FINRA also stated that the customer was unaware the IRA was never created and his funds were never invested in any securities or investment products. FINRA further included that Mr. Hastings did not inform or seek approval from his supervisor or from anyone with his member firm to commingle the customer's funds in an account under his personal control. When the customer inquired about his IRA account, the firm informed the customer that he did not have an IRA account with the firm. Mr. Hastings, of Lewisville, Texas, was barred from association with any FINRA member in any capacity.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to prohibited activity such as the above described can bring forth claims to recover losses against Allstate Financial Services, which should have prevented Mr. Hastings from committing the illegal acts. Have you suffered losses in your Allstate Financial Services, LLC account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to prohibited activity such as the above described can bring forth claims to recover losses against Allstate Financial Services, which should have prevented Mr. Hastings from committing the illegal acts. Have you suffered losses in your Allstate Financial Services, LLC account due to broker misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
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