Improper Life Insurance and Variable Annuity Replacements in Violation of Regulation 60 Rules of the Insurance Department of the State of New York

Stockbroker Law - Tuesday, September 13, 2011
Improper Life Insurance and Variable Annuity Replacements in Violation of Regulation 60 Rules of the Insurance Department of the State of New York

Regulation 60 of the New York State Insurance Department requires that brokerage firms, stockbrokers, financial advisors, and insurance salesmen who recommend the replacement of existing insurance coverages, such as whole life insurance policies, as well as variable annuity policies, properly complete, file, and present required disclosures of any such proposed replacements, for customer signature.  The purpose of this law, among other things, is to prevent the unscrupulous practice of stripping away the current cash-value of existing life insurance policies with supposed new policies with claimed better features.   


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What is a Medallion Signature Guarantee?

Stockbroker Law - Tuesday, September 13, 2011
What is a Medallion Signature Guarantee?

The Medallion Signature Guarantee is an accepted protocol within the Financial Services Industry whereby certified signature guarantors, usually affiliated with an established financial institution, serve as signature guarantors for certain financial documents requiring the heightened level of review, scrutiny and security offered by the Medallion Guarantee Signature Guarantee Program. 


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Return of the Penny Stocks - When Will They Just Go Away?

Stockbroker Law - Tuesday, September 13, 2011
Return of the Penny Stocks - When Will They Just Go Away?

The sale of low-priced, thinly-traded shares of companies, usually traded on the Pink Sheets, the OTC Bulletin Board and other exchanges, has seen a resurgence in the past few years.  The high-pressured telephone cold call and Internet-based sale of penny stocks to unsuspecting and inexperienced brokers have been the target of numerous recent regulatory investigations and prosecutions brought by the Financial Industry Regulatory Authority (FINRA) and the Securities & Exchange Commission. 


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Oppenheimer Champion Income Fund Class Action Filed in Colorado

Stockbroker Law - Tuesday, September 13, 2011
Oppenheimer Champion Income Fund Class Action Filed in Colorado

Is the Oppenheimer Champion Income Fund class action right for you?  If you have not taken the required steps to opt out of this Fund, you may automatically be included in the Fund, thereby losing your rights to pursue an individualized direct claim against Oppenheimer for losses you have sustained. 


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Lottery Winners Beware - The Odds Are Not in Your Favor

Stockbroker Law - Tuesday, September 13, 2011
Lottery Winners Beware - The Odds Are Not in Your Favor

Lottery winners are oftentimes the biggest losers when it comes to entrusting their lottery awards to financial advisers.  Stories of lottery winners going bankrupt within a matter of years after winning millions are common. 


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