Oppenheimer Fined for Unsuitable Sales of Exchange Traded Funds (ETFs)

Stockbroker Law - Tuesday, September 27, 2016
Oppenheimer Fined for Unsuitable Sales of Exchange Traded Funds (ETFs)

The Financial Industry Regulatory Authority (FINRA) announced on June 8, 2016 that it fined Oppenheimer & Co., Inc. $2.25 million and ordered the firm to pay restitution of more than $716,000 to customers who were sold leveraged, inverse and inverse-leveraged exchange-traded funds. The essence of the complaint filed by FINRA was that these risky ETFs were sold to retail customers without reasonable supervision and that these non-tradition ETFs were not suitable for the retail customers involved there. 


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Morgan Stanley Pays Million Dollar Fine in Hacked Customer Data Case

Stockbroker Law - Tuesday, September 20, 2016
Morgan Stanley Pays Million Dollar Fine in Hacked Customer Data Case

The SEC announced in a press release dated June 8, 2016 that Morgan Stanley Smith Barney, LLC has agreed to pay a $1 million penalty to settle charges relating to alleged failures to protect confidential customer information. The SEC also issued an order finding that Morgan Stanley failed to have proper written procedures and policies in place to protect customer data from hacking. The case involved a former employee who hacked and transferred data for over 730,000 accounts to his personal server.  


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FINRA Issues Investor Alert on Non-Traded REIT’s

Stockbroker Law - Tuesday, September 13, 2016
FINRA Issues Investor Alert on Non-Traded REIT’s

In a recent investor alert, the Financial Industry Regulatory Authority (FINRA) issued an Investor Alert warning investors of the problems associated with non-traded Real Estate Investment Trusts (REIT’s). The investor alert noted that these investments could be plagued with numerous problematic features including the following: 


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Whistleblower and Qui Tam Recoveries

Stockbroker Law - Tuesday, September 06, 2016
Whistleblower and Qui Tam Recoveries

A number of civil recovery provisions under Federal and State Law, as well as the rules and procedures of the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission afford workers significant rights and the potential for substantial monetary awards. Over the years, whistleblowers have played a crucial role in routing out corruption in the financial, pharmaceutical, construction and manufacturing industries. In the government arena, honest, crusading government workers have fought discrimination, government waste, fraud and safe working conditions. Are you that ordinary citizen who feel you can make a difference? If so, give us a call. 


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